Canadian startup news of the week (1/22/23)

Magnet Forensics founder Jad Saliba and CEO Adam Belsher
Plus: Vidyard eyes $1 billion in revenue.

Welcome to BetaKit’s startup stories of the week! Here, you will find the week’s most important news, features, and editorials published on BetaKit.

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Top Stories of the Week

TSX-listed Magnet Forensics to be acquired by Thoma Bravo in $1.8 billion CAD deal

Thoma Bravo has struck a $1.8 billion CAD deal to buy the publicly-traded Canadian cybersecurity company and take it private.

Hootsuite CEO Tom Keiser replaced amid third round of layoffs

Tom Keiser, who took over as CEO from founder Ryan Holmes in 2020, is being replaced by Irina Novoselsky, who most recently served as CEO of CareerBuilder.

Clearco CEO Michele Romanow steps down as company cuts almost 30 percent of staff

Replacing Romanow as CEO is Andrew Curtis, a New York-based investment banker who has 20 years of experience in investment management and financial services.

Vidyard sets sights on $1 billion in revenue as it bolsters go-to-market efforts

Vidyard co-founder and CEO Michael Litt said the company saw demand for its video offerings increase as sales and marketing professionals were forced to conduct business from afar.

Alberta Innovates’ Bryan Helfenbaum on the future of energy in Canada

“The fundamental challenge is how do we maintain the prosperity that we have enjoyed while simultaneously moving into a net-zero world, and in fact, not just surviving, but thriving,” said Executive Director at Alberta Innovates, Bryan Helfenbaum.

What Xero learned after 15 years of building software for SMBs

Speaking with BetaKit, Xero's chief product officer Anna Curzon explained the challenges of building what she calls a “purposeful platform” for small businesses.

Latest Funding, Acquisitions, and Layoffs

  • VAN – Canada Drives lays off employees (read more)

  • VAN – Klue acquires DoubleCheck Research (read more)

  • VAN – Switchboard acquired by Earnscliffe (read more)

  • CAL – Summit Nanotech – $50M (read more)

  • CAL – Harvest Builders, others — $25.5M via PrairiesCan (read more)

  • CAL – Benevity cuts 14 percent of staff (read more)

  • TOR – Clutch cuts 65 percent of staff (read more)

  • TOR – Waabi secures strategic investment from Volvo (read more)

  • TOR – Notch closes $13.7M, cuts 13 percent of staff (read more)

  • TOR – NowVertical secures $7M, acquires Acrotrend, Smartlytics (read more)

  • MTL – Sollum Technologies – $30M (read more)

  • MTL – Lightspeed cuts 10 percent of staff (read more)

  • OXF – Oxbotica plots Canadian expansion after $140M round (read more)


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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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