Published: 7/10/2020

Happy Friday and apologies for the slightly late newsletter today! We have a bunch of SaaS news today, with a SaaS sales tool raising some capital & an Indian SaaS company acquiring an American SaaS co.

  • https://bit.ly/3ejCW9A: Zomentum raises $4.1M from Accel and SAIF Partners
  • ➡️ SaaS company Zomentum announced that it has raised $4.1 million in a seed round of funding from Accel and SAIF Partners. The company was founded in 2018 and already has offices in SF, BLR and Raleigh, North Carolina.

    ➡️ The company provides multiple products and services for IT channel partners to grow their business. They already have customers across 4 continents (North America, Asia & Europe presumably?) has been growing 40% MoM in the first 6 months of 2020.

    ➡️ The company is backed by Accel & SAIF, with Shekhar Kirani leading the investment for Accel. Accel (along with a couple other funds) have invested in several Indian SaaS companies that now have a global presence- Shekhar himself sits on the board and lead the investments into Freshdesk, Broswerstack, and ChargBee (among others).

    ➡️ Zomentum is also probably poised to grow the same way with their core team largely based in India and with a sales org in the United States with a large % of their customers probably coming from the Western Hemisphere.

    2. https://bit.ly/3iLVR0j: BrowserStack acquires Bay Area company, Percy

    ➡️ From one Accel portfolio company to another, BrowserStack has completed a cash and stock deal to acquire Percy for an undisclosed sum. Percy is a software service that lets developers automate their visual testing.

    ➡️ Trust me, as a frontend engineer services & software that automate visual testing is very helpful and help you find smaller bugs across different browsers that you might not have come across.

    ➡️ Meanwhile BrowserStack has been around for several years and has built a suite of testing services across website & app testing, which is why Percy fits quite nicely in their portfolio.

    ➡️BrowserStack aims to be the testing infrastructure of the internet, and was bootstrapped in 2011. The company raised their Series A, seven years later raising $50M from Accel Partners. The company is looking to expand its testing suite and is “looking at more acquisitions over the next 12 to 18 months.”

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