Welcome to the last SaaS weekly roundup of this year. And going by the happenings in the space, it’s evident that 2022 will continue to be the year of SaaS. So without any further ado, here’s everything that’s worthy of your attention.
Table of Contents
News of the week
Oracle to buy medical records company Cerner in its biggest acquisition ever
Database company Oracle has made its biggest acquisition ever as it announced an all-cash deal to buy electronic medical records company, Cerner. The deal is valued at $28.3billion and is expected to close in 2022. The buyout will strengthen Oracle’s cloud offering for the health care industry.
Skillsoft strikes $525million deal to acquire ed-tech Rival Codecademy
Pandemic has certainly accelerated online learning, and that seems to have resulted in consolidations as well. Employee training software Skillsoft has acquired online computer coding class-provider Codecademy for $525million. It’s Skillsoft’s largest deal and is a mix of cash and stock.
UK software firm Sage to buy remaining stake in Brightpearl for $299million
UK-based software company Sage has acquired the remaining 83 percent stake in Brightpearl for $299million. Brightpearl provides operating systems for retailers and wholesalers, while publicly-listed Sage offers software to SMEs for managing accounts, payroll, and other processes.
SaaS majors Freshworks and Zoho end legal battle
Last year, Zoho had filed a lawsuit against Freshworks for poaching its employees, and using non-public info to nab initial funding. However, the SaaS firms have now resolved the issue and Zoho has dismissed the lawsuit. Freshworks released a statement where it determined that a former Freshworks sales employee used his spouse’s computer without her knowledge and accessed confidential information.
SaaS companies that got the funding this week
Indian fintech giant Razorpay valued at $7.5billion in $375million funding
Leading India-based payment player Razorpay has announced a $375million Series F financing. Co-led by Lone Pine Capital, Alkeon Capital, and TCV, the company is now valued at $7.5billion – more than double since its last funding in April.
Bizongo raises $110million in funding led by Tiger Global, valuation at $600million
B2B eCommerce and supply chain enablement platform Bizongo has secured a $110million Series D funding. Led by Tiger Global, the company is now valued at $600million. Bizongo also announced an IoT-powered cloud factory for made-to-order goods, giving manufacturers real-time visibility, control, and insights over their supply chain.
Hyperscience secures $100million in Growth Equity funding
Automation company Hyperscience has closed a $100million Series E round led by Global Founders Capital, Tiger, Stripes, and Bessemer. The announcement comes soon after its first acquisition (Boxplot), and the funding will be utilized for hiring and acquisitions.
Why Retool’s CEO took a ‘risky’ fundraising approach on the way to a $1.9billion valuation
Unlike most SaaS companies that chase higher valuation, Retool’s CEO David Hsu decided to raise a small sum with lower dilution. After raising $50million Series B funding last year, he has now raised $20million Series C. Despite a lower fund-raising amount, the company is now valued at $1.85billion.
Must reads
At Twitter and Salesforce, Bret Taylor steps into the limelight
Can Matt Mullenweg save the internet?
Why should SaaS businesses keep their pricing strategy iterative and flexible?
What’s next for the Microsoft Cloud
Listen to
Planning a long term exit
In this podcast, SaaStock’s Alex Theuma talks to FE International’s CEO Thomas Smale. They discuss how SaaS companies should plan the long-term exit and what metrics they should be focusing on.
The secrets to scaling Zapier to 500 employees from employees themselves with Zapier CEO Wade Foster
Zapier is unique in more ways than one. Not only it has bootstrapped itself to becoming a unicorn and beyond, but it’s also not based out of Silicon Valley. In this podcast, its CEO Wade Foster talks about how the startup scaled up its hiring efforts by leveraging early employees.
Watch
TOP 3 tips on how to sell software in tech sales, SaaS sales Like a PRO
Sales is one of the most important aspects of a SaaS business. In this video, host Patrick Dang shares three tips for selling SaaS software that includes listening to customers’ problems, creating a scenario, and offering help.
