Go low further as the profit of PC industry, advisory service becomes hardware firm people new outlet. Dai Er of this p reaper buy make the outside sees his clear develop way of purpose. But a few investor complain to this, do not look to give admire collect system to to service business of Dai Er how many materiality is helped
" IT times weekly " reporter / Lin Aitao (comprehensive report)
Dai Er has no alternative the road that the ground was on to buy.
On September 21, company of Dai Er of manufacturer of the 2nd old PC announces the whole world, will buy IT to serve a supplier with the price of every 30 dollars company of admire collect system (PerotSystems) , this trades total amount is 3.9 billion dollar, predict to be finished by January next year.
According to coverage of the media outside the condition, should buy after finishing, admire collect system will make Dai Er's service department, still You Peiluo currently holds the post ofCEO those to get · Aotebeifu's leader. The respect that wear Er expresses, this is bought short-term won't carry brace up the profit of the company, but conduce to 2012 money probably year profit grows.
"Admire collect system is a capital fund that provides value extremely " , dai Er of · of Er of Michael of CEO of the company that wear Er says in statement, two companies will promote conformity the capability that Dai Er is providing company solution field, more important is bilateral business is having apparent complementary sex.
Company of admire collect system by candidate of the president before the United States, billionaire collect Si Peiluo establishs at investing 1988, this company is in federally territory of service of Medical Protection IT holds significant position. Admire collect expresses, had their affiliation, dai Er's productivity will be achieved present double much. He says, after incorporating, they will have greater freedom to spend with flexibility, complete more works thereby.
The personage inside course of study points out, buy a mark this to wear Dai Er is the PC business that casts off get into trouble, begin dilate its technology serves business, increase compete with HP and IBM. But a few analysts also think, of 3.9 billion dollar buy the price the probability is too high. That day in the gather contest price before open quotation of American stock market, violent wind of admire collect share price rose 66% , and the share price that wear Er drops for a time 5.6% .
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Of Dai Er buy a plan and did not let the outside feel too big accident.
After Dai Er of Michael Er · holds the position of CEO afresh two years ago, express publicly all the time to undertake of purpose large-scale buy. And people is right of Dai Er buy an object also conjecture for a long time.
Last year December, avian stockjobber analyst the company list that Keenlie gave A dimension · to may be bought by Dai Er, include the Sun that has been reaved by inscriptions on bones or tortoise shells of the Shang Dynasty among them. BernsteinResearch of market research organization suggests Daiergan is fragile buy next grand Qi , also hearsay says Dai Er may buy smartphone provider Palm.
The analysis thinks, because lack is carried out,wearing Er to do not have skill tardy may be large-scale buy executive experience. Up to now, dai Er has not undertaken any important conformity perhaps are bought, th the best selling dog stairse biggest brushstroke trades on company history namely the end of the year bought EqualLogic of storage system manufacturer with 1.4 billion dollar 2007.
This year in June, dai Er will buy a director before IBM after Zhao Zhihui issues David Johnson, of the company buy the strategy Anacreontic with each passing day. Wall street thinks, johnson's experience is right of Dai Er buy a plan crucial, this what had worked 27 years in IBM is senior buy an expert to helped a company manage 14 last year only great buy. And make an appointment with what writing inferiors to find new job also rile IBM, this company is right its to lodge a complaint, say " disobey contest course of study to prohibit agreement " .
Current, dai Er has the cash reserve of 12 billion dollar and short-term investment about, include the financing of 1 billion dollar that obtained through issueing bond June this year among them. Nevertheless, this does not mean the Dai Er when cho dvd discovery 4 osing to buy an end how to many choose leeway. However a few technologies seek advice from a company to have latent capacity quite, for instance dust Sen Zhe (the Ying Fu of Accenture) and India is surpassed (Infosys) , but their market prise is achieved respectively 25.6 billion dollar and 28.1 billion dollar, and the market prise that wear Er has 31.4 billion dollar only. " Forbes " write civil say, admire collect system is the biggest IT that current Dai Er can buy quite serves a company.
Buy to this, xiaoluo of president of company of admire collect system Si Peiluo (collect of Si Peiluo child) say, dai Er says to want to buy them two years ago, he does not agree at that time, because Dai Er is dvd discovery 3 ,one controls modelling compa dog crates large ny, and they are service companies, "This is distinguished with respect to what be just like rugger to follow basketball " . Nevertheless, admire collect is familial and final still be persuaded by Dai Er of Michael Er · , they believe now, buy will increase sale, and the company collective benefit that makes two be in a Texas together.
Tell from the strategy, this trades to still calculate satisfactory. BernsteinResearch analyst holds Ni Sakenaji in the palm to consider to point out among the report in, IBM also was to undertake those who be as long as 10 years buy the run that just allows his to receive structural happening to change at all. He says, since 2002, IBM was finished 78 times in all buy, buy 75 software and service company. 1997 up to now, the software of IBM and service battalion close to arrive from the 46% promotion that constitute total battalion to close 78% .
Even if is such, investor still pays a person of extraordinary powers of admire collect system this to bet the high price of type to be accepted hard to Dai Er, of 30 dollars every buy price relatively on the other side one trades the closing quotation price of day spills over 68% , be equivalent to latter anticipating 29 times of accrual 2010. J.P Wei Ci of Moscow of analyst mark · also expresses Morgan, the cost Yuan Chao that Dai Er buys bought the HP of EDS last year. He says, dai Er pays valence to be equivalent to 1.4 times what admire collect battalion closes, and 0.6 times what the bade of HP closes for battalion of the other side only.
Be forced diversity
Now, dai Er must hold the investor that oppugns a manner to prove to those, the high price that the company pays is reasonable. To Dai Er, besides transition service, thi dog stairs and ramps s IT giant has had no alternative now.
Since steering a boat afresh 2007, dai Er of Michael Er · devotes oneself to to promote the diversity of product of company IT ha most popular selling dog crates large rdware, develop actively consume kind of market. Nevertheless, the gain as IT hardware is meagerer and meagerer, the state of the company that wear Er did not get a change. Up to July 31 2010 season of the 2nd money, 12.8 billion dollar of the gross income that wear Er, reduce compared to the same period 22% ; Net profit 472 million dollar, drop greatly compared to the same period 23% .
Current, in the income that wear Er 6 into come from PC industry, suffer the whole world to consume demand low confused impact, PC of the 2nd quarter sells the company glided 33% , the sale of server and memory product also drops respectively 22% with 19% . The United States " news weekly " (InformationWeek) report says, to hardware excessive depend on had forced Dai Er went up the condition of small profit, management profit margin is maintained only in 5% the left and right sides. watch cases
Not only such, dai Er is in the domain of PC industry by competitor nibble. Dai Er is whole world of the 2nd quarter the company that exclusive shipment volume glides in manufacturer of 5 big PC. The data of survey orgnaization Gartner shows, the shipment volume that this quarter wears Er glides compared to the same period 17% , market share is 13.6% ; Under photograph comparing, the shipment volume of HP rises 2.8% compared to the same period, hold the market share of 19.6% ; The market share of grand Qi also has been achieved 13.5% , with an iota of difference it may be said.
Differ in keep an enterprise going by painstaking effort of IT hardware domain with Dai Er, two companies are in the IBM that gives priority to business Wu with IT service, HP the 2nd quarter is to advance triumphantly all the way however. This quarter, IBM net profit grew 12% , reach 3.1 billion dollar, the profit before the duty of service department of its whole world was to rise more 23% ; And HP profit from bought what EDS also made up for PC market outstanding achievement to glide last year.
"We think, the service should make Dai Er's focal dog stairs for bed point. " Maynard Wu is in lucky silver-colored analyst in buying a report before trading, forecast, hardware business of Dai Er is in competitive pressure continuously under, and its product also makes commodity inevitably, below this kind of circumstance, service business can help them promote profit margin.
Current, 10% what serve kind of product to occupy Dai Er total battalion to close only, after buying admire collect system this, dai Er serves battalion every year to receive the forehead to will raise 8 billion dollar. "Although wear Er trade the price is a bit some are expensive " , mark · Muscovite Wei Ci points out, but from reduce pair of hardware to depend on this angle to say, this is " a good bureau " .
Admire collect system has powerful advantage in hygiene and governmental market. Total last year battalion receives 2.8 billion dollar, the half comes from Medical Protection domain, 1/4 come from governmental service. Making what Dai Er of Michael Er · is full of a hope more is, government of American abstruse Ba Ma is preparing to increase the investment of domains of pair of Medical Protection IT, this means admire collect system to may obtain more to serve agreement. The market studies company IDC predicts, defray of IT of completely beautiful this year Medical Protection (include service and eq the most popular selling dvd discovery uipment general branch to go out) for 22.3 billion dollar.
Additional, admire collect rolls out have the aid of at the beginning of this year fictitious change and cloud computation serves, the hope that wear Er can be in an enterprise new more chances get in reform of round of framework. "We realize, our client had shown some management system to have major investment to its, " PaulPrince of officer of technology of banquet of radicals by which characters are arranged in traditional Chinese dictionaries of product of the company that wear Er expresses, they already deploy the Tivoli of the systematic center of Microsoft, IBM or the OpenView of HP, you cannot throw away these things, "What we should accomplish now is as good as these systematic implementation butt joint " .
Prospective challenge
The headquarters of admire collect system is located in a Texas Dalasi, the headquarters that wear Er is in the metropolis city Austin of same administrative division, on both geography only apart is about the same the car Cheng of 3 hours, but the integrated course that this does not represent both sides will be very relaxed.
Industry analysis thinks, admire collect is a management has some of formalist company very strictly even, dai Er criterion is relatively comfortable and open, their company culture is disparate. Analyst of RobertW.Baird of market research firm Jiesen Nuolande also thinks, the admire collect company that conformity has 23 thousand stuff is by no means easy thing Dai Er to.
Additional, the progress of near future of admire collect system is not great. Go one year, run of branch of this company health protection closes glide 8% , commercial department run closes is to drop greatly more 21% . A of admire collect before tall canal ever disclosed, they reduce the cost growth with holding gain wildly, searching all the time trade suitably object. The report of RobertW.Baird shows, the business gross profit of admire collect and investment capital redound are in inferior level in whole industry. Accordingly, although buy a plan to be able to be carried out smoothly, overall service business of Dai Er still far be less than a competitor.
HP bought EDS with the high price of 13.2 billion dollar last year, battalion of its service business controls the 2nd quarter this year amount to 8.5 billion dollar. Be worth what carry is, EDS is collect Si Peiluo was founded 1962. The corresponding period, the service business battalion of IBM closes is to be as high as 13.4 billion dollar more. As corresponding as this is, the battalion of admire collect system closes to be 628 million dollar only.
Now, HP is below the leader of He De of · of c dog crates large best buy ompany CEO mark, more emphasize hair force to serve business at IT. On September 23, HP announces to will abandon EDS brand, serve its IT provider business more the name serves career ministry for HP enterprise. The analysis thinks generally, this more renown to HP it is the stake with major meaning, the company hopes EDS can blend in the company culture of HP completely.
To the Dai Er in transition, admire collect system is a stepping-stone only, dai Er of Michael Er · alludes what may continue to search same field to buy an end. Be based on Dai Er to be opposite the value of appraise of high specified number of assets of admire collect system, the cash of this company uses what before may be being compared, industry predicts to have a risk more. Swiss credit reduces its grade to " neuter " , reduce target share price by every 19 dollars to 16 dollars, in order to show what this orgnaization buys strategy to Dai Er is anxious.
In addition, service department and the clasp that wear branch of Er company hardware, very possible still meeting makes bilateral client feels nervous. The United States " news weekly " think, trade every time after finishing, dai Er is met certainly ground of do one's best hawks his to serve a product to the client; And the client of admire collect system also gets vigilance those bind type attractively to trade, these products look a likelihood pretty good, but the real cost that may conceal them to need to be paid for hardware rear.
Without can deny, dai Er leaves in those days that dazzling renovator part already further and further, what industry place cares is them whether serve a provider through buying this IT, catch up with the competitor's pace, be not fallen at least too far.
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