August SMB Software News Recap
Published in
4 min readSep 11, 2018
Each month we report on news and updates for the companies in the SurePath SMB Index — a basket of publicly traded software and technology companies that serve the SMB market.
Acquisitions and Divestitures
Constituents of the SurePath SMB Index slowed in terms of M&A activity during the month of August. Details follow:
- Deluxe Corporation’s WAUSAU Financial Systems, Inc. Acquires First Data’s Remittance Processing Business for $93M— First Data’s remittance processing business acquired by Deluxe provides a robust suite of services across payment types and expected to produce revenues of ~$29M in 2H 2018. The acquisition is expected to be slightly dilutive to Deluxe’s earnings per share for the 2018 fiscal year.
New Product Launches and Partnerships
There were several new product launches and partnerships announced by constituents of the SurePath SMB Index in August. Highlights include:
- Intuit refreshes personal finance app Mint with a new update — The most significant new feature is called “MintSights” which will act as a personal financial adviser to the user base of 10M strong, identifying and making recommendations for 10 distinct situations including creating a budget and debt consolidation, among others.
- Shutterstock integrates photo and video resources into Magic Leaps’s VR platform further enable developers to create — The partnership empowers Magic Leap developers to place images or videos in a virtual environment with specific access a dedicated video channel where they can find footage from Shutterstock.
- Zendesk launches Discord integration bringing customer support to the World’s largest online gaming community — Gamers and community moderators can now open a Zendesk support ticket directly from Discord which is used by more than 46 million gamers a month.
- HubSpot to launch solutions designed for enterprise clients and platform-wide video functionality, among other product developments — HubSpot has some major upgrades planned for its Marketing Hub Enterprise product and Service Hub Starter products with new products including a Sales Hub Enterprise product, Service Hub Enterprise and new Growth Suite software bundles.
- HubSpot is adding new free CRM tools including bots, live chat and team email with their launch of HubSpot Conversations — HubSpot Conversations is a new tool available as part of HubSpot’s free CRM and will give all businesses, big or small, the power to build better one-on-one relationships through features including a unified inbox, live chat, and chatbots for free.
Other SMB Index News
In other news:
- Intuit CEO Brad Smith to step down at the end of 2018 after 11 years at the helm— Mr.Smith will remain as the Executive Chairman of Intuit after stepping down an will be succeeded by Sasan Goodarzi, the current Executive Vice President of Intuit’s Small Business and Self-Employed Group.
- GoDaddy to raise capital through a secondary offering at $75.75 per share — The underwritten public offering is for 10,398,942 shares of GoDaddy Class A common stock at a price to the public of $75.75, priced 0.5% lower than the closing price on the day the offering was announced.
- LinkedIn Head of Product and Ex-Intuit CMO join the GoDaddy Board as independent directors — Ryan Roslansky and Caroline Donahue have been appointed to the GoDaddy Board, bringing an impressive track record of SMB focused leadership experience and success to the world’s largest SMB cloud platform.
Other SMB Activity
Activity in the SMB space outside of our SMB Index:
- Eventbrite files for $200M IPO
- U.S. Small-Business optimism climbs to second highest level on record
- SurveyMonkey officially files for IPO with the U.S. SEC
- Business travel SaaS startup Travelstop raises a $1.2M Seed round
- SaaS social media management solution SOCi closes an internal $8.5M Series A round
- Event crowdfunding platform Picatic acquired by Eventbrite
- Professional services platform InTapp acquires DealCloud
- Home services giant Dwyer Group acquires Mosquito Joe
- Accel-KKR acquires SugarCRM
- Prepared food-delivery startup DoorDash valued at $4B after raising a $250M Series E round
- Slack valued at over $7B after raising $427M of Series H funding
- Porch acquires home services platform Serviz
- PE-backed marketing platform Cheetah Digital acquires Stellar Loyalty
- Online booking platform Shedul raises $5M of Early Stage funding
- Integrated project management solution Teamleader closes a $22M Series C round
- Patreon acquires web-creator membership software Memberful
- Sales email SaaS provider Yesware raises $15M in Series C round and promotes COO to CEO
- Home-school startup Wonderschool raises a $22M Series A round
- Customer content platform Yotpo acquires Swell Rewards
- Digital location marketing platform Uberall partners with TripAdvisor
- Uber freight expands to serve SMBs
- Mail digitizing service Earth Class Mail acquires receipt digitizing service Shoeboxed
- Weebly update brings more e-commerce features to mobile
- Move Inc., a News Corp company, acquires Texas-based startup Opcity for $210M
- Namely, an HR platform for SMBs, closes $60M Series E round and names new CEO
- Product adoption software Appcues raises $10M Series A
- Talent management software platform ClearCompany raises $60M Growth round
- Veterinary management software Babelbark raises 4.5M Series A
- Restaurant management software Eyenalyze acquired by Rising Sun Ventures
- Payment processor Pineapple Payments acquires Transax