Go into the drop of the quick merger behind the insider

February 14 Morning 9:58, Cheng Wei in front of the computer directing the drop of staff sent a letter about the company's future fate of the full mail. He specifically asked, "Liu received?" After hearing the affirmative answer, he breathed a sigh of relief.

A minute later, Tencent Science and technology channel sent a message: Quick taxi and drop a taxi today (February 14) announced a joint statement announcing two strategic mergers. The new company will implement CO-CEO system, drop a taxi CEO Cheng Wei and Quick Taxi CEO Lu Zhunwei will also be the joint CEO. The two companies remain unchanged in their staffing structure, the business continues to evolve in parallel and will retain their brand and business independence.

Tencent Technology learned from people familiar with the matter, the two sides originally did not want to announce the news before the Spring Festival, "Want to let both employees have a good year, after the announcement." ”

However, as the media to the two sides combined the precise news of high-frequency follow-up, by February 13, the merger of the two sides of the news to cover.

Thinking twice, the two sides decided to release the news on Valentine's Day, and the president of the merged new company, Liu, is the "Valentine's Day Project".

Tencent Technology learned that although the two sides announced the news was forced to advance, but in the merger of specific matters, the parties have been prepared. From the January 21 formal contacts between the two sides, February 8, the intention of the merger has been reached, then each shareholder signed the merger agreement, and completed the initial delivery.

Recalling the whole process, Liu said that the two sides from formal contact to the external declaration only took 22 days. Two years, from the date of the birth of a taxi software, first encountered by the regulatory authorities to stop, in the regulatory authorities approved, taxi software between the fight. Multiple taxi software experienced the burning of money and shuffle, and finally formed a drop and fast duopoly pattern. In the midst of all the wonder, drops and quick mergers. What's going on behind this big-year drama?

Three times in two years.

It appears that the drop and quick recent contacts to consider the merger, in fact, the two sides to consider the merger of the time point is far more than people think earlier.

"As far as I know, the drip and the fast two years have talked at least three times." One of the investors who took the taxi software said to Tencent Technology.

Tencent Science and technology to understand that, two years, drop and fast in the ground push, subsidies and many people have a big and small confrontation, both sides unavoidably "wipe the gun", from the beginning, both sides of the early investors feel big can not be so.

The first person to set up contact with the two people is a quick taxi angel investor Li Zhi.

As a quick taxi angel investors, Li Zhi in addition to the initial stage to give financial support, another major contribution is invited at that time in the United States intend to return to the Lu Zhunwei to join the quick taxi.

In the early 2012, Lu Zhunwei experienced a taxi software Hailo in the UK and then experienced Uber in the United States. At that time, felt in the domestic taxi difficult Lu Zhunwei budding to do a taxi software idea.

"Before returning home, Lu Zhunwei once told me, intending to do a taxi a kind of O2O business." "Li Zhi recalls, at that time, the Quick Taxi project has been formed, so, in the lee of the country, Lu Zhunwei became a quick taxi CEO."

Another important figure is Wang gang. Like Li Zhi, he was also born in Alibaba, and has extensive experience in sales and push. In Ali as an executive, in Arrey held a number of exchanges, Wang Gang and Li Zhi have some met.

After leaving Ali, Wang Gang intends to invest in the direction of development. Li Zhi had gone from Ali and created the Amoeba Angel Investment Fund. With roots in Hangzhou Wang Gang to Lee to the country for investment matters, both sides of the taxi software are interested.

In the drop of a taxi model just came out, Li Zhi and Wang Gang have seen drops of a taxi project, finally, Wang Gang became a drop-by-taxi angel investors, Li Zhi became a quick taxi angel investors.

In the drop of a taxi in the initial development of the push, Wang Gang played a very key guidance. With these countless relationships, the things that follow seem logical.

In 2013, after the initial controversy over the software, drop and quickly entered the white-hot competition, both sides become daggers, in the push, subsidies and other aspects of the fight against each other.

From an investment point of view, Li Zhi that this is not a long-term solution. To 2014 years, in drops of Tencent and Citic's B-round financing, Li Zhi find an opportunity to introduce Lu Zhunwei and Wang Gang drink a tea, this is the first contact between the two sides, and then the drop of the CEO Cheng Wei also contacted.

The main purpose of this meeting is to avoid the malicious competition caused by the gun fire, including the ground team competition, the app bottom level competition, hoping to let both sides on the table benign competition. Then, when the two sides misunderstood, two CEOs picked up the phone and began to communicate.

After the meeting, the two sides remain competitive, for the opponent's strategy, but also targeted follow-up. Especially from the January 2014 stretch to May subsidy war, both sides began today you increase 1 yuan subsidy, tomorrow I add 1 yuan subsidy competition.

There is a certain tacit understanding behind the competition. By May 16, the two sides almost at the same time announced the cessation of the subsidy war. At that time, some people said to Tencent technology, "we have a tacit understanding." ”

Liu Identity Switch

At the time, Li Zhi introduced drops and quick executives, and did not set up the idea of a merger between the two sides. Next, the transition from investor to Liu becomes the main character that the two sides can merge eventually.

Liu pay attention to the field of travel very early. In 2011, Goldman Sachs invested in American taxi companies Uber, which gave Liu great inspiration.

By September 2013, Liu, the Managing director of Asia-Pacific, a limited liability company in Goldman Sachs, had made investment drops, but the drop did not need that much money, and the old shareholders did not want to introduce a new round at that time, Liu could only drop it.

June 2014, Liu with the team came to drop to discuss investment intention. Before that, in January 2014, the drop had accepted Tencent and Citic's B round of 100 million dollar investment. Liu felt the intervention was late again. She joked to Cheng Wei with some dismay, "Why didn't you tell me in advance?" "Cheng Wei said," You want to drop, not early know? ”

One months later, Liu added drops as COO. At that time, Liu to add drops when people are not optimistic, some even assert that she can not endure six months will leave.

But Liu soon completed the identity shift and led the drip of a new round of 700 million dollars in financing. February 4, 2015, drop announced Liu promoted to president.

Some people like this evaluation of Liu, "is both noble, but also grounding gas people," a short period of time to get a drop of recognition, very difficult.

In addition to the drop in the financing of the work, Liu also in the droplet and fast merger of the process played a substantial role in the promotion.

A little-known detail is, before Liu and drip contact, and join drops, Liu also once and quick taxi contact, and to Hangzhou and quick High-level meeting, these contacts and understanding, become the two sides to quickly achieve the merger intention of the key.

Huge financing as a turning point in mergers

Drops and quick initial two talk about merging did not touch the ground level, by the end of 2014, both sides feel ripe.

At this point, both sides received a new round of financing. December 9, 2014, the drop announced a new round of 700 million U.S. dollars in financing. 20 days later, the quick announcement of a new round of financing, more than 800 million dollars.

With a new round of support, both sides are more competitive with subsidies. Whether it is a taxi fare increase subsidy, or the car business to encourage subsidies, the competition between the two sides to a white-hot situation.

At this point, shareholders ' mentality has split.

"It is most detrimental to investors to keep burning money." Tencent, Ali and other pockets of deep investment can still carry, those pockets shallow VC feel can not go on like this. "said one person familiar with the matter.

From the development of China's Internet has also seen, whether the industry's first and second competition how fierce, go to a certain stage will always appear mergers and acquisitions, the emergence of oligarchs to form a stable pole. This is reflected in the combination of Youku and Tudou in the March 2012, as well as the merging of media and framework media earlier.

In these mergers, investors ' initiative is one of the motivations. In drip and quick cases, investors in both sides, especially early investors, tend to enjoy it, pushing for a merger.

This is also later in the drop and fast of the merger news at the outset, the industry believes that the merger was forced by capital.

According to Tencent Science and technology, drop and fast merger is mainly between the two sides of the main negotiations, and informed the investors. In the process of negotiations, investors have been promoted, but the dominant right is still in the start-up company. After the merger, Liu confirmed this in an interview with the media.

At the beginning of 2015, when the drop of a taxi CEO Cheng Wei, COO Liu again to Hangzhou, this time, they saw the Quick taxi CEO Lu Zhunwei, also saw Ali investment Ministry of the People, the two sides of the merger negotiations officially started.

Liu became a matchmaker

In a few rounds of investment, Tencent and Ali become drops and fast shareholders, drop and fast also become the promotion of both sides mobile payment of one of the sharp weapon.

Because of the competition in the giant layout of the factors, the industry believes that the possibility of droplet and fast merger is very low, "Tencent and Ali as a big company, as an important investor, can not sit at a negotiating table." ”

"This sort of thing is crucial to the matchmaker, who is the matchmaker. "A person close to Tencent's strategic investment division said.

According to this personage understands, the person that makes Tencent and Ali can talk together is not others, it is Liu's father, Liu.

If you go back again, Liu Add drops also related to Liu. Last August, when Liu added drops, some people told Tencent technology, "This is related to the arrangement of Liu Don."

By the end of January this year, when the drop and the fast two sides entered the substantive stages of negotiations, Tencent and Ali reached a tacit understanding: the negotiations of the main power to the start-up companies, but to Tencent and Ali fair treatment. "Both sides are fair, and no one intervenes. ”

So the drop and the quick two companies led to complete the negotiations, Tencent and Ali have equal arrangements. Tencent and Ali each take up a seat in the 7-member board of the merged new company. The remaining seats are obtained by both company executives and VC.

At the same time, Tencent and Ali in the mobile payment competition, the taxi software to pay the letter or pay treasure the choice of the right to the merger of the new company.

Baidu Easy to merge episode

Bat, in Tencent and Ali relying on drip and quick in the taxi O2O on the hot, another giant Baidu layout appeared a strategic flaw, and Tencent and Ali after the admission to try to remedy.

Baidu first selected and easy to use car cooperation. In the Baidu map to launch a car service, easy to use the vehicle to become access to Baidu Map partners. In the second half of 2014, has been rumored Baidu 300 million U.S. dollars investment easy to use cars, but Baidu to noncommittal.

By December 2014, Baidu in a rare high-profile announced to Uber financial investment, but due to business cooperation is still time, as of now, Baidu map of the car interface is still easy to use vehicles.

In the process, Baidu has also targeted the investment target drop. People familiar with the matter said that, after the drip received Tencent and other investors 700 million U.S. dollars of financing, Baidu is also interested in investment drops, but because the price problem did not talk about, Baidu had to give up.

The drop of another gossip protagonist is easy to come by. At the beginning of February, a message from the drop of the drip said that the drop was combined with the easy to merge, with valuations of both sides reaching $8 billion trillion. News outflow, easy to use car CEO Zhou Airlines resolutely denied, Liu also to Tencent Technology said, "pure rumors."

Afterwards, some investors to these gossip evaluation, "certainly have contact, also talk about." Whether it is bat or these car business companies, each other's alliances is necessary. ”

Expected to hit the market in the second half of 2015

After a variety of go-between and episode, February 14, drops and quickly announced a formal merger. After the merger, the IPO of the new company has been put on the agenda.

On the February 14, the Quick Taxi CEO Lu Zhunwei to employees in the internal mail, also mentioned this point.

But for the original drop and quick executives, the significance of the listing is slightly different for both parties.

After the merger of the new company listed, the Rapid management team will withdraw, and Cheng Wei, Liu and other people continue to lead the new company forward.

The reason for this forecast is related to the present arrangement. "Many people note that Cheng Wei and Lu Zhunwei as joint presidents, but ignore the reason why Liu is the president of the new company," he said. said the person.

In his view, Liu as president of the new company, on the one hand, because she is in the merger of the Go-Between played a decisive role, on the other hand, also hinted at faster than the drop to enjoy more dominant power.

As for the date of the listing, the investor will be liquidated after six months. "Liu to the two sides of the integration time is determined to 6 months, after integration, will begin to prepare for the listing." ”

But on the market side, Liu is ready earlier. In a conversation with Tencent technology in December 2014, she revealed that before the round of 700 million financing, she had followed the listing of the standard of the drop of the equity structure and financial details, for the listing ahead of time to do their best to prepare.

Judging from the current node, it is too early to talk about the beauty of the listing. In the next 6 months, in addition to drops and fast business, personnel and other aspects of integration, Cheng Wei, Lu Zhunwei and Liu in the "Ann" when the need for "resisting." Whether it is foreign Uber, or the domestic Shenzhou special car, AA car rental and easy to use cars are unable to ignore the opponents, their body's burden is not easy.