May 2019 SMB Software News Recap

SMB Index

JUN 11, 2019 - Sara Defina

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

May was a busy month for deal making among constituents of the SurePath SMB Index. The following players made headlines:

Shopify acquires Handshake, an e-commerce platform for B2B wholesale purchasing. Handshake helps small and midsized manufacturers and distributers across a variety of verticals thrive through an all-in one B2B platform. The acquisition brings significant product capability and domain expertise to Shopify helping them meet the needs of larger merchants. SurePath Capital Partners served as the exclusive strategic and financial advisor to Handshake.

Payment giant Square acquires San Francisco-based conversational AI startup, Eloquent Labs. Eloquent Labs offers small businesses a conversational assistant named Elle, which assists merchants with common customer service-related issues. The acquisition is expected to improve its merchants customer service. The financial terms of the deal were undisclosed. 

Zendesk acquires Montreal-based business-to-customer messaging platform Smooch Technologies Holdings ULC. Smooch’s technology will allow Zendesk’s core IT service management and CRM platforms to connect more easily with customers across various channels including WhatsApp, WeChat, Facebook Messenger etc. The financial terms of the deal were undisclosed. 

Intuit announces the acquisition of San Francisco-based Origami Logic, the creators of a leading marketing analytics platform. The acquisition is expected to accelerate Intuit’s ability to organize, interpret and use data to deliver personalized insights to customers more quickly. The financial terms of the deal were undisclosed. 

New Product Launches & Partnerships

There were several new product launches announced by constituents of the SurePath SMB Index in May:

Shuttershock announces the launch of its new self-serve API subscription plans. This product will allow users to seamlessly integrate Shuttershock’s content and tools into their products and applications. Features include, the ability to preview, license and resell images, providing a new revenue stream to developers and SMBs, one million royalty-free images, advanced search capabilities and more.

GoDaddy announces a Yelp integration with its website builder and marketing platform. The integration will allow small business owners to maintain a strong online presence by easily creating and claiming a Yelp business listing and accessing reviews from one platform. 

Zendesk announces expansion to Zendesk Sunshine including new partnerships and integrations. Zendesk Sunshine is expected to make it easier to connect inaccurate/incomplete data and deliver deep customer insight, advancing customer experiences.

SurveyMonkey, announces the launch of a European data center that will be available to new enterprise customers. This public cloud infrastructure will enable SurveyMonkey to host data locally for customers located or doing business in the region and is in line with SurveyMonkey’s growth strategy to increase the company’s international footprint.

Activity in the SMB space outside of our SMB Index 

In other news:

Mindbody acquires Bowtie.ai, an automated AI-driven virtual receptionist solution for appointment-based businesses.

California-based ChowNow raises $21 million in a series C fundraising round from 3L Capital and Catalyst Investors.

Mailchimp introductions a CRM platform to help SMBs act like enterprise businesses.

American Express acquires reservation platform, Resy, to help restaurants better power and operate their business.

Glofox, a Dublin-based start-up that provides business management software to fitness studios and gyms raises $10 million to expand into the US.

Vancouver-based document processing technology company, PDFTron Systems raises $71 million from Silversmith Capital Partners.

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