S|W: The SaaS Weekly – Inside this week’s massive BC tech exit

Canalyst founders James Rife and Damir Hot
Plus: Layoffs across SaaS startups pile up.

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Canalyst acquired by Chicago-based Tegus in massive BC tech exit (BETAKIT)

The deal was announced today. Multiple sources familiar with the deal that requested anonymity as they are not permitted to speak publicly about its financial terms told BetaKit that Canalyst was bought for between $400 million and $500 million CAD.


FreshBooks secures $100 million USD debt facility from BMO, J.P. Morgan (BETAKIT)

“This funding arrives at an important period of momentum for FreshBooks,” said Don Epperson, CEO of FreshBooks. “We want to seize global growth opportunities and continue scaling our operations to support more business owners than ever before.”


FTC slams Opendoor with $62M settlement over false advertising claims (TECHCRUNCH)

For years, the real estate technology company has touted itself as using its pricing technology to provide “more accurate offers and lower costs,” said the FTC. Such “iBuyers” use this method to make quick offers on homes, with enthusiastic claims that sellers would make thousands of dollars more than they would on the open market.

But according to the FTC, that wasn’t true.


Partnership with Mailchimp competitor Klaviyo marks Shopify’s second strategic investment in recent weeks (BETAKIT)

With this partnership, Klaviyo will now serve as the recommended email solution partner for Shopify Plus and receive early access to new Shopify development features.


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Sky-high IPO valuations and venture capital boom times may be over for now, but Canada’s private technology companies are creating new opportunities to innovate, share ideas and collaborate.

Read more here.


Wave of layoffs hits unicorn Talkdesk (ECO NEWS)

“The changes in the team in Portugal and other regions were carried out with the purpose of better aligning resources with the company’s priorities and the economic context, which includes reductions based on performance and contribution level,” justifies a company source, when contacted by ECO.


RenoRun lays off 12 percent of staff, pauses geographic expansion amid uncertainty surrounding consumer spending (BETAKIT)

“We want to make sure that we’re protecting the longevity of the company,” said RenoRun co-founder and CEO Eamonn O’Rourke. “So making a move like this means that we’ve got the ability to ride this out … Hopefully in the next 18 to 24 months, [it starts] to look a little bit like a normal environment again.”


SoundCloud Announces Layoffs Impacting Nearly 20% of Workforce (PITCHFORK)

“During this difficult time, we are focused on providing the support and resources to those transitioning while reinforcing our commitment to executing our mission to lead what’s next in music,” the company wrote in a statement shared with Pitchfork.


Unbounce lays off 20 percent of staff as part of “larger company restructuring” (BETAKIT)

Unbounce confirmed to BetaKit that the cuts amount to 20 percent of its workforce, which according to Unbounce’s LinkedIn page sat at 234 prior to the layoffs. However, the company did not disclose how many people from LeadsRx vs Unbounce were laid off.


Wattpad’s new leader is focused on creator value (BETAKIT)

“My goal is to be able to say that more writers earn a living writing on Wattpad than anywhere else,” CEO Jeanne Lam said. In a recent interview with BetaKit, Lam discussed how she plans to move Lau’s vision forward, and why creating value for Wattpad creators is still a key focus as a Naver company.


Uberflip CEO attributes company layoffs to “unsteady economy” (BETAKIT)

The Toronto-based startup has let go of 31 employees, approximately 17 percent of its workforce based on LinkedIn noting a headcount of 182 people.

Uberflip co-founder and CEO Yoav Schwartz cited “the current unsteady economy” as the reason for the cut, adding that the economic environment “made the short term future less predictable.”


Nubik becomes latest Canadian tech firm acquired by Deloitte (BETAKIT)

Founded in 2003, Nubik offers consulting services and implements multi-cloud Salesforce, FinancialForce, and Rootstock ERP solutions. Its core focus areas include manufacturing and distribution, high tech, professional services, and financial services. Nubik’s client base includes the likes of Accedian, Canada Tire, Boston Dynamics, and The Ottawa Hospital.


Michael Edgar

Michael Edgar

Michael is a multimedia journalist and Carleton Journalism alumni working out of Ottawa and Montreal. Follow him on twitter @mwedgar.

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