日前，eBay公司宣布，为了扩大其PayPal业务，同意以2.4亿美元的价格收购位于美国硅谷的移动支付服务提供商Zong。该公司支持客户通过输入手机号码进行支付。2010年初，Zong从瑞士移动广告解决方案提供商EchoVox分拆后，获得了2，750万美元风险投资。

    其中一个投资方是经纬创投（Matrix Partners），该公司的合作伙伴丹纳•斯塔尔德曾在eBay和PayPal担任过高管职位。笔者就此次收购交易采访了斯塔尔德，以下为经过编辑的采访实录：

    《财富》： 您在eBay和PayPal的个人经历对收购Zong的这笔交易有多大影响？

    斯塔尔德：我想主要是有两个方面。首先，我对PayPal的核心资产非常熟悉，正是这一点，让我对Zong进行了原始投资，因为我很清楚这两个平台之间的互补关系。

    其次，大约一年以前，我花了很长时间，努力在两家公司之间牵线搭桥，希望促成它们达成商业合作关系。

    那笔交易最终达成了吗？

    没有。类似的讨论有时候能促成商业合作，但有时候却会导致并购。我想PayPal团队最终认为，此次交易具有极高的战略意义，而且他们和Zong团队之间有着非常强烈的化学反应。所以，他们想下一盘更大的棋。

    您在PayPal任职期间，有没有讨论过在内部创建一个与Zong类似的平台？

    没有。其实Zong的业务非常复杂。它与超过250家手机网络运营商建立了直接业务关系。我认为PayPal对这一商机非常感兴趣，但并不打算亲自上阵。

    你是说，与这些手机运营商建立合作关系，比开发底层技术更困难，对吗？

    我认为，对大多数支付企业来说，的确是这样的。在支付业务方面，这些公司都面临重重困难，尤其是资金进出业务方面的能力明显不足。而Zong公司在这些方面做得非常出色，我认为这也是PayPal的核心竞争力，虽然这一业务目前主要是在银行和支付平台中完成。

    另外一个难题是欺诈与风险管理。我在PayPal工作期间曾经说过，与其说PayPal是一家支付公司，不如说它是一家风险管理公司。

    对于Zong和它的竞争对手，比如Boku，您是如何加以区别的？

    竞争是必然的。我认为Boku公司是Zong在美国最大的竞争对手；另外，欧洲也有两家规模相当的公司：德国的MindMatics公司与法国的Allopass公司。这些公司都势力强大，但Zong公司拥有最优秀的团队，并且与运营商建立了最直接的关系，而且，公司还拥有最庞大的支付现金流。

    如果eBay选择了其他公司，而不是Zong，会有什么其他计划吗？

    首先要说明的一点是，我们的A计划是建立一家大型的、独立的、可盈利的支付公司。在谈到原始投资时，我的主要观点是，Zong的业务正好填补了PayPal的空白领域；并且，没有大的支付运营商来竞争。事实上，直到大约2个月前，A计划依然在被考虑之列。

    此次交易采用全现金方式。为什么会采取这种方式，而不是股票呢？

    我们根本没有讨论过这种可能性。通过eBay的记录可以发现，以现金进行交易一直是这家公司的主要方式。

    在您去年投资的时候，Zong公司的估值是多少？

    这点我不能透露，不过，投资的回报让大家皆大欢喜。

    （翻译 刘进龙）

    eBay (EBAY) today announced plans to significantly expand the reach of its PayPal unit, by agreeing to acquire a company that lets users make payments by simply entering their mobile phone number. The $240 million cash deal is for Zong, a Silicon Valley company that raised $27.5 million in venture capital after spinning out of Switzerland's EchoVox in early 2010.

    One of those investors was Matrix Partners, whose partner Dana Stalder is a former eBay and PayPal executive. I spent some time discussing the deal with Stadler, and what follows is an edited transcript of our conversation:

    Fortune: How much did your personal history with eBay and PayPal factor into the deal for Zong?

    Stalder: I think in a couple of ways. First, I'm intimately familiar with what PayPal's key assets are, and that led me to make the original investment in Zong because I could see how complementary the two platforms were.

    Second, I facilitated an introduction between the companies about a year ago, and spent time with both parties trying to figure out a commercial relationship.

    Did that commercial deal ever get done?

    No. Those types of discussions sometimes lead to commercial relationships, and sometimes lead to acquisitions. I think the PayPal team ultimately felt that this was so strategic and they had such a strong chemistry with the Zong team, that it made sense to do something bigger.

    When you were with PayPal, was there any discussion of creating a Zong-like platform in-house?

    No. It's really complicated what Zong has done here. It's created direct relationships with more than 250 mobile network operators. I think it was viewed by PayPal as a very interesting opportunity, but not one that it wanted to take on itself.

    It sounds like you're saying that creating those mobile operator relationships was more difficult than creating the underlying technology.

    I think that's true for most payment businesses. The payment operations aspect of these companies is extremely hard, particularly for the funds-in/funds-out capabilities. It's something Zong has done very well, and I think is also a core competency of PayPal, although they do it primarily with banks and payment processors.

    Another major piece of this is fraud and risk management. When I was still with PayPal, I used to say that it was more a risk management company than a payment company.

    How do you differentiate Zong from a rival like Boku?

    There is certainly competition. I think Boku is the most-known competition here in the U.S., but there are two companies in Europe of roughly equal scale: in MindMatics Germany and Allopass France. All of these companies are formidable, but Zong has built the best team with the most direct relationships with carriers and the most converting payment flows in the business.

    If eBay had picked one of those other companies over Zong, what was Plan B?

    To be clear, Plan A was to build a very big, stand-alone profitable payment company. When I was talking about the original investment, my main point was that Zong was clearly in PayPal's white space and there wasn't competition from big payment operators. But Plan A was in place until probably around two months ago.

    This is an all-cash deal. How did you get that instead of stock?

    It's not even a discussion we had. eBay has a track record of doing its transactions largely in cash.

    What was Zong's valuation when you invested last year?

    I can't disclose that, but can say we're happy with the return.