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And then, I guess, lastly, you’ve done 28 deals the first half, you have got this increased bandwidth now, I mean, should we look at your modeling sort of 50 to 60 deals through the second half? Or how does the pipeline looking, can you give a range, I guess, of the deals for the second half?
I can’t give a range. It so difficult to tell. All I know is that everyone is extremely busy looking at a lot of potential acquisitions and it is impossible to predict whether or not those acquisitions will close.
Just to give you some color on that impossibility of prediction. We have a sort of funnel of acquisition prospects and we can add that up, we’ve figured out how to use that function in Excel. And we do so periodically and I went back and looked at those totals that we had over time. And the amount of acquisitions we actually closed during those periods. And I found the correlation between our funnel and the actual acquisition closed was zero. And not just zero it was so close to zero that I’m thinking of commercializing our sales funnel as a random number generator.
«We encourage our managers to look at the two as competing activites, you can either deploy capital on acquisitions or you can deploy capital on initiatives and you should seek to get equally high rates of rerturn on both taking in account all of the factors. We have no particular preference. We think that internal initiatives are very very hard, require a degree of vision that isn’t required for acquisitions and ence, we’d love to be really good at the internal initiatives. We’re getting better and we think we do it far better than other software businesses. If I can see capital generation as good return as with acquisitions, I’d be delighted. I think you end up with stronger business when you get to choose what product you add to the portfolio and how you can sort of fill the needs of customers as opposed to when you do acquisitions which leads you to be more opportunistic and tend to leave some holes in the portfolio.»
Pourquoi c'est une bonne nouvelle? Est-ce pour éviter les prises de contrôle ou achats hostiles?