最近VC流行的一个策略：并购“僵尸互联网公司”

Core Insights - Bending Spoons has rapidly expanded by acquiring stagnant tech brands like AOL and Evernote, achieving a valuation increase from $2.55 billion to $11 billion in just a few months through aggressive cost-cutting and price hikes [2] - The company operates with a "buy, optimize, hold" strategy, focusing on turning around underperforming companies without plans to sell them [2][6] - Curious, led by CEO Andrew Dumont, is also targeting "zombie companies" and believes that this permanent holding strategy will become more mainstream as AI startups challenge traditional software firms [2][3] Acquisition Strategy - Curious raised $16 million in 2023 specifically for acquiring stagnant software companies, successfully acquiring five firms, including UserVoice, which had previously raised $9 million in venture capital [5] - The purchase prices for these stagnant companies are significantly lower than healthy SaaS startups, sometimes as low as one times annual revenue, compared to the typical four times for thriving firms [5] - By implementing cost reductions and price increases, Curious can boost profit margins of acquired companies to 20% to 30% almost immediately [5][6] Operational Efficiency - Unlike independent companies, Curious centralizes sales, marketing, finance, and administrative functions across its portfolio, allowing for sustainable growth and profitability without the pressure of venture capital exit strategies [6] - Dumont highlights that venture capitalists prioritize growth over profitability, which diminishes the incentive for startups to pursue high profit margins [6] - The company plans to acquire 50 to 75 similar startups over the next five years, focusing on recurring revenue firms with annual revenues between $1 million and $5 million, a segment often overlooked by private equity [6][9] Market Dynamics - The significant valuation increase of Bending Spoons may validate the viability of the "zombie company" acquisition model, but Dumont does not foresee a surge in new competitors due to the challenges involved in turning around stagnant businesses [9]