S|W: The SaaS Weekly – What is Reddit CEO Steve Huffman doing?

A black Reddit logo
Black Reddit logo via Vecteezy.com
Plus: Constellation Software acquires Optimal Blue, Vitruvi acquired by Bow River Capital.

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!

ProShop ERP raises $32 million to help manufacturers digitize operations (BETAKIT)

Vancouver-based ProShop ERP, which provides enterprise resource planning (ERP) software for manufacturers, has received a $32-million USD investment from growth equity firm Mainsail Partners.

ProShop is meant to help manufacturers move away from paper-based workflows and into a web-based environment. It offers its ERP software to manufacturers in regulated industries such as defence, aerospace, and health care.

Constellation Software to pay US$700-million for mortgage service provider Optimal Blue (THE GLOBE AND MAIL)

Toronto-based Constellation’s Perseus operating group will pay US$700-million for Optimal Blue, which provides data services to the mortgage industry, in a deal that could pave the way for the owner of the New York Stock Exchange to become the largest mortgage services provider in the United States.

Construction software firm Vitruvi to be acquired by US-based Bow River Capital (BETAKIT)

Canadian construction-tech company Vitruvi Software, which provides geospatial information system (GIS)-based software for construction project management, has reached a deal to be acquired by Denver, Colorado-based alternative-asset manager Bow River Capital.

Need for speed.
The SaaS market is anticipated to rise quickly in the next five years. For some companies, it will be a sprint to keep up.

Get the best next generation talent to accelerate your business at the speed you need. Hiring Waterloo co-op students = investing in innovation.
Hire today.

FTC withdraws its in-house challenge to Microsoft’s Activision Blizzard deal (THE VERGE)

The Federal Trade Commission (FTC) is suspending its administrative challenge seeking to block Microsoft from buying Activision Blizzard for $68.7 billion.

Microsoft and Activision Blizzard still haven’t completed the acquisition yet, and the FTC could re-file this administrative challenge while Microsoft continues to negotiate with the UK’s CMA.

Checkfront merges with Australia’s Rezdy to scale online tourism reservations (BETAKIT)

Victoria-based Checkfront, which offers booking software for the tourism industry, is merging with Rezdy, an Australian company that operates in the same space. There are currently no plans to merge the brands as they will continue to operate independently.

Co-founded by Jason Morehouse and Grant Jurgeneit in 2008, Checkfront’s platform allows tour and activity operators to accept reservations, process payments, track customers, sign waivers and documents, as well as simplify pricing, seasonality, and inventory requirements.

Threads Is Already Losing Its Allure for Users, Adding Urgency for New Features (THE WALL STREET JOURNAL)

User engagement on Threads has continued to fall after an initial surge in sign-ups, putting pressure on parent Meta Platforms to roll out new features for its nascent microblogging app.

For a second week in a row, the number of daily active users declined on Threads, falling to 13 million, down about 70% from a July 7 peak, according to estimates from market intelligence firm Sensor Tower.

Canada’s private tech firms gather to talk AI, growth, global appeal (BETAKIT)

RBC Capital Markets hosted its fourth annual Canadian Private Technology Conference at the end of June, an exclusive gathering in Toronto of more than two dozen executives and founders from 17 tech companies across multiple disciplines and several venture capital firms.

The event culminated with a conversation with keynote guest, Apple co-founder Steve Wozniak, who shared his own entrepreneurial journey and his perspective on the tech and AI landscape today.

What is Reddit CEO Steve Huffman doing? (THE VERGE)

"One of the weirder phenomena of the low interest rate era in tech was a tendency to see companies primarily as investments. The goal was not to have a functional business, but an exit, often via IPO or acquisition. I have begun to wonder if that explains what Reddit CEO Steve Huffman has been up to lately."

Following the decision to forcefully reopen subreddits that were closed in protest of Reddit's API changes, some wonder what direction Reddit is headed.

Venture funding in Toronto, British Columbia rebounds in second quarter of 2023 (BETAKIT)

Following a sluggish start to the year, two of Canada’s largest tech ecosystems saw a resurgence in venture funding in the second quarter of 2023, according to new data from briefed.in.

Mostly thanks to a handful of very large deals, tech startups in Toronto raised a cumulative $1 billion in Q2, up 733 percent from Q1 2023 and up 71 percent year-over-year. A similar story unfolded further west. BC’s tech startups raised $639.6 million in Q2, which represents a 573 percent increase quarter-over-quarter and a 213 percent increase year-over-year.

Trump Media merger partner DWAC soars 50% after SEC fraud settlement (CNBC)

Shares of Digital World Acquisition Corp. — the shell company seeking to take former President Donald Trump’s social media platform public — soared more than 50 percent following the company’s announcement that it had settled fraud charges with the Securities and Exchange Commission for $18 million.

Active Impact, Breakthrough-backed Othersphere secures $3 million to strategically locate climate tech projects (BETAKIT)

Othersphere has closed over $3 million CAD in seed financing to develop its location optimization platform for sustainable commodities.

The Victoria, BC-based cleantech startup is building software designed to help stakeholders figure out where it makes the most sense to build new production assets for zero- and low-emission commodities such as clean hydrogen.

Netflix’s first live sporting event arrives in November, confirms CEO (TECHCRUNCH)

It appears that Netflix really does believe Formula 1 and pro golf are compatible. The streaming service confirmed yesterday that a live celebrity golf tournament is coming to Netflix in November, marking the first time the streamer explores live sports.

Metafold 3D closes $2.35 million CAD to fuel industrial adoption of 3D printing BetaKit (BETAKIT)

Metafold 3D, which wants to make it easier for manufacturers to design and 3D print complex parts, has secured $2.35 million CAD ($1.78 million USD) in seed funding.

Founded in 2020, Toronto-based Metafold sells design for additive-manufacturing software to sportswear and biopharmaceutical companies.

Subscribe to S|W: The SaaS Weekly Newsletter

* indicates required

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.

0 replies on “S|W: The SaaS Weekly – What is Reddit CEO Steve Huffman doing?”