S|W: The SaaS Weekly – Microsoft launches Fabric, mCloud looks to go private

asset management
Plus: Novisto closes $27-million Series B.

The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.

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Novisto closes $27-million CAD Series B to help companies improve their ESG reporting (BETAKIT)

Montréal-based Novisto, which sells environmental, social, and governance (ESG) data-management software, has closed $27 million CAD ($20 million USD) in Series B funding to scale its platform.

ESG is a framework used to measure an organization’s business practices and performance from a social and sustainability perspective.

Meta conducts yet another round of layoffs (TECHCRUNCH)

Meta is waging its latest round of layoffs on Wednesday, estimated to impact about 6,000 people. These cuts are part of the company’s so-called “Year of Efficiency,” in which Meta is being massively restructured to save money and flatten the organization structure.

In total, about 21,000 people have lost their jobs at Meta, reducing the company’s global headcount by about a quarter since November.

As Nasdaq delisting looms, asset management firm mCloud looks to go private (BETAKIT)

With tightening equity markets, low-volume trading, and other macroeconomic factors, Calgary-based cloud service provider mCloud has explored the option of going private to navigate the downturn.

Facebook Parent Meta Agrees to Sell Giphy for $53 Million on Regulator’s Order (THE WALL STREET JOURNAL)

Shutterstock on Tuesday said it agreed to buy Giphy from Facebook parent Meta Platforms for $53 million in net cash, ending a yearslong legal battle that forced the sale of the social-media animated-images company.

Meta bought the social-media animated-images company for $315 million in 2020.

Spellbook, formerly Rally, raises $10.9 million to automate legal contracts using generative AI (BETAKIT)

The Toronto legaltech startup Rally has raised $10.9 million and rebranded to Spellbook as it joins the wave of tech startups incorporating generative artificial intelligence technology into their products.

Exclusive: Francisco Partners, TPG end talks to buy New Relic (REUTERS)

Private equity firms Francisco Partners and TPG Inc have ended talks to acquire observability software company New Relic Inc. The firms reportedly failed to secure enough debt financing and could not meet the business software company's valuation expectations.

“There’s a revolution in the wings”: Why Canada’s semiconductor industry needs an overhaul (BETAKIT)

Niraj Mathur, co-founder of Blumind, discusses his experience building a deep-tech company in Canada and why he feels the semiconductor industry is due for an all-out revolution.

Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva (CNBC)

Shares of cloud data platform provider Snowflake slid more than 12% in extended trading on Wednesday after the company issued weak guidance in its earnings report and said it will acquire search startup Neeva for an undisclosed amount.

Evaluating UCP and NDP plans for tech as Alberta’s election day approaches (BETAKIT)

Advance polling for the 2023 Alberta general election has already begun. What’s on the table for the province’s tech sector?

Here's what Canadian tech can expect from the United Conservative Party and New Democratic Party leading up to and following Alberta's provincial election on May 29.

TikTok Will ‘Soon’ Grant Oracle Full Access to Code, Algorithm

TikTok will “soon” grant Oracle Corp. full access to its source code, algorithm and content-moderation material as part of efforts to alleviate national security concerns about the app.

The work is part of TikTok’s Project Texas, a plan to cordon off US users’ data and allow its technology to be reviewed by partners like Oracle to assess security risks.

Locorum raises $1.2 million to help local service businesses grow through referrals (BETAKIT)

Locorum, a marketing tech company based in London, Ont., has raised $1.2 million CAD in pre-seed funding as it looks to enter the United States market.

Locorum developed a subscription-based advertising platform that enables business owners to manage referrals online like a targeted marketing campaign.

Microsoft launches Fabric, a new end-to-end data and analytics platform (TECHCRUNCH)

Microsoft today launched Microsoft Fabric, a new end-to-end data and analytics platform (not to be confused with Azure Service Fabric).

The new platform includes everything from integration tools, a Spark-based data engineering platform, a real-time analytics platform, and an easy-to-use visualization and AI-based analytics tool.

Summer camp for Canadian tech is back:
Startupfest returns July 12-14

Startupfest has announced its Big Picture Agenda, highlighting some of the major attractions coming to the Montreal technology festival when it kicks off July 12.

Use this BetaKit-supplied 15 percent discount code for your Startupfest tickets so we can see you in Montreal!

Wingmate secures $1 million CAD to market and sell its lead-generation app (BETAKIT)

Wingmate provides frontline staff such as delivery drivers with an app that allows them to capture sales leads out in the field. When they share leads back to their corporate offices, they earn an incentive.

“We make sales and service a team sport,” CEO Matt Leuschner said.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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