The initial temptation – one encouraged by HP – is to blame Autonomy for the debacle. But although it bears plenty of responsibility for what occurred, it isn’t the entire story. In many ways, Autonomy and HP were natural partners in an industry that is prone to wild misvaluation.
人们最初的冲动——这也是惠普鼓动的——是把这场溃败归咎于Autonomy。不过,尽管Autonomy要为此事承担大量责任,但事情并不尽然。在一个容易随意地错误估值的行业中,Autonomy和惠普在很多方面是天生的搭档。
One reason is that Silicon Valley companies, and now those from London’s Silicon Roundabout, have always lived or died by growth. Venture capitalists fund software and internet companies on the promise of rapid growth and high margins. When growth slows, as it has for HP, they have an identity crisis.
其中一个原因是,硅谷企业以及现在的伦敦“硅盘(Silicon Roundabout)企业,总是生于增长也死于增长。风险资本家为软件和互联网公司提供资金,以期从快速增长和高额利润中分一杯羹。一旦增长放缓(正如惠普一样),这些企业就有了身份危机。
The temptation, indulged by HP’s various chief executives over the past few years, is to restore it by buying high growth companies at inflated prices to tack on to mature operations. Autonomy was a classic example: Mr Apotheker paid an eye-watering premium in an effort to shift HP from hardware.
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