Canada’s Startup News of the Week (1/22/23)

Also: Vidyard has $1 billion in revenue.

Welcome to BetaKit Startup Stories of the Week! Here, you’ll find the week’s most important news, features and editorials published on Beta Kit.

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The main news of the week

TSX-listed Magnet Forensics is to be acquired by Thomas Bravo in a $1.8 billion CAD deal.

Thomas Bravo has entered into a $1.8 billion deal to buy publicly traded Canadian cybersecurity company and take it private.

The CEO of Hootsuite, Tom Kaiser, was replaced in the middle of the third round of layoffs

In the year Tom Kaiser, who took over as CEO from founder Ryan Holmes in 2020, will be replaced by Irina Novoselsky, who most recently served as CEO of CareerBuilder.

Clearco CEO Michelle Romano resigns as company cuts 30 percent of workforce

Succeeding Romano as CEO is Andrew Curtis, a New York-based investment banker with 20 years of experience in investment management and financial services.

Vidyard has set sights on $1 billion in revenue as it ramps up its go-to-market efforts

Videoyard founder and CEO Michael Litt said the company has seen demand for its video offerings increase as sales and marketing professionals are forced to conduct business remotely.

Alberta Innovation’ Brian Helfenbaum on the future of energy in Canada

“The fundamental challenge is how do we maintain the prosperity we’ve enjoyed while simultaneously moving to a zero-zero world and not just surviving, but thriving,” said Brian Helfenbaum, executive director of Alberta Innovates.

After 15 years of building software for SMBs, he learned zero.

Speaking to BetaKit, Xero Chief Product Officer Anna Curzon explained the challenges of building what she calls a “purposeful platform” for small businesses.

Recent funding, acquisitions and layoffs

  • Van – Canadian drivers lay off workers (read more)

  • Van-Clue acquires DoubleCheck Research (read more)

  • Van – switchboard found in Earnscliffe (read more)

  • CAL – Summit Nanotech – $50M (read more)

  • CAL – Harvest Builders, Other – $25.5M in PrairiesCan (read more)

  • CAL – Benefit cuts 14 percent of workers (read more)

  • TOR – Clutch cuts 65 percent of workers (read more)

  • TOR – Wabi confirms strategic investment from Volvo (read more)

  • TOR – Note closes $13.7M, cuts 13% of workforce (read more)

  • TOR – NowVertical Acquires $7M Acrotrend, Smartlytics (Read More)

  • MTL – Solum Technologies – $30 million (read more)

  • MTL – Lightspeed cuts 10 percent of staff (read more)

  • OXF – Oxbotica Canadian Expansion After $140M (Read More)

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    Stephen March How Generative AI Will Change Academia (and Everything)

    “We are dealing with something very deep, so the change it brings is not the kind that the government can change.”

    Generative AI can be a wonderful tool. What will be lost in his wake? Join Canadian author, essayist and cultural commentator Stephen Marche.

    Site 3 visual inspection with ROUND13’S STRAJ BAMBRA

    “When you have a bath like we have, it leaves you with a really basic value, and that’s what people are building right now.”

    Satraj Bambra, partner at Round13’s Digital Asset Fund, joins us for a wide-ranging discussion on the state of Web3, NFTs, crypto, the blockchain and…Roblox.

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