The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.
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GeoComply acquires OneComply to automate licensing for regulated industries (BETAKIT)
GeoComply, which provides compliance and cybersecurity solutions, has made its first acquisition in fellow Vancouver startup OneComply.
GeoComply said it plans to extend OneComply’s licensing platform beyond the gambling industry, such as companies operating in financial and other regulated markets.
Crosspoint signs deal to buy Absolute Software for US$657-million (THE GLOBE AND MAIL)
Absolute Software Corp. has signed a deal to be acquired by Crosspoint Capital Partners for US$657-million.
Absolute announced last month it was cutting about 40 jobs or about five per cent of its work force as part of a restructuring plan to reduce its operating expenses.
“A new bottom”: Toronto and Waterloo Region venture funding fell short in first quarter of 2023 (BETAKIT)
Venture funding in Toronto and the Waterloo Region had a particularly sluggish start to 2023, with startups in the neighbouring tech ecosystems raising less than eight percent of what was raised in the same quarter last year.
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Mike Lynch: Autonomy founder extradited to US in criminal case (BBC)
British tech entrepreneur Mike Lynch has been extradited to the US to face criminal charges over the $11bn sale of his firm Autonomy to Hewlett-Packard.
He is accused of overinflating the value of his software firm when he sold it to HP in 2011.
BC venture deal volume reached a three-year low in first quarter of 2023 (BETAKIT)
According to briefed.in’s latest report, in the first quarter of 2021, startups in BC raised a total of $95.1 million through nine deals. Investment in terms of dollars raised fell by 78 percent from the fourth quarter of 2022 and 82 percent year-over-year.
Indian edtech giant Byju’s raises $250 million, on track to close another $700 million (TECHCRUNCH)
Byju’s has raised $250 million in fresh funding and is close to securing an additional $700 million, two people familiar with the matter told TechCrunch, as the Indian edtech giant builds up its war chest ahead of the highly anticipated IPO of its subsidiary Aakash.
Byju’s has maintained its $22 billion valuation throughout the past year even as numerous high-profile startups globally have had severe corrections in their value.
Hopper to power Uber’s expansion into flight bookings (BETAKIT)
Montréal-based startup Hopper has struck a deal with Uber, allowing people in the United Kingdom to book flights on the rideshare app.
Hopper has made several moves to expand its product suite in recent years as part of its mission to become a “super app” for travel. This includes the launch of its B2B initiative Hopper Cloud, which has taken on notable companies as clients such as Capital One and now Uber.
How startups can better manage their e-waste (BETAKIT)
The life cycle of electronics needs to be re-envisioned, said Electronic Recycling Association (ERA) managing director Andrew Wesolowski, especially if we want to sustain the environment we inhabit.
Wesolowski said startups are the target businesses the ERA aims to help with the equipment it repurposes, as they “typically would not have much to discard since they are just entering the market.”
Elon Musk hires ex-NBCUniversal ad chief Linda Yaccarino to be Twitter’s CEO (CNBC)
NBCUniversal global advertising chief Linda Yaccarino has resigned to join Twitter as its next chief executive.
The longtime ad executive brings a wealth of relationships with top chief marketing officers and other advertising executives to Twitter at a time when the platform has seen advertisers flee – therefore losing billions of dollars – after Musk’s takeover last year.
Carbonhound raises $1.3 million help small, medium business get ready for emissions regulations (BETAKIT)
Toronto startup Carbonhound has raised $1.3 million CAD in pre-seed funding towards its mission of helping small and medium-sized businesses (SMBs) manage upcoming greenhouse-gas emission regulations.
The startup has developed a platform for companies to track and manage their emissions footprint, set targets, and facilitate marketing to communicate their progress.
LinkedIn lays off 716 employees, kills China jobs app (CNBC)
LinkedIn, the popular business social networking platform owned by Microsoft, will discontinue its China-specific jobs app, InCareer, and lay off 716 employees worldwide, the company said in a message to employees.
Inflation blamed for decline in mental health of Canadian founders in the last year (BETAKIT)
Based on a survey with 1,500 respondents, the Business Development Bank of Canada (BDC) found that rising inflation rates has taken a toll on startup founders, identifying that as a potential stressor that could be behind why their mental health significantly declined in the last year.