S|W: The SaaS Weekly – No one Musk should have all that power

Elon Musk
Plus: Federal #Budget2022 surprisingly heavy on innovation policy.

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!


MyComply closes $5.6 million CAD to sell construction tech platform to US companies (BETAKIT)

After experiencing difficulty selling its construction tech solution to Canadian companies, the Saskatoon and Brooklyn-based startup turned south of the border. In an interview with BetaKit, MyComply co-founder and CEO Mark Wolff said the firm is taking “the path of least resistance” by targeting large markets in the US.


Here’s how much power Elon Musk actually has at Twitter now — and what he might do with it (CNBC)

Elon Musk and Twitter have always been a volatile combination. That’s especially unlikely to change now, with Musk buying a 9.2% stake in the social media company and landing a seat on Twitter’s board of directors. He’s also risking a new fight with the SEC on share purchase disclosures.


In effort to cut costs, CSE-listed Legible lays off over a third of its employees (BETAKIT)

Citing plans to streamline its operations and reduce the company’s annual burn rate by nearly $2 million, Legible has laid off 23 members of its 60-person staff, effective April 4. Legible becomes second publicly-traded Canadian tech firm to announce significant layoffs in the past week.


POWERED BY SAGE INTACCT:

Do you want to grow and scale your business faster, but lack the best practices and tools? 🤔

Take part in this quick Sage Intacct x BetaKit survey to share your thoughts and learn insights from your peers on financial reporting. 💰📈

The survey only takes 3 minutes to complete and closes on May 15th. Check out the survey and stay tuned for a report and future content based on the results.

Click here to complete the survey!


Brookfield to buy automotive software maker CDK Global for $6.41 bln (REUTERS)

Brookfield Business Partners (BBU.N) is buying CDK Global Inc (CDK.O) for $6.41 billion in cash, taking private the last major publicly traded provider of software to auto dealers and manufacturers.


Federal #Budget2022 surprisingly heavy on innovation policy (BETAKIT)

Much desired commitments to innovation clusters, intellectual property (IP), and more have been made. Rather than large cash commitments, many of the promises are program or policy-driven.


Dailyhunt and Josh apps parent firm raises $805 million at $5 billion valuation (TECHCRUNCH)

The startup, which has built one of the largest adtech businesses in the country and is also driving commerce through its apps, is valued at nearly $5 billion in the new round, up from about $3 billion just eight months ago, its co-founders told TechCrunch in an interview.


Fill out the Sage Intacct x BetaKit Survey for SaaS startups (BETAKIT)

BetaKit has teamed up with Sage Intacct to conduct a brief survey to find out what pain points SaaS startups are running into on a day-to-day basis. Understanding the time it takes to complete financial reporting is critical on the journey to scale and secure their next round of funding. The survey takes less than 3 minutes to complete.


SoftBank-Backed Startup Remote Nears $3 Billion Value in Funding (BNN BLOOMBERG)

Remote Technology Inc., a startup which makes it easier for businesses to hire international employees, said it raised $300 million at valuation of almost $3 billion.


New report shares stories of the biases women entrepreneurs face raising capital (BETAKIT)

That women technology entrepreneurs must travel longer routes from startup to scale-up is a fact that resonates with Sampler founder and CEO Marie Chevrier Schwartz.


Cybersecurity funding remains high even as venture cools off (CRUNCHBASE)

Venture dollars invested into cyber startups hit almost $6 billion in the first quarter, according to Crunchbase data. That marks a nearly 50 percent increase from the first quarter of last year—and would put it on pace to break the all-time high for one year set last year with more than $20 billion poured into the space.


Rumble, the Right’s go-to video site, has much bigger ambitions (NEW YORK TIMES)

The company, supported by Donald Trump, Peter Thiel and other prominent conservatives, wants to help build a “new internet” independent from Silicon Valley’s titans.


ApplyBoard makes first acquisition, grabbing Panda Portal to train recruiters (BETAKIT)

ApplyBoard closed the deal earlier this month and has rebranded Panda Portal to TrainHub. With the purchase, the international student recruitment startup is expanding its capability to train educators and recruiters that will in turn attract more students to schools. The financial terms of the deal were not disclosed.


With new funding, Athennian hopes to follow in Clio’s unicorn footsteps (BETAKIT)

The company says it has doubled its revenue over the last year, with a 500 percent increase in annual recurring revenue over the past two. This growth has been fueled by the trifecta of digital transformation in the legal sector due to COVID-19; increasing corporate transparency regulation; and a shift from legacy players like Dye & Durham.


Two key tech execs quit Truth Social after troubled app launch (REUTERS)

The two Southern tech entrepreneurs had the two qualities that Donald Trump’s Truth Social startup needed: tech-industry expertise and a politically conservative worldview aligned with the former president, a rare combination in the liberal-leaning industry centered in San Francisco.


Following 2021 losses, Thinkific to lay off 100 employees (BETAKIT)

Vancouver-based Thinkific Labs has announced plans to lay off 100 employees—one-fifth of the company’s workforce. In an interview with BetaKit, Thinkific co-founder and CEO Greg Smith said the layoffs came as an effort to reduce the company’s cost structure amid what has become a difficult and unpredictable capital-raising environment.


Subscribe to S|W: The SaaS Weekly Newsletter

* indicates required




Avatar

Cameron Chaddad

Cameron is a fourth-year journalism student at Carleton University, with a minor in business. Originally from Ottawa, ON, his family roots are both Italian and Lebanese.

0 replies on “S|W: The SaaS Weekly – No one Musk should have all that power”