Crowdcube acquires business reporting software Supdate
In what looks like an undeniably good strategic fit, U.K.-based business reporting software startup Supdate has been acquired by equity crowdfunding platform Crowdcube. Terms of the deal remain undisclosed, although I’m told it was an all-cash acquisition.
I understand that Crowdcube is essentially buying the Supdate user base and tech/IP, and that Supdate founder Duane Jackson is not joining Crowdcube but will be helping on the technical side during the handover. The idea is that Supdate will become part of part of the existing suite of “post-funding benefits” available to businesses that raise on Crowdcube, such as access to Amazon’s Launchpad Programme.
Founded out of Jackson’s own frustration as an angel investor, whereby startups he’d backed didn’t always keep him updated regularly, Supdate offers SaaS for businesses to create and share company news and metrics with shareholders. The premise was that well-designed software could help streamline and to some degree automate these updates, helping investors stay in the loop without a founder using up too much bandwidth writing reports.
Jackson — who previously founded and sold online accounting software company KashFlow — says that partnering with a crowdfunding platform was “an obvious route to market” for Supdate, which is why he approached Crowdcube. Those conversations quickly progressed to the possibility of Crowdcube acquiring Supdate. The timing was good, too, since Jackson has already begun working on a new venture in the accounting space. Here we go again, you might well say.
Adds Darren Westlake, co-founder and CEO of Crowdcube: “Crowdcube has funded over 600 companies, averaging 350 investors each and so ensuring businesses can easily connect with their shareholders to keep them updated is really valuable to our investor community. We’ve been fans of Supdate for a long time, and when we recently began talking with Duane in more detail, it quickly became obvious that Supdate would be a natural fit for Crowdcube and our growing Funded Club”.
Meanwhile, Crowdcube is giving its alumni of over 600 funded businesses access to Supdate, as well as providing ongoing access to Supdate’s existing customer base.