谷歌（Google）昨日宣布，公司已经收购了社交营销公司野火互动（Wildfire Interactive）。此前谷歌曾竞购另一家社交营销公司Buddy Media，但未能如愿，后者已被云计算服务及CRM软件供应商Salesforce.com收购。下面这些交易的要点来自于记者与知情人士就谷歌此项交易进行的对话：

    1. 收购价格？媒体报道的售价是2.5亿美元，但几位知情人士称，若包括与未来盈利挂钩的后续付款条款以及员工的留任奖金，该交易对野火互动的总估值约为4亿美元。

    2. 投资回报。对于顶峰投资（Summit Partners）、Felicis Ventures、500 Startups和SoftTech VC等野火互动的风投股东来说，这个收购价格意味着丰厚的回报。2010年4月，野火互动400万美元的A轮融资对该公司的估值为1,500万美元。若不考虑顶峰投资2011年末牵头的1,000万美元B轮融资所产生的摊薄作用（因为不了解具体估值水平），2.5亿美元的收购价对应12.5倍的回报；4亿美元的收购代价对应20倍的回报。当然，摊薄显然是有影响的，但无论如何，股东们分配到的回报将令人叹为观止。另外值得注意的是，顶峰投资对野火互动的风险投资确实冒了一把险，因为该公司通常只投资成熟度高得多的企业。

    3. 种子基金大丰收。但最大的赢家的是原始出资方fbFund，即由Accel Partners和Founders Fund各出资一半设立的总规模为1,000万美元的种子基金。该交易给fbFund带来的回报在50倍至100倍之间，有可能是其迄今为止最成功的一笔投资。该种子基金没有像最初计划的那样提供无追索权的融资，眼下看来的确是件好事。

    4. Facebook会配合吗？关于最后这点，Facebook本身是否在fbFund中持有权益仍然是未知数。如果有的话，那就有意思了，届时谷歌还得间接地给这个老对手开张支票。更为重要的是，野火和Facebook未来的关系将会如何发展？目前为止，双方说的都很好听。但Facebook会一直容忍谷歌获得理论上对Google Plus非常有价值的数据吗？

    译者：默默

    Google (GOOG) yesterday announced that it had acquired social marketing company Wildfire Interactive, apparently after previously losing out on Buddy Media to Salesforce.com (CRM). A few notes, based on conversations with folks close to the situation:

    1. How much? The reported sale price is $250 million, but multiple sources tell me that the total deal is valued at around $400 million once earn-outs and employee retention bonuses are taken into account. Expect that a decent part of that initial chunk is in cash, if not virtually all of it.

    2. Return on investment. This is a massive return multiple for WildFire's venture investors, which include Summit Partners, Felicis Ventures, 500 Startups and SoftTech VC. The company's $4 million Series A was done at a $16 million pre-money valuation in April 2010. Not taking into account dilution from a Summit-led $10 million Series B round in late 2011 (because I don't know the valuation), it's a 12.5x return at $250 million, or 20x at $400 million. Yes, the dilution obviously matters but, no matter what, the distributions should be impressive. Also worth noting that Summit took a real chance with this one, given that it typically invests in much more mature businesses.

    3. Seed harvest. But the biggest return goes to seed backer fbFund, a $10 million vehicle backed in equal parts by Accel Partners and Founders Fund. Somewhere in the 50x-100x range, and likely that vehicle's largest win to date. Guess it's a good thing that fbFund didn't remain as a non-recourse grant program, as originally intended.

    4. Can FB play nice? On that last point, it's unclear if Facebook (FB) itself had points in fbFund. If so, Google would be in the interesting position of writing one of its biggest rivals an indirect check. More relevant will be to watch how the WildFire-Facebook relationship progresses going forward. So far, both sides are saying all the right things. But how long will Facebook want Google having access to data that could, in theory, be of value to Google Plus?