Salesforce以50%溢价、57亿美元收购Braze，意在补强疲弱的营销/AI产品；这一战略方向合理，但价格偏高，且未必能解决其问题。在SaaS担忧与成熟化背景下，该股目前接近6年前的水平，本财年营收预计增长10-11%。
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这是Salesforce。Salesforce今天出人意料地宣布，将以约57亿美元收购Braze。那么，Matt，你能向我解释一下你是做什么的，以及你为什么认为Salesforce需要它吗？
This is Salesforce. Salesforce today announced, in a surprise move, its acquisition of Braze for approximately $5.7 billion. So, Matt, can you explain to me what you do and why you think Salesforce needs it?
Salesforce的Marketing Cloud平台在与移动设备进行现代交互的领域，比竞争对手弱得多。这绝对是事实。Salesforce有一个庞大的营销部门，但在AI驱动的营销、个性化营销或先进技术营销方面并不擅长。
她正试图提高在这一关键领域的表现，以支撑其业务。这笔全现金交易有50%的溢价，所以很明显，Salesforce认为它需要完成这笔交易。
The Salesforce Marketing Cloud platform is much weaker than its competitors in the field of modern interaction with mobile devices. That's absolutely true. Salesforce has a huge marketing department, but it is not very good at AI-powered marketing, personalized marketing, or advanced technology marketing.
She is trying to improve her performance in this key area to support her business. A 50% premium in a cash deal, so it's clear that Salesforce believes it needs to close this deal.
但市场并没有完全正面地接受它。我认为盘前股价下跌了约2.5%，这就是我们所暗示的。无论Salesforce是否需要它，他们都为此支付了高额溢价，而且正如你所说，Lou，这解决了他们产品中的一个弱点。
But the market did not receive it entirely positively. I think the stock price before the market opened was down about 2.5%, and that's what we're hinting at. Whether Salesforce needed it or not, they paid a hefty premium for it , and as you said, Lou, it addresses a weakness in their products.
所以，仅仅考虑Salesforce，我们发现对它的投资经历了波动，但我认为其股价现在已接近6年前的水平。这不是这类股票所预期的表现。那么，Salesforce究竟遭受了什么，这是理想的解决方案吗？
So, just thinking about Salesforce, we find that investing in it has gone through fluctuations, but I think its stock price is now close to its level 6 years ago. This was not the expected performance for this type of stock.
So, what exactly did Salesforce suffer from, and is this the ideal solution?
我的意思是，我指的是两件事。第一是所谓的“SaaS的终结”。这是最明显的担忧，意味着人们担心人工智能系统将取代人类员工。Salesforce严重依赖用户许可模式。第二点是，该公司在过去两年中在许多方面已经达到了成熟阶段。
他们预计本财年的收入增长仅为10-11%。这并不是公司表现糟糕，而是它是一家巨头公司，正处于增长与成熟之间的过渡阶段。
I mean, I'm referring to two things. The first is what is known as "the end of SaaS". This is the most obvious concern, meaning there are fears that artificial intelligence systems will replace human employees.
Salesforce relies heavily on a user licensing model. The second point is that the company has reached a stage of maturity in many respects over the past two years. They expect revenue growth of only 10-11% in the current fiscal year .
It's not that the company is performing badly, but rather that it's a giant corporation going through a transitional phase between growth and maturity.
正确。我认为关于软件即服务（SaaS）公司崩溃和消失的说法被夸大了，但我想知道：在人工智能提高专家绩效的世界里，我们真的需要这些全面且集成的企业程序吗？我认为这是根本问题。这就是Braze目前对Salesforce的意义。
Salesforce不可能更灵活了。她无法拆分公司。因此，次优选择，甚至是理想选择，就是在所有产品中成为同类最佳。这意味着承认它在某些领域不是最好的，然后收购最好的。因此，我认为这笔交易对他们来说是有意义的。
我不知道这是否能解决他们的问题，但我认为这是对周围正在发生的事情做出反应的正确策略。
correct. I think talk of the collapse and disappearance of Software as a Service (SaaS) companies is exaggerated, but I wonder: Do we really need these comprehensive and integrated enterprise programs in a world where artificial intelligence improves the performance of specialists?
I think this is the fundamental question . This is what Braze represents for Salesforce right now. Salesforce couldn't be more flexible. She is not in a position to split the company.
Therefore, the second best option , or even the ideal option, is to be the best in its category in all of its products. This means acknowledging that it is not the best in some areas, and then acquiring the best.
Therefore, I think this deal makes sense for them. I don't know if this will solve their problems, but I think it's the right strategy as a reaction to what's going on around them.
总体而言，这似乎是一笔相对不错的交易，尽管可能有点定价过高，但这大概是Salesforce必须支付的价格。
Overall, it seems like a relatively good deal, although perhaps a little overpriced, but it's probably a price Salesforce has to pay.