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专栏 - 从华尔街到硅谷

谷歌摩托罗拉并购,风投部门却难牵手

Dan Primack 2011年08月19日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
摩托罗拉移动旗下的投资部门依然前途未卜。

    搜索引擎巨擘谷歌(Google)已与摩托罗拉移动(Motorola Mobility)达成协议,将以125亿美元收购后者。但谷歌收编摩托罗拉移动的具体方案仍有很多详情不为外界所知。整合方案不仅涉及谷歌是否继续保留摩托罗拉移动的硬件业务,甚至涉及是否维持其现有的管理架构。正如《华尔街日报》(Wall Street Journal)专栏作者丹尼斯•伯尔曼在其Twitter上所言:

    There's a lot we still don't know about how Google (GOOG) will integrate Motorola Mobility (MMI), which the search giant recently agreed to buy for $12.5 billion. Not only whether or not Google will hold onto its hardware business, but even its management structure. As the Wall Street Journal's Dennis Berman tweeted:

    (图中文字:谷歌摩托罗拉移动并购案出现不祥之兆。魔图罗拉移动首席执行官称双方将充分整合;谷歌方面却称,摩托罗拉将独立运营。到底谁说了算?——译注)

    这种不确定性同样蔓延到了更微观的层面,比如摩托罗拉移动旗下的风险投资部门。这个部门于今年1月摩托罗拉(Motorola)进行分拆期间成立,目前拥有5名员工以及覆盖18家公司的投资组合。最近的交易包括:许可数字版权加密平台提供商Catch Media以及移动设备和社交网络跨平台、HTML5游戏开发商Moblyng。

    根据其网站披露,摩托罗拉移动风险投资(Motorola Mobility Ventures)主要投资于与其母公司具有战略协同效应的初创公司。换言之,相比投资目标的潜在投资回报,它似乎更关注投资目标目前的业务。

    另一方面,谷歌风险投资(Google Ventures)则明确表示追求的是经济回报。这是否意味着摩托罗拉移动风险投资将改变其策略?还是说这两个投资部门将保持各自的独立性?抑或摩托罗拉移动风险投资将不复存在?

    不幸的是,这些疑问眼下得不到解答。至少无法获得公开的答复。谷歌风险投资负责人比尔•马里斯拒绝就此置评,而摩托罗拉移动风险投资发言人也表示不予评论。

    On a smaller scale, that uncertainty also extends to Motorola Mobility's venture capital group. The unit -- created when Motorola split this past January -- currently has five staffers and a portfolio of 18 companies. Recent deals include Catch Media, provider of a licensed digital rights locker platform, and Moblyng, a publisher of cross-platform, HTML5-based games for mobile devices and social networks.

    According to its website, Motorola Mobility Ventures invests in early-stage companies that have strategic synergies with the parent company. In other words, it seems more interested in what a company does than the company's potential return on investment.

    Google Ventures, on the other hand, is explicit in saying that it invests for financial return. Does that mean MMV will alter its strategy? Or will the two groups remain separate? Or will MMV just cease to exist.

    Unfortunately, right now those are questions without answers. At least not public answers. Bill Maris of Google Ventures declined to comment, as did an MMI spokeswoman.

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