S|W: The SaaS Weekly – 1Password shuffles C-suite as Snap lays off 20% of employees

Plus: Snap lays off 20% of employees.

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1Password shuffles C-suite, with CPO replaced and CMO to depart (BETAKIT)

Speaking on condition of anonymity, multiple sources have confirmed to BetaKit the impending departure of 1Password chief marketing officer (CMO) Raj Sarkar. Having joined 1Password in May 2021 after advising the board the year prior, Sarkar is set to depart the company in mid-September.

The decision shortly follows the replacement of Akshay Bhargava as chief product officer (CPO).

Snap plans to lay off 20 percent of employees (THE VERGE)

The layoffs, which Snap has been planning for the past several weeks, will begin on Wednesday and hit some departments harder than others, the people said. For example, the team working on ways for developers to build mini apps and games inside Snapchat will be severely impacted. Zenly, the social mapping app Snap bought in 2017 and has since run separately, will also see deep cuts.

Essential Accessibility merges with Level Access to combine accessibility solutions (BETAKIT)

Toronto-based software startup Essential Accessibility has merged with American tech company Level Access. Meanwhile, Toronto employee engagement platform TriplePlay has been acquired by Roblox and Victoria-based authentication company Plurilock has completed its acquisition of assets from CloudCodes.

UK challenges $69B Microsoft/Activision deal, citing potential harm to gamers (ARS TECHNICA)

The United Kingdom's Competition and Markets Authority (CMA) is challenging Microsoft and Activision Blizzard to justify their planned merger, saying the deal "could substantially lessen competition" in the gaming industry. A CMA announcement today cited concerns about "competition in gaming consoles, multi-game subscription services, and cloud gaming services (game streaming)."

Five months in, details on Canada’s new Innovation and Investment Agency remain sparse (BETAKIT)

Since the budget announcement, the federal government has little to offer about what the agency will look like, its role, how it will work and, most importantly, whether it will work at all. Queries to the federal government only elicit vague statements about why the new agency is needed, but yield nothing concrete about its potential workings.

How startups can avoid the “Frankenstein data stack” trap (BETAKIT)

In the quest for speed, many startup founders cobble together multiple low-quality data sources, hoping it offers practical insight. This is a problem Peter Fishman, co-founder and CEO of Mozart Data, frequently saw at fast-growing startups in the Bay Area.

Roper eyes U.S. teacher shortage in $3.7 bln deal for Frontline Education (REUTERS)

The deal will complement Roper's "Horizon" product catering to the K12 segment and marks a deeper push by the company to reposition itself as a software firm through acquisitions. Roper is buying Frontline from technology-focused private equity firm Thoma Bravo, which acquired the company in 2017 for an undisclosed value.

Canadian tech companies continue to hire despite downturn – here’s an (incomplete) list (BETAKIT)

350 companies have now added their job listings, indicating a strong and continued desire to hire #CDNtech talent.

GoTo Posts Wider Loss on Spending to Tap Ride, E-Commerce Demand (BNN BLOOMBERG)

Indonesian ride-hailing and e-commerce giant GoTo Group reported a wider second-quarter loss on operating basis, a setback for its bid to convince investors of its profit-making potential.

Supply chain analytics SaaS startup Lytica secures over $13 million in Series A round (BETAKIT)

Ottawa’s Lytica, which uses AI to help companies reduce costs and mitigate risks in their supply chain, has secured over $13 million in Series A financing. Meanwhile, Toronto-based CPA training podcast platform LumiQ has raised $5 million to support its US expansion plans.

Magnet Forensics expands to Australia as the government cracks down on cyber crime (THE LOGIC)

Magnet Forensics has opened a bureau in Australia, as the Kitchener-Waterloo-based cybersecurity and digital forensics firm continues to expand its workforce and pursue buying opportunities amid the market downturn.

Ripple Ventures promotes Dominic Lau to partner as it preps for next fund (BETAKIT)

The promotion makes Lau the firm’s only active investor at the partner level. While Michael Garbe previously served as a Ripple partner for Fund I, Garbe has since transitioned to the role of venture partner. Ripple founder Matt Cohen remains at the managing partner level.

Triller Raises $200 Million Ahead of IPO Relaunch in Q4 (Exclusive) (THE WRAP)

An individual with knowledge of the filing said the latest raise was $200 million. The target IPO valuation is $3 billion, a drop from the $5 billion valuation the company previously targeted for IPO as part of a SPAC merger that was ultimately pulled earlier this year due to market volatility.

SAAS NORTH unveils speaker lineup for 2022 conference (BETAKIT)

Presenters include executives from Canada’s most prominent SaaS startups, such as Shopify, Unbounce, Ada, Coveo, Hootsuite, Wattpad, 1Password, PointClickCare, and Calico.

SAAS NORTH 2022 will also see the return of the BetaKit Keynote Stage.

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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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