This week was headlined by a couple of acquisitions, while the funding news continued as usual. Of course, we also saw some significant news from the leading players in the SaaS ecosystem. All that and more in the latest SaaS weekly roundup.
Table of Contents
News of the week
Microsoft acquires video-editing software start-up ClipChamp
The Redmond giant is increasingly focusing on becoming a SaaS company. In the pursuit of the same, it has purchased ClipChamp, a video-editing software that has over 17million users. While the price of the deal isn’t known, Microsoft will be bringing ClipChamp users to Microsoft services and their subscribers.
Note-taking software Notion has acquired Indian company Automate.io. While the terms of the deal weren’t disclosed, the team at Automate.io will join Notion along with creating an engineering hub.
UiPath stock falls following earnings beat, outlook hike
It was earlier this year that Robotic Process Automation company UiPath went public. And, in its first earnings report, it managed to beat Wall Street expectations with revenue of $195.5million and ARR of $726.6million, which rose by 60 percent year-on-year. Yet, its shares dropped by 6 percent after hours.
Google debuts Meet features, including ‘Companion mode’
The search behemoth has been infusing a lot of features to its video conferencing software, Meet. Now, it has announced functionality like Meet calling and real-time translation for captions. It’s also introducing Companion mode as well as support for new hardware like Logitech Rally Bar and Rally Bar Mini.
Google also launched Workspace spaces that let users collaborate in real-time with tools like Calendar, Drive, Docs, Meet, and more.
Box shareholders re-elect company directors; Starboard fails to win any seats
After months of the fight, Starboard Value has failed to win for the control of cloud-storage firm Box. In a proxy contest, shareholders backed all three board directors, including co-founder and CEO Aaron Levie.
SaaS companies that got the funding this week
Cyber security software startup Snyk raises $300million, valued at $8.5billion
Automated testing software Snyk has been getting a lot of investor interest. It was just in March this year when it had raised $175million, and now, it has gotten $300million. Co-led by Sands Capital Ventures and Tiger Global, the startup is now valued at $8.5billion.
Database startup SingleStore raises $80million
SingleStore, a database management software, has received $80million in Series F funding. Led by Insight Partners, the startup is touching the unicorn valuation, and it’ll be using the amount for product development and building awareness.
Spain’s Factorial raises $80million on the back of strong traction for its ‘Workday for SMBs’
Barcelona-based Factorial offers a platform for SMBs to run HR functions. It has now closed an $80million funding round that values it between $500- and $550million. The Series B round was led by Tiger Global, and will allow the startup to expand to more geographies and improve its product.
Open source backend-as-a-service startup Supabase raises $30million
Popularly known as the Firebase alternative, Supabase has closed a $30million Series A round. It was just in December last year that it received seed funding, and this round was led by Coatue.
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