Crowdcube acquires business reporting software Supdate – TechCrunch
In what seems like an undeniably good strategic match, U.Okay.-based enterprise reporting software program startup Supdate has been acquired by fairness crowdfunding platform Crowdcube. Phrases of the deal stay undisclosed, though I’m advised it was an all-cash acquisition.
I perceive that Crowdcube is basically shopping for the Supdate person base and tech/IP, and that Supdate founder Duane Jackson will not be becoming a member of Crowdcube however shall be serving to on the technical facet in the course of the handover. The concept is that Supdate will change into a part of a part of the prevailing suite of “post-funding advantages” out there to companies that increase on Crowdcube, corresponding to entry to Amazon’s Launchpad Programme.
Based out of Jackson’s personal frustration as an angel investor, whereby startups he’d backed didn’t all the time hold him up to date often, Supdate provides SaaS for companies to create and share firm information and metrics with shareholders. The premise was that well-designed software program may assist streamline and to a point automate these updates, serving to buyers keep within the loop with no founder utilizing up an excessive amount of bandwidth writing stories.
Jackson — who beforehand based and offered on-line accounting software program firm KashFlow — says that partnering with a crowdfunding platform was “an apparent path to market” for Supdate, which is why he approached Crowdcube. These conversations shortly progressed to the potential of Crowdcube buying Supdate. The timing was good, too, since Jackson has already begun engaged on a brand new enterprise within the accounting area. Right here we go once more, you may properly say.
Provides Darren Westlake, co-founder and CEO of Crowdcube: “Crowdcube has funded over 600 corporations, averaging 350 buyers every and so guaranteeing companies can simply join with their shareholders to maintain them up to date is actually precious to our investor neighborhood. We’ve been followers of Supdate for a very long time, and after we lately started speaking with Duane in additional element, it shortly grew to become apparent that Supdate can be a pure match for Crowdcube and our rising Funded Membership”.
In the meantime, Crowdcube is giving its alumni of over 600 funded companies entry to Supdate, in addition to offering ongoing entry to Supdate’s current buyer base.
Supply hyperlink – https://techcrunch.com/2018/09/10/crowdcube-buys-supdate/