The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.
Subscribe to S|W using the form at the bottom of this page to ensure you don’t miss out on the most important SaaS news every week!
Poka to be acquired by Swedish enterprise software giant IFS in reported $200-million deal (BETAKIT)
Two years after a $30 million Series B round, Québec City-based Poka, which offers communication and skills development tools for manufacturing workers, is set to be acquired by Swedish enterprise software giant IFS.
IFS CEO Darren Roos said the deal was “not far off” $200 million in an interview with The Globe and Mail. IFS expects to complete the transaction in the third quarter of this year.
IBM Nears $5 Billion Deal for Software Provider
(THE WALL STREET JOURNAL)
IBM is close to a deal to acquire software company Apptio for about $5 billion in a move that would bring the technology giant greater automation capabilities.
Apptio provides tools to help companies keep track of the software and services they use and better manage costs. The business has counted financial giants Allstate and Bank of America among its clients, according to its website.
Toronto-based Rose Rocket, a maker of transportation management software, plans to expand into larger fleets of trucking companies after securing a $50.2 millon Series B round.
The latest round brings the startup’s total funding to $91.3 million.
The Advanced Digital and Professional Training (ADaPT) program is a cost-free digital and professional skills development initiative that bridges the employment gap. It equips students in their final semester and post-secondary graduates with in-demand skills for entry-level tech roles.
ADaPT supports a diverse group of talent from varied educational backgrounds, with 81% of participants identifying as belonging to at least one equity-deserving group. Backed by 70+ hours of intensive training, the program exposes participants to tech career pathways.
The ADaPT program is funded by the Government of Canada's Future Skills Centre and led by Toronto Metropolitan University's Diversity Institute in collaboration with TECHNATION Canada.
To support future talent in thriving tech careers within Canada's changing job market and become an ADaPT employer, find out more here.
Adobe’s $20bn deal to acquire Figma under threat from EU investigation (FINANCIAL TIMES)
Adobe’s $20 billion deal to acquire rival Figma is set to face a lengthy antitrust investigation in the EU, in the latest move that threatens the software giant’s attempt to consolidate the digital design market.
“Adobe is trying to buy a credible competitor,” said a person with direct knowledge of the thinking of EU regulators. “It’s bad.”
Augmenta, a startup that uses artificial intelligence to automate building design, announced a $15.57 million CAD ($11.75 million USD) seed extension round of funding on June 21.
Reddit Sales Growth Slowdown Preceded Fight Over New API Fees
Popular forum platform Reddit, facing a user uprising because of its new API policy site pricing out third party apps, was already facing another stark business reality: slowing sales growth.
Masthead Data raises $1.3 million to help data engineers monitor errors without client data (BETAKIT)
Toronto startup Masthead Data, which offers a data observability platform, has raised $1.3 million in pre-seed funding.
What makes Masthead’s data observability platform different, according to the company, is that it doesn’t require access to client data, ensuring that their information is untouched and private.
After Elon Musk recently tweeted that he would be “up for a cage fight” with Zuckerberg, the Meta CEO shot back by posting a screenshot of Musk’s tweet with the caption “send me location.” According to The Verge, Zuckerberg was not joking.
“The story speaks for itself,” said Meta spokesperson Iska Saric.
Vancouver-based startup Minutebook, which offers automation and collaboration tools for legal professionals, has raised $3.5 million in seed funding.
Minutebook said it raised this seed round using its technology, automating several processes involved. These included the compilation of subscription information into documents provided by the startup’s law firm, and automating funding from its investors’ bank accounts.
Collision has officially announced that Toronto will host its tech event in 2024.
The one-year extension of the original 2019 deal comes after BetaKit reported the future of the conference was in question due to the departure of Mayor John Tory and increased financial asks.
Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users, who chatted about shared interests and planned real-world events together.
Today, a spokesperson for the startup said an investigation by the board of directors concluded 95% of those users were “automated or from bots.”
Halifax-headquartered gaming tech firm Swarmio has filed an application for creditor protection.
Swarmio said it hopes to conduct a sale and investment solicitation process in the hopes of addressing its sizable liquidity issues, stabilizing its operations, and continuing on as a going concern.
According to NACO, despite record demand, total angel investment in Canada during 2022 fell 37 percent year-over-year to $166 million CAD. Last year, angel organizations facilitated 653 investments in 379 companies.
While deal count rose slightly in 2022 compared to 2021, NACO noted a trend towards follow-on angel investments.