Core Insights - Verisure, a leading security company in Europe, went public on October 8, 2023, with a market capitalization of €16.5 billion (approximately ¥136 billion), marking the largest IPO in Europe since 2022 and a significant exit for the private equity (PE) industry [3][5][10] - The company has demonstrated remarkable growth, with its valuation increasing by over €15 billion in 17 years, from €0.9 billion at the time of EQT's acquisition in 2008 to its current valuation [3][12] - Verisure's unique business model focuses on subscription services rather than hardware sales, resulting in a stable cash flow and high profitability, with an EBITDA margin of 45% and a gross margin of 75% [7][10] Business Model and Financial Performance - Verisure generates approximately €3 billion in annual subscription revenue from its 5.8 million customers, with an average subscription fee exceeding €500 per user per year [10][11] - The company has a low customer churn rate of 7.4%, with an average customer lifespan of 15 years, contributing to predictable cash flows [10][11] - In 2024, Verisure reported total revenue of €3.4 billion and an adjusted EBITDA of €1.5 billion, showcasing its strong financial performance [7][10] Historical Growth and Private Equity Involvement - Verisure was initially part of Securitas AB and became a standalone entity in 2006. It was acquired by EQT in 2008 for SEK 10.1 billion (approximately €0.9 billion) [12][13] - Under EQT's management, Verisure focused on operational improvements, leading to a doubling of its EBITDA over four years [13][14] - Subsequent ownership by Bain Capital and Hellman & Friedman (H&F) saw Verisure expand internationally, increasing its user base from 1.4 million in 2011 to 4 million by 2021 [14][18] Market Position and Competitive Advantage - Verisure holds a 25% market share in the European home security market, significantly outpacing its nearest competitor [18] - The company's emphasis on providing comprehensive, high-quality monitoring services differentiates it from competitors that primarily sell hardware [10][18] - Verisure's strategic acquisitions, such as the purchase of Arlo's European business, have enhanced its technological capabilities and market position [18] Future Outlook - The current valuation of Verisure may still be below H&F's expectations, as the company was valued at $17 billion in 2020 [21] - The stability of Verisure's cash flow allows for the potential use of higher leverage in future acquisitions, which could further enhance its growth prospects [19][21] - The success of Verisure serves as a benchmark for private equity investments, demonstrating the power of patient capital in achieving compounded growth over time [20]

按照微软的计划，Windows 10 将在 2025 年 10 月 14 日结束免费安全更新服务。一旦微软停止更新，Windows 10系统将更容易受到恶意软件、病毒和其他网络攻 击的威胁。 虽然微软大力推广 Windows 11，但由于硬件门槛较高，如微软设置了TPM 2.0芯片作为必备组件，导致许多旧设备无法升级。 Windows 10 从 2015 年发布到 2025 年停止更新，服役期限长达十年。在这十年间，经历无数次的更新和优化，Windows 10 成为继 Windows XP 和 Windows 7 之 后最成功的操作系统之一。 而就在27天后，Windows 10将正式走向"生命终点"。 TPM 是主板上的一种安全芯片，用于存储与计算机绑定的加密密钥。这使得PC可以被识别并获得更好的保护。近年来的主流计算机通常会配备 TPM 芯片，但一 些 6 至 7 年前的计算机，即使配置很高，也可能没有。 微软强调，TPM 2.0将成为未来所有 Windows 版本的必备组件，因此不具备该模块的设备无法继续使用新系统。 对许多用户而言，唯一的出路就是花钱购置新设备。 针对不想升级的 Windows 10 ...