The past week was all about major publicly listed companies announcing their quarterly results. While the growth is slowing down, the buzz around SaaS continues as a ton of funding action proves. So here’s everything that’s worth your attention.
News of the week
Germany-based Software AG has announced the acquisition of StreamSets, a leading player in data integration. The deal is pegged at €524million, and will complement Software AG’s offerings. It’ll also help the company to strengthen its offerings in the cloud market.
Hyperscience, an RPA software company that raised $100million Series E in December 2021, has reportedly laid off 100 employees. The report went on to state that the startup continued its hiring spree while its software wasn’t finding its ground. Amidst the reorganization, Hyperscience’s CEO Peter Brodsky has stepped down as CEO.
The CRM pioneer Salesforce announced its fourth-quarter financial results where it highlighted that every segment of its Subscription and Support business brought more than $1billion in revenue. In total, its revenue was $7.33billion, which was 26 percent higher compared to the last year. Its revenue for fiscal 2022 was $26.49billion. In the next quarter, it’s expecting the revenue to be in the range of $7.37 and $7.38billion.
Now that the world is going back to normal, Zoom – the video conferencing software that was among the biggest darlings during the WFH boom – is showing signs of slowing down. While it announced better-than-expected revenue of $1,071.4billion, which is 21 percent more from the same period last year, it has provided a weaker Q1 2023 outlook. It expects total revenue between $1.07 and $1.075billion in the next quarter.
Identity and access management software Okta announced that its revenue for the Q4 was $383million, which witnessed an increase of 63 percent year-on-year. While it managed to beat market expectations, Okta mentioned that it’s expecting its net losses to continue as it scales up the business.
Data warehouse software Snowflake announced revenue of $383.8million, beating analysts’ expectations of $372.6million in revenue. The revenue grew by 101 percent y-o-y, and losses also reduced to $132million from $199million. The company also announced the acquisition of data startup Streamlit for $800million.
Cloud content collaboration software Box published its quarterly results as it reached $233.4million in revenue, beating analysts’ expectation of $228.6million in revenue. For the full year, its revenue was $874.3million, a jump of 13 percent from the same quarter, last year.
SaaS companies that got the funding this week
Growth management platform Insider has closed a $121million Series D round. Led by QIA, the company has become a unicorn with $1.22billion valuation. It’ll be using the money for accelerating its international expansion, and scaling its sales and marketing efforts.
We’re seeing a rise in software that helps frontline workers stay connected and get timely updates. Connecteam has received $120million in funding. Led by Stripes and Insight Partners, the Series C round values the startup at over $800million.
Europe-based spend management startup Payhawk has nabbed $100million in Series B investment. The funding catapults it to the unicorn territory and was led by Lightspeed Venture Partners. Payhawk can be considered as Europe’s Brex or Ramp.
Sales tax software Anrok has gotten $20million in funding led by Index Ventures and Sequoia. The startup helps SaaS businesses manage sales tax end-to-end, and is now valued at more than $100million.
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