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Descartes acquires US-based GroundCloud for $138 million USD (BETAKIT)
GroundCloud represents the latest addition to Descartes’ portfolio as the latter continues its active acquisition strategy.
KKR-Backed BMC plans IPO valuing it at up to $15 billion (BNN BLOOMBERG)
The company, which could be valued at $14 billion to $15 billion, has tapped Goldman Sachs Group Inc. as lead underwriter, said the people, who asked not to be identified because the information is private.
BBTV secures $21.6 million CAD loan to pay off overdraft facility (BETAKIT)
BBTV closed this financing to “support its path to profitability,” with the intention of using this recent loan to pay off its overdraft facility with a Canadian chartered bank. BBTV did not disclose the exact amount of its overdraft balance, or the lender of the facility.
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YouTube CEO Susan Wojcicki is stepping down (VOX)
In a letter sent to YouTube’s employees, Wojcicki said she was leaving in order to “start a new chapter focused on my family, health and personal projects I’m passionate about.”
Newly-named Canada Innovation Corporation will see budget double to absorb IRAP (BETAKIT)
The newly-dubbed Canada Innovation Corporation (CIC) will be a Crown corporation led by the private sector. While the CIC will operate independently from the government it will report to the minister of innovation, science, and industry.
Adobe’s $20 billion Figma deal faces EU antitrust probe (BNN BLOOMBERG)
The European Commission said it had received requests from a number of national regulators to look into the deal, even though it falls below the normal revenue thresholds to warrant an EU-level review, according to a statement Wednesday.
Canadian tech can find opportunities during leaner times (BETAKIT)
RBC Capital Markets managing director Aly Gillani says M&A will be a big theme in the back-end of 2023.
DocuSign to lay off 10% of its workforce, or about 700 employees (CNBC)
DocuSign had 7,461 employees in January 2022 before it announced an earlier round of layoffs last September that impacted 9% of its workforce. The company said the latest cuts will impact about 700 employees.
GreenSky expands team, secures $17 million first close of Fund V as firm sees opportunity amid the downturn (BETAKIT)
The Toronto-based VC firm, which plans to continue fundraising until the end of March, is targeting a total size between $20 million and $25 million for Fund V.
Musk aiming to find successor as Twitter CEO toward end-2023 (BNN BLOOMBERG)
“I need to stabilize the organization and just make sure it’s in a financially healthy place and the product road map is clearly laid out,” Elon Musk said via a remote video link to the World Government Summit in Dubai on Wednesday.
Prevu3D raises $13.3 million CAD to help enterprises take “first steps” into industrial metaverse (BETAKIT)
The funding was led by Cycle Capital, which invests in companies that develop climate tech solutions. It also saw the participation of previous Prevu3D investors Brightspark Ventures and Desjardins Capital.
Wix cuts another 370 jobs in second round of layoffs in six months (CTECH)
The website building company will part with over 6% of its workforce, with most of the layoffs being made in the customer care department.
Federal government reveals breakdown of $700 million renewed commitment to Innovation Clusters (BETAKIT)
The Government of Canada initially promised the additional funding for the clusters last year, announcing $750 million in investments to be made over the course of six years, until 2028.
ServiceTitan Burned $170 Million in Cash in 2022 (THE INFORMATION)
The red ink amounted to more than a third of ServiceTitan’s $460 million in revenue for the 12 months ending in January, the email revealed. The previously unreported financial details demonstrate the challenges facing ServiceTitan, which raised money in mid-2021 from investors including Tiger Global Management at a valuation of $9.5 billion but whose valuation has fallen sharply since then.
