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并購并非大公司的專利,小型公司也可以利用并購拓展業(yè)務

Yevgeny Dibrov
2025-06-09

Armis首席執(zhí)行官葉夫根尼·迪布羅夫認為,,收購初創(chuàng)公司并非僅僅是《財富》美國500強公司的專利,。

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圖片來源:Courtesy of Armis

數(shù)十年來,并購一直被視為全球最大公司的專屬領域,。長期以來,,微軟(Microsoft)和Alphabet等科技巨頭都將并購交易作為拓展業(yè)務范圍和增強實力的戰(zhàn)略杠桿。例如,,僅2024年初以來,,英偉達(Nvidia)就完成了六筆收購。其邏輯顯而易見:這些公司擁有充足的資本和基礎設施來應對復雜的盡職調(diào)查與整合流程,,他們深知通過并購能夠帶來巨大的收益,,如收入加速增長、市場份額擴大,、獲取新技術等,。

對于規(guī)模遠小于《財富》美國500強的公司而言,情況則截然不同,。團隊規(guī)模較小,、運營更為精簡的新興公司,大多專注于核心業(yè)務的擴張,,而非在市場上搜尋收購目標,。并購無論在財務上還是運營上都代價高昂。若沒有《財富》美國500強公司資產(chǎn)負債表那樣的財務緩沖作為后盾,,并購就可能被視為一個不值得去冒的風險,。

小型公司的并購策略

但這種觀念正在轉(zhuǎn)變。過去一年中,,我的網(wǎng)絡安全公司Armis(成立于2015年底,,在最新一輪融資中估值達42億美元)斥資數(shù)億美元收購了三家初創(chuàng)公司。這些收購并未取代通過研發(fā)實現(xiàn)的有機增長,,而是成為了我們更廣泛戰(zhàn)略中不可或缺的一部分,,起到了真正的“力量倍增器”作用。在這些并購過程中,,我們認識到只要操作得當,,即使在初創(chuàng)階段,,并購也能帶來變革性影響,。

大公司有能力“押注”收購,,探索陌生市場或獲取試驗性技術,而我們則必須有更明確的目標,。我們進行的每一筆收購都必須有特定的目的,,必須對我們的產(chǎn)品形成補充,并最終惠及我們的客戶,??蛻粜枨笫恰覒冀K是——決策的催化劑。例如,,在最近一筆交易中,,我們觀察到市場對我們云原生平臺配套的本地部署方案興趣漸濃。與其抽調(diào)內(nèi)部資源去構建非核心專業(yè)領域的產(chǎn)品,,我們選擇收購了一家專門提供所需方案的公司,。這并非偏離我們的路線圖,而是基于最終用戶的真實反饋,,對路線圖進行了一次自然而高效的延伸,。

文化契合度同樣至關重要。要使收購成功,,相關團隊必須能從中看到開啟新篇章的機遇,,而不是將收購視為套現(xiàn)離場的出口。在收購前花時間深入了解目標公司的固有特質(zhì)至關重要,。當創(chuàng)始人被體量大得多的公司收購時,,常會出現(xiàn)“坐等兌現(xiàn)”的心態(tài),但小公司承擔不起這種心態(tài),。并購交易需要雙方都保持謙遜和投入,。這通常意味著,小公司完成收購后,,創(chuàng)始人需要承擔新角色,,或許頭銜有所不同,但卻要肩負實實在在的責任和影響力,。這種安排也能帶來一項關鍵優(yōu)勢:你得到了一位曾親手創(chuàng)建并運營過公司的人才,,他現(xiàn)在專注于某一個特定的業(yè)務領域,且深諳端到端的管理之道,。他們懂得如何運營,、決策并高效執(zhí)行。這樣的領導力能夠提升整個團隊的水準,。

初創(chuàng)公司的速度

接下來是速度問題,。初創(chuàng)公司的運營帶有緊迫感,這種精神也必須延伸到并購中。我們負擔不起耗時一年的整合過程,。當我們決定進行收購時,,就設定了從決策到執(zhí)行的90天整合窗口期。這聽起來可能過于雄心勃勃,,過去一年中我們接觸的一些分析師甚至質(zhì)疑其可行性,。但在實踐中,產(chǎn)品成功上線,,團隊已全面完成整合,,所有業(yè)務都在短短三個月內(nèi)整合到我們的平臺中。當你作為一家規(guī)模較小的公司收購初創(chuàng)公司時,,這種速度至關重要,。

當然,并購過程并非無縫銜接,。并購伴隨著實實在在的成本,,取舍也相當重要。每筆交易都需要投入時間,、精力和專注力,,這些資源不可避免地需要從其他業(yè)務領域抽離,尤其是對于僅有幾百名員工的公司而言,。即便戰(zhàn)略高度契合,,時機也未必完美。整合會帶來摩擦,,角色可能調(diào)整,,有時甚至不得不做出艱難的人事決定。歸根結(jié)底,,為增長而增長絕非我們收購的目的,。每一步行動都必須服務于更宏大的愿景。對我們而言,,這意味著在進行并購時,,要像我們支持客戶和開發(fā)產(chǎn)品時那樣,保持清晰的目標感,、緊迫感和專注力,。

關鍵在于,并購并非捷徑,,也并非萬無一失,。但如果運用得當,它可以成為倍增器——不僅僅是人才,、產(chǎn)品或市場覆蓋面的倍增,,還能增強公司的發(fā)展勢頭,。對于我們這種小型公司而言,并購是拓展既有優(yōu)勢,、更快響應客戶不斷變化需求的一種方式,。其意義不在于效仿《財富》美國500強公司的策略,而在于做出精準決策,,讓我們能夠按照自己的方式發(fā)展壯大,并真正為客戶創(chuàng)造價值,。(財富中文網(wǎng))

本文作者葉夫根尼·迪布羅夫為Armis公司首席執(zhí)行官兼聯(lián)合創(chuàng)始人,。

Fortune.com上發(fā)表的評論文章中表達的觀點,僅代表作者本人的觀點,,不能代表《財富》雜志的觀點和立場,。

翻譯:劉進龍

審校:汪皓

數(shù)十年來,并購一直被視為全球最大公司的專屬領域,。長期以來,,微軟(Microsoft)和Alphabet等科技巨頭都將并購交易作為拓展業(yè)務范圍和增強實力的戰(zhàn)略杠桿。例如,,僅2024年初以來,,英偉達(Nvidia)就完成了六筆收購。其邏輯顯而易見:這些公司擁有充足的資本和基礎設施來應對復雜的盡職調(diào)查與整合流程,,他們深知通過并購能夠帶來巨大的收益,,如收入加速增長、市場份額擴大,、獲取新技術等,。

對于規(guī)模遠小于《財富》美國500強的公司而言,情況則截然不同,。團隊規(guī)模較小,、運營更為精簡的新興公司,大多專注于核心業(yè)務的擴張,,而非在市場上搜尋收購目標,。并購無論在財務上還是運營上都代價高昂。若沒有《財富》美國500強公司資產(chǎn)負債表那樣的財務緩沖作為后盾,,并購就可能被視為一個不值得去冒的風險,。

小型公司的并購策略

但這種觀念正在轉(zhuǎn)變。過去一年中,,我的網(wǎng)絡安全公司Armis(成立于2015年底,,在最新一輪融資中估值達42億美元)斥資數(shù)億美元收購了三家初創(chuàng)公司。這些收購并未取代通過研發(fā)實現(xiàn)的有機增長,,而是成為了我們更廣泛戰(zhàn)略中不可或缺的一部分,,起到了真正的“力量倍增器”作用,。在這些并購過程中,我們認識到只要操作得當,,即使在初創(chuàng)階段,,并購也能帶來變革性影響。

大公司有能力“押注”收購,,探索陌生市場或獲取試驗性技術,,而我們則必須有更明確的目標。我們進行的每一筆收購都必須有特定的目的,,必須對我們的產(chǎn)品形成補充,,并最終惠及我們的客戶??蛻粜枨笫恰覒冀K是——決策的催化劑,。例如,在最近一筆交易中,,我們觀察到市場對我們云原生平臺配套的本地部署方案興趣漸濃,。與其抽調(diào)內(nèi)部資源去構建非核心專業(yè)領域的產(chǎn)品,我們選擇收購了一家專門提供所需方案的公司,。這并非偏離我們的路線圖,,而是基于最終用戶的真實反饋,對路線圖進行了一次自然而高效的延伸,。

文化契合度同樣至關重要,。要使收購成功,相關團隊必須能從中看到開啟新篇章的機遇,,而不是將收購視為套現(xiàn)離場的出口,。在收購前花時間深入了解目標公司的固有特質(zhì)至關重要。當創(chuàng)始人被體量大得多的公司收購時,,常會出現(xiàn)“坐等兌現(xiàn)”的心態(tài),,但小公司承擔不起這種心態(tài)。并購交易需要雙方都保持謙遜和投入,。這通常意味著,,小公司完成收購后,創(chuàng)始人需要承擔新角色,,或許頭銜有所不同,,但卻要肩負實實在在的責任和影響力。這種安排也能帶來一項關鍵優(yōu)勢:你得到了一位曾親手創(chuàng)建并運營過公司的人才,,他現(xiàn)在專注于某一個特定的業(yè)務領域,,且深諳端到端的管理之道。他們懂得如何運營,、決策并高效執(zhí)行,。這樣的領導力能夠提升整個團隊的水準,。

初創(chuàng)公司的速度

接下來是速度問題。初創(chuàng)公司的運營帶有緊迫感,,這種精神也必須延伸到并購中,。我們負擔不起耗時一年的整合過程。當我們決定進行收購時,,就設定了從決策到執(zhí)行的90天整合窗口期,。這聽起來可能過于雄心勃勃,過去一年中我們接觸的一些分析師甚至質(zhì)疑其可行性,。但在實踐中,,產(chǎn)品成功上線,團隊已全面完成整合,,所有業(yè)務都在短短三個月內(nèi)整合到我們的平臺中,。當你作為一家規(guī)模較小的公司收購初創(chuàng)公司時,,這種速度至關重要,。

當然,并購過程并非無縫銜接,。并購伴隨著實實在在的成本,,取舍也相當重要。每筆交易都需要投入時間,、精力和專注力,,這些資源不可避免地需要從其他業(yè)務領域抽離,尤其是對于僅有幾百名員工的公司而言,。即便戰(zhàn)略高度契合,,時機也未必完美。整合會帶來摩擦,,角色可能調(diào)整,,有時甚至不得不做出艱難的人事決定。歸根結(jié)底,,為增長而增長絕非我們收購的目的,。每一步行動都必須服務于更宏大的愿景。對我們而言,,這意味著在進行并購時,,要像我們支持客戶和開發(fā)產(chǎn)品時那樣,保持清晰的目標感,、緊迫感和專注力,。

關鍵在于,并購并非捷徑,,也并非萬無一失,。但如果運用得當,,它可以成為倍增器——不僅僅是人才、產(chǎn)品或市場覆蓋面的倍增,,還能增強公司的發(fā)展勢頭,。對于我們這種小型公司而言,并購是拓展既有優(yōu)勢,、更快響應客戶不斷變化需求的一種方式,。其意義不在于效仿《財富》美國500強公司的策略,而在于做出精準決策,,讓我們能夠按照自己的方式發(fā)展壯大,,并真正為客戶創(chuàng)造價值。(財富中文網(wǎng))

本文作者葉夫根尼·迪布羅夫為Armis公司首席執(zhí)行官兼聯(lián)合創(chuàng)始人,。

Fortune.com上發(fā)表的評論文章中表達的觀點,,僅代表作者本人的觀點,不能代表《財富》雜志的觀點和立場,。

翻譯:劉進龍

審校:汪皓

For decades, mergers and acquisitions were seen as the domain of the world’s largest companies. Tech giants like Microsoft and Alphabet have long used deals as a strategic lever to expand their reach and capabilities. Nvidia, for instance, has completed six acquisitions since early 2024 alone. The logic is clear: These companies have the capital and infrastructure to navigate complex due diligence and integration processes, knowing that the gains—revenue acceleration, market share, new tech—can be significant.

For smaller organizations working on a different scale than the Fortune 500, it’s a very different reality. With smaller teams and leaner operations, most emerging companies are focused on scaling their core business, not scanning the market for acquisition targets. M&A is expensive, both financially and operationally. Without the financial cushion of a Fortune 500 balance sheet, it can feel like a risk that is not worth taking.

M&A strategy for smaller companies

But that perception is changing. Over the past year, my cybersecurity company Armis, founded in late 2015 and valued at $4.2 billion in our latest funding round, has acquired three startups for hundreds of millions of dollars. These acquisitions didn’t replace organic growth through R&D, but they became an integral part of our broader strategy, acting as a real force multiplier. Throughout these processes, we’ve learned that when done right, M&A can be transformative—even when you are at the startup stage.

Where large organizations can afford to “bet” on acquisitions—exploring unfamiliar markets or bolting on experimental technologies—we must be far more intentional. Every acquisition we pursue serves a specific purpose and has to be complementary to our offerings and benefit our customers. Customer demand is—and should always be—a catalyst in decision-making. In one recent deal, for instance, we saw growing interest in an on-premise option to complement our cloud-native platform. Rather than redirect internal resources to build something outside our core expertise, we acquired a company that already specialized in exactly what was needed. It wasn’t a pivot from our roadmap—it was a natural and efficient extension of it, driven directly by real-world feedback from the people who ultimately use our offerings.

Equally important is cultural alignment. For a deal to work, the teams involved need to see the opportunity not as an exit, but as a new chapter. It’s crucial to spend time understanding the DNA of a company before acquiring it. Smaller companies can’t afford the “rest and vest” mentality often seen when founders are acquired by much larger players. On both sides, this requires humility and commitment. It often means stepping into leadership roles that may not carry the same titles as before but come with real responsibility and impact in smaller organizations. This setup can also offer a key strength: You’re gaining someone who has already built and run a company, now focused on one specific area of the business, and who knows how to oversee things end-to-end. They know how to operate, make decisions, and execute efficiently. That kind of leadership raises the bar for the entire team.

The speed of startups

And then there’s the question of speed. Startups operate with urgency, and that needs to extend to M&A. We can’t afford year-long integration processes. When we decided to pursue acquisitions, we committed to a 90-day integration window—from decision to execution. That might sound too ambitious, and over the past year some analysts we came across have even questioned whether it’s realistic. But in practice, products have gone live, teams have been fully onboarded, and everything has been folded into our platform in just three months. That velocity is essential when you’re a smaller company acquiring a startup.

Of course, it’s not seamless. M&A comes with real costs, and the trade-offs are significant. Every deal requires time, energy, and focus—resources that inevitably get pulled from other parts of the business, especially when you’re a company of just a few hundred employees. Even when strategic alignment is strong, the timing isn’t always perfect. Integration brings friction. Roles may shift. In some cases, tough personnel decisions have to be made. At the end of the day, growth for its own sake is never the goal. Every move has to serve the larger vision. For us, that means approaching M&A with the same clarity, urgency, and intentionality we bring to supporting our customers and building products.

The bottom line is, M&A isn’t a shortcut or a sure thing. But when used deliberately, it can be a multiplier, not just of talent, product, or market presence, but of momentum. For companies like ours, it is a way to extend what we’re already good at and respond faster to our customers’ evolving needs. It’s not about mimicking the Fortune 500 playbook; it’s about making focused decisions that help us scale on our own terms and in ways that truly benefit customers.

Yevgeny Dibrov is CEO and cofounder of Armis.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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