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Daily Crunch: Salesforce buys Slack for $27.7B

Daily Crunch: Salesforce buys Slack for $27.7B

Salesforce announces its acquisition of Slack, Amazon brings the Mac mini to the cloud and Google Maps gets a newsfeed. This is your Daily Crunch for December 1, 2020.

The big story: Salesforce buys Slack for $27.7B

The acquisition, which was first reported last month, is now official.

“This is a match made in heaven,” said Salesforce co-founder and CEO Marc Benioff. “Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world.”

This cash-and-stock deal should make Salesforce a more serious competitor in the enterprise communication market. It also seems that Slack (which went public last year) was an obvious target for a takeover, due to an underwhelming stock price and a net loss of $147.6 million during the two quarters ending on July 31 of this year.

The tech giants

AWS brings the Mac mini to its cloud — This was just one of the announcements that Amazon Web Services made today at its re:Invent conference.

Google Maps takes on Facebook with launch of its own news feed — The feed is designed to make it easier to find the most recent news and recommendations from trusted local sources.

Facebook’s self-styled ‘oversight’ board selects first cases, most dealing with hate speech — The Facebook-funded body that the tech giant set up to distance itself from tricky content moderation decisions has announced the first set of cases it will consider.

Startups, funding and venture capital

SoftBank takes a $690M stake in cloud-based Swedish customer engagement company Sinch — Sinch provides cloud-based “omnichannel” voice, video and messaging services to help enterprises communicate with customers.

Voi, the European ‘micromobility’ rental company, raises $160M additional equity and debt funding — Voi says the new funding will be used to invest in technology development, fuel growth in current Voi markets and bring its latest e-scooter model to more cities.

Floww raises $6.7M for its data-driven marketplace matching founders with investors, based on merit — Having made more than 160 investments himself, founder Martijn De Wever says he recognized the need for a platform connecting investors and startups.

Advice and analysis from Extra Crunch

Bottom-up SaaS: A framework for mapping pricing to customer value — For the first time, individual employees are influencing the tooling decisions of their companies.

Who’s building the grocery store of the future? — Startups offering cashierless checkout, software analytics and robotics will clean up on aisle five.

(Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

China’s Chang’e-5 lunar lander successfully lands on the moon — China’s Chang’e-5 mission will be the third ever to bring back soil or rock samples from the moon.

US shopping app downloads on Black Friday reached a record 2.8M installs — Many U.S. consumers spent this year’s Black Friday sales event shopping from home on mobile devices.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

Lightspeed acquires restaurant software company Upserve for $430M

Lightspeed acquires restaurant software company Upserve for $430M

Lightspeed POS just announced the acquisition of Upserve, expanding Lightspeed’s presence in the restaurant industry.

The company already offers cloud-based point-of-sale software for restaurants and other businesses. It went public in Canada last year before recently debuting on the New York Stock Exchange and acquiring another point-of-sale company, ShopKeep, for $440 million.

The Upserve acquisition is similarly sized — Lightspeed will pay $123 million in cash, along with stock that will bring the total deal size to around $430 million.

Upserve was founded back in 2009 as Swipely, one of several startups encouraging users to share their purchase information with friends. It shifted its offerings to business tools around payments, marketing and loyalty, eventually rebranding as Upserve as it became increasingly focused on the restaurant market. It also raised funding from Vista Equity Partners.

According to the announcement, Upserve brought in $40 million in revenue during the 12-month period ending on September 30. The deal is also supposed to grow Lightspeed’s footprint by 7,000 locations.

“Combining forces with Upserve is a strategic next-step in Lightspeed’s vision of providing the most advanced commerce platform to high-performing businesses around the world,” said Lightspeed founder and CEO Dax Dasilva in a statement. “We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry.”

The announcement also claims that the combination of Lightspeed and Upserve’s teams and technologies will “enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic.”