INSUBCONTINENT EXCLUSIVE:
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
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 Launchpad Programme.Founded out of Jackson 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
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
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 existing customer base.
