June 2019 SMB Software News Recap
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
June was a quiet month for deal making among constituents of the SurePath SMB Index. However, one player made major headlines:
H&R Block announced that they have entered into a definitive agreement to acquire Toronto-based accounting and invoicing software firm Wave Financial Inc. for $405M in cash. The acquisition is expected to accelerate H&R Block’s SMB strategy and expand its product offering for its SMB users. Upon completion of the acquisition, Wave Financial will maintain its leadership team and will operate independently within H&R Black from its headquarters in Toronto. Our SurePath Capital team has put together some insights on the deal here.
New Product Launches and Partnerships
There were several new product launches announced by constituents of the SurePath SMB Index in June:
Square for Restaurants announces a host of new third-part integrations to help centralize their ordering, delivery and payment processing. Integrations include Postmates, DoorDash, Chowly and other food delivery services, allowing sellers to have direct access to a robust suite of delivery integration partners.
Zendesk Inc. introduces Zendesk Duet, combining Zendesk Sell and Support in one offering. Duet is expected to help businesses operate their sales and support teams more freely without constraints.
Shopify announces various platform enhancements at its annual Shopify Unite conference with a focus on giving direct-to-consumer brands everything they need to build and manage a business. Key innovations include: an expansion of its fulfillment network allowing merchants of all sizes to deliver their products fast at a low cost, and a newly updated Shopify Plus platform that will provide enterprise brands more tools and capabilities.
AppFolio launches two new value services for large portfolio property managers and owners: AI Leading Assistant and Utility Management. The new offerings will provide a complete solution for utility invoice processing and analytics and will strengthen the capabilities of APM and APM Plus system of intelligence.
There were a few leadership changes by constituents of the SurePath SMB Index in June:
SurveyMonkey hires Autodesk Executive, Debbie Clifford, as its new Chief Financial Officer. Debbie Clifford will join the leadership team on July 8th and will oversee all aspects of finance. After the addition of Clifford, SurveyMonkey’s executive team will be majority women. Debbie Clifford spent the past 13 years in various finance positions at Autodesk, with her most recent role as VP of financial planning and analysis.
Eventbrite, announces the appointment of Casey Winters as its new Chief Product Officer. In this role, Winters will lead product management, design and research teams to drive innovation for event creators globally. Casey Winters has many years of experience scaling technology businesses as a skilled growth and product leader, and most recently served as a strategic advisor to Eventbrite.
Activity in the SMB space outside of our SMB Index
In other news: