S|W: The SaaS Weekly – Oracle tops sales estimates as AI-frenzy spurs cloud demand

Plus: Automotive software maker LeddarTech inks SPAC deal to go public on Nasdaq.

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

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Automotive software maker LeddarTech inks SPAC deal to go public on Nasdaq (BETAKIT)

Québec City-based automotive software provider LeddarTech has reached an agreement to merge with Prospector, a publicly-traded special purpose acquisition company led by former Qualcomm executives.

This SPAC deal, which is expected to close by the fourth quarter, gives LeddarTech a $348-million USD pro-forma equity valuation.

Hello, What? Nasdaq Pays $10B For Adenza (CRUNCHBASE)

In one of the biggest acquisitions of the year so far, Nasdaq will reportedly acquire privately held software company Adenza for $10 billion in a mix of cash and shares according to a release.

Adenza develops risk-management and related regulatory software for the financial services market, and is therefore a logical fit for Nasdaq. The company will be acquired by Nasdaq from Thoma Bravo, a software investment firm.

Micharity targets US expansion for its charitable fundraising platform with $7 million Series A (BETAKIT)

Toronto-based Micharity has sold its fundraising and customer relationship management (CRM) software to 4,200 small-to-medium-sized non-profits in the health-care, education, faith, and arts and culture spaces.

After years of comfortable growth, Micharity is now armed with $7 million CAD in Series A funding and raised ambitions.

Navigating the Downturn: Learn How to Manage the Key Financial Drivers to Steer Through Economic Uncertainty with Confidence to Ensure your Company Survives

The economy will always ebb and flow, and there will always be times of relative prosperity and economic difficulty. Recession-proofing your SaaS finance tech stack before a recession hits–or worsens–is one of the best moves you can make for your company.

If you follow the 5 steps in this eBook, your business can remain calm and confident even during a recession.

Download the eBook.

Oracle tops sales estimates as AI-frenzy spurs cloud demand

Oracle Corp. reported quarterly revenue that topped estimates, signaling the software maker’s cloud business is benefiting from heightened demand for artificial intelligence workloads.

The stock boost propelled Oracle founder Larry Ellison's net worth to record highs, surpassing Bill Gates to become the world's fourth richest person at $129.8 billion.

Canadian app Apollo to shut down amid user protest against Reddit API pricing (BETAKIT)

Canadian-founded Apollo, a third-party application for browsing the discussion-forum site Reddit, is shutting down on June 30 as it gets priced out by Reddit’s changes to its application programming interface (API) policies.

Salesforce Ventures Doubles Down On AI Investments (CRUNCHBASE)

Three months after launching it, Salesforce Ventures — Salesforce’s venture arm — announced it will double the size of its Generative AI Fund to $500 million.

Following Alberta launch, insurtech QuickFacts raises $1.13 million CAD to expand across Canada (BETAKIT)

Halifax-based QuickFacts, which provides competitive intelligence for insurance brokerages, has raised $1.13 million CAD in pre-seed funding as it plans for its Canada-wide expansion.

The company claims its software can help a standard brokerage with 25 users save an average of $140,000 per year in “wasted productivity.”

Canva announces developers platform and a $50M fund for app development (VENTUREBEAT)

Canva, the visual communication platform, unveiled its Canva Developers Platform and a $50 million innovation fund at Canva Extend, its inaugural developer conference in San Francisco.

The new platform consists of a comprehensive set of APIs and development tools, empowering developers to connect with Canva’s 135 million-strong monthly active user base.

Kibbi, a job-finding app for newcomers created by a newcomer, raises $1.1 million CAD (BETAKIT)

The origin story of Kibbi begins in 2019, when Hong Phuc Nuguyen fled to Canada amid protests over China’s repression in Hong Kong.

With $30,000 CAD in savings, an idea, and a full-stack developer she knew from high school, Nuguyen founded Kibbi: the online job platform for immigrants, by an immigrant. Now, Kibbi has reached the next step by raising $1.1 million CAD.

EU suggests breaking up Google’s ad business in preliminary antitrust ruling (THE VERGE)

In a formal statement of objections, the European Commission has taken aim at Google’s core advertising business. A hearing will now follow to decide the course of action.

Startup Train returns as Startupfest 2023 announces over $300,000 in prizes (BETAKIT)

Startupfest, a celebration of startups in Montréal, has announced the return of its train service, Startup Train, as well as over $300,000 in prizes.

Taking place from July 12 to July 14, Startupfest has revealed several major attractions this year, including investment prizes for startups and an express train for attendees to get to the event from the Toronto area.

Informatica acquires Privitar, once valued at $400M, to expand its data management stack (TECHCRUNCH)

Informatica — which provides a set of tools to enterprises to analyze, manage and share data across their organizations — is acquiring Privitar, a startup out of the U.K. that focuses on building and providing data access controls.

Privitar notably had raised over $150 million in funding since first being founded back in 2014 and had a $400 million valuation in 2020.

Collision whispers, new AI officer, fundraising landscape the talk of Vancouver Startup Week 2023 (BETAKIT)

Vancouver Startup Week (VSW) finally returned to its in-person format and featured whispers of new Canadian tech events and the advent of a Chief AI officer in Vancouver.

Google sunsets Domains business and shovels it off to Squarespace (THE VERGE)

If your dot com or other domain is hosted by Google, they’re all being sold to Squarespace. That includes 10 million domains, such as those purchased while signing up for Google Workspace subscriptions.

Google’s VP and GM of merchant shopping, Matt Madrigal, says the sale is an effort to “sharpen our focus” and that the company plans on “supporting a smooth transition” for its customers being handed off to Squarespace.

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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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