Pendo acquires product management community Mind the Product

Software business Pendo has acquired Mind the Product, a product management community which provides content, training and conferences that serve a global audience of more than 300,000 product managers, designers and developers. 

“This is a tremendous day for our community of product managers around the world,” said James Mayes, CEO and co-founder of Mind the Product. “By joining Pendo, we can execute on today’s mission and think even bigger about how we will support, educate and train product teams in the future.”

Mind the Product began as a passion project for its founders in 2010. As technology startups emerged around London, with product managers playing a leading role in those companies, the team hosted its first meetup, dubbed ProductTank, in the back of a local pub. Word spread as technology ecosystems emerged in other cities too, and the group responded by partnering with local organizers to host ProductTanks around the globe. Now with a full-time team of nearly 20, all of whom will join Pendo, the London-based company provides a series of global conferences, custom product training and workshops, a popular blog and newsletter, and a subscription offering with more than 3,000 members. It also supports ProductTank meetups in more than 200 global cities and oversees the largest Slack community for product people. 

Pendo intends to keep the Mind the Product team in place to manage its conferences, content, events, and meetups, and to continue its vendor-neutral workshops and training. The acquisition supports Pendo’s goal to provide the most complete platform for product-led companies — Pendo’s software products paired with content, training and community enable companies to become product led. 

“Pendo has always made it part of our mission to elevate the craft of product management and to help product managers be better at what they do,” said Todd Olson, CEO and co-founder of Pendo. “We’re really excited to join forces with some of our earliest influencers, and offer substantially more education and resources to the global product management community for years to come.” 

Mind the Product is Pendo’s third international acquisition in five years. In 2017, Pendo acquired Insert, a mobile app engagement solution based in Israel, and in 2019, it acquired Receptive Software Limited, a UK-based product demand intelligence platform. Pendo has scaled its international operations to more than 160 people, adding nearly 100 employees in the United Kingdom, Israel, Japan and Australia in 2021. Those teams support more than 300 customers in EMEA regions and 60 customers across Asia. Mind the Product adds to the company’s global footprint both through headcount and reach. 

USA, Raleigh, NC and UK, London

BidEnergy acquires Optima Energy Systems

BidEnergy, an Australian company which provides Utility Bid Expense Management Solutions in Australia, the UK and the USA, has acquired energy management software business Optima Energy Systems, a Skipton, UK-based energy management software business providing: bill validation, budgets and accruals, and tenant and self-billing.

Terms of the transaction

Bid is paying £5.4 million for Optima, plus a conditional Deferred Payment as follows:

  • £3.2 million, payable in cash upfront
  • 3.384 million Bid shares are to be issued to Optima vendors at an issue price of A$1.16 per share (~A$3.9m)
  • Shares will be subject to escrow as follows
    • 25% – 9 months from completion
    • 50% – 12 months from completion
    • 25% – 15 months from completion
  • A Deferred Payment, payable in cash, subject to Optima achieving certain performance milestones regarding revenue and costs within the year following the Completion Date
  • The “Deferred Payment” has two components:
    • A £250,000 payment on achievement of certain recurring cost reductions prior to 31 March 2021; and
    • A payment based on recurring run rate revenues achieved in the Optima business in the 12 months following completion (Bid has provisioned for a payment of F750,000, but the payment could be higher or lower).
  • Steve Wright, Optima’s Managing Director will remain engaged by Optima for at least 12 months, with the potential for a consultancy arrangement thereafter.

The transaction terms value Optima at a multiple of 2.9 times FY20 revenue.

The Optima acquisition adds a further A$3.4m1 to Bid’s annualised subscription revenue, taking overall expected group earnings to A$17.9m as at Nov. 2020

Optima was established in 1998 and has 127 full time employees. In the year to 31 March 2020 Optima had unaudited revenue of £2.18 million and was EBITDA positive (figure not disclosed). The company directly manages energy data for 51 clients, who in turn are responsible for 196,400+ meters under management across the UK. Clients are multi-site MNCs, TPI/Brokers, property management agents, etc

Bid already had a long term relationship with Optima, having provided data collection services to support a limited part of their core business.

Full transaction details here

Australia, Melbourne and UK, Yorkshire

Ubisoft acquires Green Panda Games

Ubisoft logoUbisoft has acquired a 70% stake in Green Panda Games, a leading publisher of free-to-play mobile games, specialized in hyper-casual games. The terms of the transaction were not disclosed.

Founded in 2013 and based in Paris, Green Panda Games develops and publishes games in the idle genre. With a 30-person team, Green Panda Games has launched more than 55 games since its creation, downloaded by some 85 million players worldwide. Many of its games have been instant hits, such as Bee Factory, Sushi Bar and Terrarium. Green Panda Games will bring to Ubisoft a sharp editorial vision in the idle games segment, data-based iterative creative processes and expertise in both user acquisition and ad monetization strategies.

Commenting on the deal, Jean-Michel Detoc, Executive Director of Ubisoft Mobile, said, “This acquisition strengthens our position in the hyper-casual market, particularly within the idle games segment. Bringing Green Panda Games into the Group fits seamlessly with our aim of offering a diversified and high-quality line-up of mobile games to an ever-wider audience. We are very excited that this talented team is joining Ubisoft’s creative force”.

France, Montreuil & Paris

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Terrapinn acquires Accounting Business Expo and Accountech Live

TerrapinnGlobal events company Terrapinn the global events company has acquired Accounting Business Expo and Accountech Live, the two market leading exhibitions in Australia in the Accountancy and Finance Management field. The terms of the transaction were not disclosed.

Accounting Business Expo and Accountech Live were acquired from National Media, a leading Australian exhibitions organiser. Accounting Business Expo is an independent and vendor neutral showcase for tools, technologies and services for accounting professionals, while Accountech Live is a comprehensive showcase of tech innovation in cloud accounting and the rapidly growing add-on ecosystem.

Terrapinn’s CEO, Greg Hitchen, said, “Accounting Business Expo and Accountech.Live are world-class events in terms of scale and quality of content and bolster our global portfolio of accounting and finance expos. Terrapinn is already a world leader in this sector, with expos in the United States, Canada, Singapore, Hong Kong, Dubai and Johannesburg.”

UK, London & Australia, Bundall, QLD

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Comcast acquires cybersecurity developer BluVector

Comcast Corporation logoThe Comcast Corporation has acquired BluVector, a company that uses advanced artificial intelligence and machine learning to provide cybersecurity protection to companies and government agencies. The terms of the transaction were not disclosed.

With a proprietary machine-learning engine, BluVector detects, analyses, and contains a wide range of sophisticated cyber-threats including “fileless malware,” zero-day malware and ransomware. BluVector has won a wide array of cybersecurity industry awards and recognition for its innovation and unique technological approach. It is a trusted partner to both Fortune 500 companies and large government agencies working to tackle some of the nation’s most critical challenges. The two companies will work together to grow BluVector’s existing business and also collaborate on the development of new cybersecurity technologies.

Don Mathis, General Manager of Growth at Comcast, said, “BluVector is a global leader in leveraging AI and machine learning to defend against advanced cyber threats. We’re thrilled that BluVector is part of Comcast and are excited to support its continued growth, even as we explore new opportunities to leverage BluVector technology and expertise.”

Eric Malawer, a veteran leader with more than two decades of experience in data analytics, artificial intelligence, national intelligence and digital security, has been named CEO of BluVector and will lead the company as it continues to grow its business as part of Comcast. Malawer previously served as cybersecurity staff director for the House Committee on Homeland Security, and prior to his role at BluVector, he launched three AI and security companies. BluVector founding CEO Kris Lovejoy, who recently left to assume another role, will continue to serve as an advisor and consultant to BluVector and Comcast.

USA, Philadelphia, PA & Arlington, VA

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Nielsen acquires Sorensen Media

NielsenMeasurement and data analytics company Nielsen has acquired Sorenson Media, an addressable TV technology provider that will help transform TV from a one-to-many to a one-to-one medium by powering addressable ad delivery and measurement. The terms of the transaction were not disclosed.

With the deal, Nielsen announced the launch of a new technology, product and commercial initiative, Nielsen Advanced Video Advertising, that will focus on expanding and innovating addressable advertising for Smart TVs and beyond.

Over the last several years, Nielsen has made a number of strategic acquisitions that have strengthened its technology offerings and positioned it to thrive in the addressable TV future. It acquired Qterics, a Smart TV software and privacy management company. Integrated into the firmware layer of millions of Smart TVs, Gracenote’s ACR technology provides the ability for real-time, frame-level ad detection regardless of source or platform. And the most recent acquisition of Sorenson Media completes Nielsen’s go-to-market technology stack with an end-to-end ad delivery solution enabling addressable advertising for TV at scale.

David Kenny, CEO of Nielsen, said, “It’s clear that a significant portion of TV advertising will be addressable long into the future. With the continued evolution of our Total Audience measurement, underpinned by decades of trust, transparency and independence, it was evident that we needed to bring our unique set of technology assets and talent to tackle the greatest challenges the TV advertising industry is facing. And with the Sorenson Media acquisition, we can create improved value and efficiency across the entire media chain – from ad targeting and delivery to measurement and attribution – and make addressable TV more of a reality.”

UK, Oxford & USA, Salt Lake City, UT

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RTL Netherlands acquires media company BrandDeli

RTL NetherlandsRTL Netherlands is to acquire BrandDeli, the sales house for the Discovery, Fox and Viacom brand portfolio for an undisclosed amount. The acquisition is the result of RTL Netherlands, Discovery Benelux, Fox Networks Group Benelux and Viacom International Media Networks entering into a strategic sales partnership as of 1 January 2019.

RTL will be granted the right to sell advertising space for at least three years for the Discovery, Fox and Viacom brand portfolio, offering a wider range of spot time, branded partnerships and online (video and display) advertising space.

Advertisers will have access to a larger overall reach, especially in younger target groups in both daytime and prime time slots. Discovery, Fox and Viacom also keep the opportunity to sell their own airtime.

Ton Rozestraten, CCO RTL Netherlands, said, “In five years, BrandDeli has grown into a successful company that we look at with admiration. Cooperation enables us to market an even wider and more varied range of products with the beautiful brands that BrandDeli represents. It fits in with our growth strategy to strengthen our position as a local player within the globalising playing field. Like no other, we are able to reach the masses with high-quality programmes and digital propositions. By combining this strength with BrandDeli’s rich cross-media offering (apps, social media, linear TV and websites), we offer advertisers access to an even more varied and growing fan base.”

Netherlands, Hilversum & Amsterdam

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Centaur Media Plc to divest digital platform, events & financial services divisions

centaur-logoFollowing a strategic review, Centaur, the international provider of market intelligence and specialist consultancy, is accelerating the simplification of the Group’s structure to improve operational execution and to focus attention on the leading brands within its marketing division.

Centaur is looking at the potential sale of The Lawyer, which operates a digital platform to provide intelligence and analysis to the global legal market; of its events division, including the Business Travel Show, The Meetings Show, Sub Con and Employee Benefits, and of its financial services division, which includes Money Marketing, Mortgage Strategy, Platforum, Taxbriefs and Headline Money.

Andria Vidler, Centaur Chief Executive, said, “Centaur has made substantial progress this year and these appointments will help us to deliver on our strategy to create a more focused business with good opportunities to grow its revenues and margins. We will work with our advisers to explore divestment possibilities and ensure that shareholder value is maximised.”

UK, London

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THQ Nordic acquires game development studios Coffee Stain and Bugbear

THQ NordicTHQ Nordic has acquired both Coffee Stain Studios, developers of Deep Rock Galactic, A Story About My Uncle, and the Satisfactory, and Bugbear Entertainment, who created Flatout and Wreckfest. The terms of the transaction were not disclosed.

Lars Wingefors, CEO of THQ Nordic, said, “We are creating a complementary digital native pillar to THQ Nordic. Coffee Stain is a passionate and highly competent team creating and publishing great games. After some years without major releases, the pipeline of new game releases such as Satisfactory and Deep Rock Galactic look strong. I look forward to working together with Anton Westbergh and his team in the future.”

THQ Nordic now has a sizeable array of studios and IPs, with over 55 games in active development.

Austria, Vienna, Sweden, Skövde & Finland, Helsinki

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Ascential acquires Flywheel Digital for $60M

Ascential plcGlobal specialist information and events company Ascential plc is to acquire Flywheel Digital, a leading US-based provider of managed services to consumer product companies trading on Amazon, for an initial cash consideration of $60 million plus earn out payments payable over three years.

Founded in 2014, Flywheel offers customers Amazon-specific software, tools and expertise to drive sales and brand performance across Amazon platforms by directly actioning solutions for clients. Flywheel’s proprietary platforms and processes optimise brands’ online operations, including merchandising, supply logistics and media management. Flywheel primarily serves large-scale US consumer product companies, with more than 70 customers and more than 90 staff based in Baltimore and Seattle.

The initial consideration of US$60m (subject to normal working capital adjustments) is being paid out of Ascential’s existing cash reserves using capital released from the sale of the Exhibitions business. Earn out consideration is payable in cash based on the revenue of the business for the next three years to 2021 and is expected to total between approximately US$47m and US$196m. A portion of the earn out is subject to the founders remaining in employment with the company. The total potential consideration, including both initial consideration and earn out payments, is capped at US$400m in the event that extremely stretching revenue levels are reached.

In the year ended December 2017, Flywheel grew its revenue by more than 150% and delivered unaudited profit before tax of $4.8m. It had gross assets of $23.9m at December 2017. The transaction is expected to be earnings accretive in Ascential’s current financial year.

Flywheel will report to Duncan Painter, CEO of Ascential. The business will be reported as part of Ascential’s Sales segment alongside the newly integrated Edge business (comprising One Click Retail, Clavis, Planet Retail RNG and Brand View) which offers a range of insight and advisory solutions to improve performance across Amazon and other eCommerce platforms.

Duncan Painter, CEO of Ascential, commented, ‘We have a clear focus on providing information and capabilities that enable our customers to succeed in the digital economy. The acquisition of Flywheel is in line with this strategy, further strengthening our offerings in eCommerce for brands navigating the digital market places, particularly Amazon.’

UK, London & USA, Seattle, WA

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