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After 10 years leading Tulip, Ali Asaria steps down as CEO
(BETAKIT)
Ali Asaria, who has been at the helm of Kitchener-Waterloo-based retail startup Tulip since its founding 10 years ago, is stepping down as CEO.
Asaria will move into the role of board chair at Tulip, where he said he will work to ensure the board is aligned on vision and that the startup continues to “grow and succeed.” Asaria said he will remain “one of the largest shareholders” of Tulip.
Conduent’s Big Move: Shedding Two Businesses for $260M To Slash Debt And Refine Portfolio
(BUSINESS INSIDER)
Conduent disclosed a definitive deal to sell its Curbside Management Solutions and Public Safety Solutions businesses to Modaxo, a division of Toronto-based Constellation Software, for $260 million USD.
L-SPARK’s Patrick White on the state of SaaS
(BETAKIT)
Canadian SaaS accelerator L-SPARK released its State of SaaS report at SAAS NORTH 2023, and while it indicated a rebound in investment in the sector, L-SPARK’s managing director Patrick White believes there are still challenges facing Canada’s software startups.
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Adobe abandons $20 billion acquisition of Figma
(THE VERGE)
Following mounting pressure from regulators in the UK and EU, Adobe and Figma announced on December 18 that both companies are mutually terminating their merger agreement, which would have seen Adobe acquire the Figma product design platform for $20 billion.
Regulators cited Adobe’s near-monopoly in the design software market as they pushed back on the deal.
Federal government punts NRC IRAP’s merger into the Canada Innovation Corporation to 2026-2027
(BETAKIT)
The federal government has announced it will delay plans to fully implement the Canada Innovation Corporation (CIC) until after the next scheduled federal election.
The delay to 2026 at the earliest was revealed in a statement released by the Department of Finance, which also announced the government will begin its review of the Scientific Research and Experimental Development (SR&ED) program in January 2024, as well as plans to implement recommended improvements to the Business Development Bank of Canada (BDC) following a recent legislative review.
Design Startup InVision, Once Valued at $2B, Is Shutting Down
(THE INFORMATION)
Design startup InVision, once valued at $2 billion, is shutting down at the end of this year, according to a company blog post Thursday. The business had raised more than $350 million from investors including Goldman Sachs and Spark Capital.
Once a market leader in collaborative design software, InVision’s business spiralled after rival firm Figma’s product surged in popularity, snatching away its customers.
Assent CEO talks ESG’s growing impact on stakeholder, customer, and investor relationships
(BETAKIT)
Environmental, Social, and Governance (ESG) accounting used to be a nice to have; now, it’s become a strategic necessity.
In a recent #CIBCInnovationBanking podcast episode, Andrew Waitman, CEO of Assent, explained how startup leaders can begin to craft an ESG strategy that drives business growth.
Software firm Alteryx to be taken private in $4.4B deal
(REUTERS)
Alteryx said on December 18 that it has agreed to be acquired by private-equity firms Clearlake Capital Group and Insight Partners, in a deal valued at $4.4 billion including debt.
Its platform allows businesses to quickly analyze and crunch data. In recent years, Alteryx transitioned to a subscription-focused business model as part of a strategy to tap into growing demand for data analytics services.
How to move the “big rock” of inclusion in tech
(BETAKIT)
Canadian tech is facing a deep tech talent shortage and government leaders tend to want to fill this gap with foreign talent. But plans to draw from the international worker pool ignore the talent in our own backyard, including underrepresented communities across Canada.
Pablo Listingart, Executive Director of digital skills school ComIT, shared with BetaKit what he’s learned is necessary to continue pushing inclusion forward.
Xerox to cut 15% of its workforce
(CNBC)
Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.
The digital printing and document management company had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.
Founder resolutions: Six Canadian tech leaders share their goals for 2024
(BETAKIT)
To help you kickstart a new year with renewed enthusiasm, find out what the founders of these Canadian tech businesses, including Wealthsimple’s Michael Katchen, have to say about their New Year’s resolutions, and what they predict will be the technology winner of 2024.
Canva Nears $1 Billion Stock Sale for Employees and Investors, Part of Wave of Private Deals
(THE INFORMATION)
Design software startup Canva is nearing a deal that lets longtime employees and investors at the company sell more than $1 billion in stock to new investors less than six months after the private Australian firm arranged a similar, though smaller, transaction.
Canva won’t raise any money for itself in the deal, which values the startup at $26 billion, about the same price at which investors sold shares last year. That would make it one of the largest in a string of deals by high-profile private tech firms lately.
