The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.
Subscribe to S|W using the form at the bottom of this page to ensure you don’t miss out on the most important SaaS news every week!
According to the federal privacy regulator, the investigation was initiated in the wake of now settled, class action lawsuits in the United States (US) and Canada, as well as media reports related to TikTok’s collection, use, and disclosure of personal information.
Tech Layoffs reach China: TikTok-owner ByteDance planning to layoff thousands in coming months (FIRSTPOST)
ByteDance, one of the biggest tech companies in China is planning to lay off at least 10,000 people this year. The company faces many challenges, like an economic slowdown, unviable projects that became too expensive etc. They even had to cancel their IPO.
Cogeco announced the deal this week, representing the latest acquisition in telecom as the industry continues to consolidate. Financial terms of the transaction were not disclosed.
POWERED BY: FIVETRANHow will you help us power the data revolution?
Fivetran, a company valued at over $5.6 billion, is the leader in the modern data movement. Our mission is to make access to data as simple and reliable as electricity.
Our Product and Engineering teams are growing and we’re hiring top tech talent to help us power the data revolution at our new R&D hub in Toronto. Help us solve exciting challenges as we move petabytes of data for 6k companies worldwide.
Come see why Deloitte Technology Fast 500™ names Fivetran one of the Fastest-Growing Companies in North America.
DOJ preps antitrust suit to block Adobe’s $20 billion Figma deal (BNN BLOOMBERG)
A case is expected to be filed as soon as next month, although the timing could slip, said one of the people, all of whom asked for anonymity to discuss the confidential probe. The deal needs approval from several antitrust authorities and the merger agreement allows for a possible extended regulatory review with an outside completion deadline of March 2024. Adobe had a meeting with the DOJ yesterday, according to another person.
Croptimistic’s soil mapping technology, named SWAT MAPS, provides farmers with high resolution soil foundation maps to enable fertilizer, seed, soil amendment, herbicide, and precision water management.
Meta could cut thousands of jobs after CEO predicted more layoffs (WASHINGTON POST)
Meta plans to push some leaders into lower-level roles without direct reports, flattening the layers of management between Meta CEO Mark Zuckerberg and the company’s interns, according to a person familiar with the matter who spoke on the condition of anonymity because they were not authorized to speak about internal matters. Other managers may end up overseeing a higher number of employees as their teams grow bigger. Some inside Meta expect employees whose jobs have been converted to eventually quit, trimming the company’s workforce by default.
Plum’s latest financing comes at a time when, despite all of the tech layoffs, many companies across a wide variety of industries and geographies are finding it particularly tough to acquire and retain the workers they need.
How Magnet Forensics catches the worst kind of criminals (THE GLOBE AND MAIL)
Started by a software-writing former cop to thwart predators, the company is now moving into the corporate realm — and teaming up with a U.S. firm to create a crime-busting powerhouse.
Speaking on the Float Retained Learnings podcast, Gupta shared more about his belief that CFOs need to learn to experiment more.
DOJ officials have been meeting with Google’s competitors and customers in recent weeks to decide who would be the best witnesses in any potential lawsuit challenging its dominant position in the market for digital maps and location information, according to three people with knowledge of the matter.
IrisCX secures $6.2 million CAD to help home product, services firms provide video-based customer support (BETAKIT)
Calgary-based customer interaction platform IrisCX has closed $6.2 million CAD in seed funding to support its product development and go-to-market efforts.
Meanwhile, Toronto-based leadership talent evaluation software startup System-3 has secured a $3.6 million seed round to mitigate hiring and promotion bias and Montréal smart licensing device company AAVAA has nabbed $2 million in pre-seed financing to advance its tech.
The filings all followthe same model, alleging the plaintiffs stayed at the company following Elon Musk’s acquisition last fall on a false promise that if they wereterminated, they would be paid prorated annual bonuses and cash inplace of stock options and health benefits. All claims seek damages of $200,000.
Federal government reveals breakdown of $700 million renewed commitment to Innovation Clusters (BETAKIT)
The Government of Canada initially promised the additional funding for the clusters last year, announcing $750 million in investments to be made over the course of six years, until 2028.
Uber is cutting some employees as part of a ‘more rigorous approach’ to performance reviews (BUSINESS INSIDER)
The move comes at a time when layoffs and job cuts at major tech companies including Microsoft, Google, and Meta have dominated headlines, with more than 108,000 employees already laid off from tech companies this year, according to the site Layoffs.fyi, which tallies and documents tech layoffs.
“My focus is shifting to longer-term strategic initiatives now,” the startup’s CEO and founder Kunal Gupta wrote in a LinkedIn post. “Founded 15 years ago, originally as Polar Mobile, Nova has been my professional identity and has shaped me.”
Subscribe to S|W: The SaaS Weekly Newsletter
The post S|W: The SaaS Weekly – TikTok under investigation in Canada for data use first appeared on BetaKit.