S|W: The SaaS Weekly – With more layoffs coming, Meta is facing a morale crisis

Plus: AutoLeap gears up for growth with $40 million CAD Series B.

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!

Magnet Forensics to delist from TSX as $1.8 billion merger deal closes (BETAKIT)

Following the April 6 closing of Thoma Bravo’s purchase of Magnet Forensics, the latter is set to delist from the Toronto Stock Exchange.

Thoma Bravo struck a deal in January to buy Kitchener-Waterloo-based Magnet for $1.8 billion CAD, take the publicly-traded company private, and combine it with digital forensics firm Grayshift.

Mass layoffs and absentee bosses create a morale crisis at Meta

“Raise your hand if you know who is getting fired?” a Meta employee wrote in an online chat group for the company’s engineers this month. “Fire emoji if you think it’s a dumpster fire.” In response, his colleagues posted dozens of tiny flame emojis.

Between management's absence and "cutthroat" employees trying to avoid layoffs, The New York Times reports on the lack of confidence within Meta headquarters.

Online vehicle retailer E Inc. to delist from TSX citing limited trading volumes (BETAKIT)

According to E Inc., it decided to delist from the TSX because maintaining the listing doesn’t offer “substantial benefits” to the company and its shareholders. E Inc. said it expects to delist its shares from the TSX on or about May 24, at which point there will be no public market to trade the company’s shares.

Osler releases multi-year study of 350+ Canadian VC and growth equity financings
Osler’s market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than US$6 billion.

This comprehensive report is a must read for founders, entrepreneurs, investors and advisors who are contemplating transactions in 2023 and beyond.

Read the Deal Points Report now.

Twitter becomes X Corp as Musk advances ‘everything app’ hopes (BNN BLOOMBERG)

Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.

The world’s second-richest man has professed his desire to make X similar to China’s WeChat, a super-app owned by Tencent Holdings Ltd. used for everything from payments and booking event tickets to messaging.

#CDNtech sector struggles continue as government innovation promises continue to lag (BETAKIT)

With spring officially here, BetaKit’s most-read stories for the month of March highlight a season of transition for Canadian tech, with ongoing frustrations and challenges met by long-term optimism and an immediate need to reconcile with AI disruption.

Dive into this recap of Betakit's coverage through the turbulent month of March.

Thoma Bravo lost out in race for coveted tech group amid antitrust fears (FINANCIAL TIMES)

Thoma Bravo had hoped to buy Qualtrics, a software group focused on customer service, and merge it with Medallia, a rival company that it already owns, according to three people briefed on the matter.

Qualtrics was sold for $12.5B to Silver Lake and CPP Investments last month, with Bravo's non-starter underscoring the fear surrounding the FTC's more aggressive stance on buyouts under the Biden administration.

Kepler Communications raises $122.7 million CAD to launch more high-speed satellites (BETAKIT)

Kepler Communications has raised $122.7 million CAD ($92 million USD) in Series C funding. The spacetech startup has raised more than $200 million in equity overall, as it hopes to become one of Canada’s largest satellite firms.

Incorporated in 2015, Kepler provides real-time, continuous connectivity for space communications.

Round13 nabs $200 million first close for third fund as co-founders Bruce Croxon, John Eckert step back (BETAKIT)

Round13 Capital has raised $200 million CAD in the first close of its latest fund, as its co-founders Bruce Croxon and John Eckert hand over the leadership reins to Round13 general partners Brahm Klar and Wilson Lee.

The decline of BeReal, an app meant to authentically capture everyday life (THE NEW YORK TIMES)

Each day last summer, a black-and-white notification appeared simultaneously on millions of phone screens. As if in a trance, many people paused their conversations or lowered their video game controllers. It was time to BeReal.

The spell seems to have broken. Some users have discovered that seeing the monotony of their own lives reflected back at them is compelling for only so long.

AutoLeap gears up for growth with $40 million CAD Series B (BETAKIT)

Toronto-based AutoLeap is ready to put the pedal to the metal after closing $40.4 million CAD ($30 million USD) in Series B financing from San Francisco Bay Area investors.

AutoLeap, which sells software that helps automotive repair shops manage their operations, has tripled the size of its team and grown its customer base by 10x since its Series A round in 2021.

Montana close to becoming 1st state to completely ban TikTok

Montana lawmakers moved one step closer Thursday to passing a bill to ban TikTok from operating in the state, a move that’s bound to face legal challenges but also serve as a testing ground for the TikTok-free America that many national lawmakers have envisioned.

ChargeLab secures $15 million, commercial partnerships with electric vehicle companies to expand US presence (BETAKIT)

ChargeLab has secured strategic partnerships with a couple of players in the electric vehicle space to expand its market reach south of the border. The commercial partnerships come with $15 million USD in Series A extension financing.

Parler shuts down temporarily, finds buyer months after Kanye West deal faltered (THE WALL STREET JOURNAL)

Parent company Parlement Technologies Inc. said it has sold Parler, the social media platform popularized by supporters of former President Donald Trump, to digital-media company Starboard. The financial terms were not disclosed.

The platform went offline Friday while Starboard, which recently changed its name from Olympic Media, develops a plan to launch a revamped version of the site.

Regina-based parking validation app Offstreet closes $1.2 million seed round (BETAKIT)

Regina-based Offstreet has closed a seed funding round worth $1.2 million CAD from an undisclosed group of investors.

Offstreet has created licence plate-based parking validation software that allows parking managers to digitize and manage paid parking exemptions at ungated lots and garages.

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 – With more layoffs coming, Meta is facing a morale crisis”