![]() It is obviously subject to change going forward from both future and past acquisition performance, as well as fluctuating stock prices. This ranking represents a point in time in history, March 2, 2020.If we made an assumption not disclosed by the parent company, we linked to the source of the reported assumption. All underlying assumptions are based on public financial disclosures unless stated otherwise.We recognize this analysis is flawed (cashflow/profit multiples are better, at least for mature companies), but given the opacity of most companies’ business unit reporting, this was the only way to apply a consistent and straightforward approach to each deal. If you have any examples you think we missed ping us on Slack or email at: We used revenue multiples to estimate the current value of the acquired company, multiplying its current estimated revenue by the market cap-to-revenue multiple of the parent company’s stock. We considered all historical acquisitions - not just technology companies - but may have overlooked some in areas that we know less well.Naspers’ investment in Tencent and Softbank/Yahoo’s investment in Alibaba are disqualified for this reason. In order to count for our list, acquisitions must be at least a majority stake in the target company (otherwise it’s just an investment).Packy's "We're Never Going Back" post:.How remote + asynchronous unlocks massive opportunity both for new companies and the tools to serve them.Why the temporal nature of work is just as (if not more) important than its physical location, and how the new modality of "asynchronous" work takes advantage of that.Why just going remote but keeping the same tools and culture as in-person doesn't solve any problems and just creates more.How they've operated as remote-only company for the past 10+ years, with 100 people across 35 countries and 10+ time zones.Amir and Doist's journey from side programming project to bootstrapped, double-digit million ARR global business.And oh yeah - along the way they built a profitable, double-digit $m ARR business with 100 employees, that's been completely bootstrapped on $0 capital invested. Embrace the "future" that was pulled forward by the pandemic and remain remote? Or return fully/partially to a physical office environment? For those who choose the future (and investors who are considering betting on them), Doist and its CEO Amir Salihefendić provide a 10-year case study of both the challenges that arise and the opportunities unlocked by embracing the internet to its fullest extent in growing and running an organization. With 2020 and (hopefully soon) the global pandemic coming to a close, both existing and new companies everywhere will soon face a choice of how to operate going forward.
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