@王亚谦 简单看了一下EPAYQ4的电话会议纪要，初步感觉很不错，似乎是一个令人兴奋的标的。2018年云订阅收入约2.6亿美元，传统收入1.3亿，总收入3.9亿，云占比66%，根据指引2019年云收入3亿以上，传统收入假定1.4亿，占比约70%。目前估值30亿，对应2018年业绩约8PS，感觉估值合理。不过有个问题，目前云收入占比已经达到66%，但是相应的营收增速只有20%+，对比Adobe2012年转云之后50%+的营收增速，不知道王总怎么看这个问题？
另外看到SA上有人曾经对其收益质量提出质疑，包括过去几年收购了19家公司；披露的NON-GAAP指标调整项繁多掩盖其实际盈利能力（包括股票补偿费用、收购和整合相关费用与重组相关的成本、全球ERP系统实施成本、最低退休金责任调整）；以及来自分散的行业及竞争。
$Bottomline Technologies, Inc. (EPAY)$ 
网页链接//@王亚谦:回复@王亚谦:$Bottomline Technologies, Inc. (EPAY)$ 业务类型比较多，主要是提供金融机构间/和供应商的B2B资金结算、数字银行。公司做了十多年，服务1万多客户，但平台年流水超2000亿美元。才业务介绍：
Bottomline Technologies (de), Inc. provides software as a service based solutions. It operates through four segments: Cloud Solutions, Banking Solutions, Payments and Transactional Documents, and Other.
1、The company's products and services include Paymode-X, a cloud-based payment network, which allows businesses to transition to electronic integrated payables.
2、 and cloud-based financial messaging solutions that enable banks and corporations to exchange financial information, such as payment instructions, cash reporting, and other messages to facilitate transaction settlement.
3、It also provides digital banking solutions that provide payments, cash management, and online banking solutions to financial institutions.
4、and cloud-based legal spend management solutions and services that integrate with claims management, and time and billing systems to automate legal invoice management processes.
5、In addition, the company offers cyber fraud and risk management solutions that monitor, replay, and analyze user behavior and payment transactions to flag and stop suspicious activity in real time; and payment and document automation solutions to automate a range of business documents and supply chain processes, as well as related Web-based delivery and document archive.
6、Further, it provides healthcare solutions for patient registration, electronic signature, mobile document, and payments; and consulting, project implementation, and training services, as well as sells printers, check papers, and magnetic ink character recognition toners.
The company serves customers in the banking, financial services, insurance, healthcare, technology, retail, communications, education, media, manufacturing, and government industries in the United States, the United Kingdom, Continental Europe, the Asia-Pacific, and the Middle East. Bottomline Technologies (de), Inc. was founded in 1989 and is headquartered in Portsmouth, New Hampshire.