If you’re hiring an onboarding specialist, there’s an even chance you will be hiring

Tom Paine

Something to pay attention to: If a company is hiring an onboarding specialist, there’s a fair chance that it might be planning to hire a few people.

One company in this situation is LearnUpon, a Dublin, Ireland-based company that has its US HQ in Philly. LearnUpon is a SaaS LMS (Learning Management System) used mostly in corporate or emerging SMB settings,. In late 2020, it raised $56 million from Boston-based Summit Partners.

Last October, LearnUpon’s CEO and co-founder Brendan Noud told TechCrunch the capital will be used in two areas:  to add more people to the startup’s engineering and product teams, and to bring on more people to help sell the product particularly in countries like the U.S., which already accounted for 70% of LearnUpon’s sales according to TechCrunch.

LearnUpon has over 200 employees overall. According to LinkedIn, it has 16 US employees all based in Philly.

October Philly Software / SaaS & Tech Enabled Services Deals

Billtrust Goes Public via SPAC

Tom Paine

Software/SaaS companies are often selling for a premium now; enterprise software is particularly in demand. Others, smaller and less established, seek stronger financial or strategic partners. Some may desire to sell by year end, based on their expectations for the election or tax situations.

October was a busy month for Philadelphia firms.

Billtrust, a Lawrenceville NJ B2B payments firm, avoided the IPO hassles by pursuing a SPAC merger, and is now trading on the Nasdaq under BTRS. . Billtrust had an initial trading value of $1.3 billion, much higher than expected when it announced it was seeking a. buyer several. months ago.

AGI (Analytical Graphics), Exton, which tracks space junk, sold to Pittsburgh-based Ansys for $700 million, an impressive <9x its $80 million annualized sales. Ansys knows what to do with that type of engineering talent and it should be a good fit for both.

Wirecard NA, the former eCount and Citi Prepaid which somehow was able to immediately declare itself a free agent when its German parent collapsed, sold for considerably less than the $400 million initially expected.

Health Advocate, the somewhat smaller version of its Plymouth Meeting neighbor Accolade, sold to the French for $690 million. Accodade, post-IPO, now trades as ACCD on the Nasdaq with a market cap of $1.9 billion..

TargetX, a Conshohocken-based CRM product for higher ed built upon Salesforce, sold to Liaison.

Anexinet and Qlik both made interesting niche acquisitions.

Somewhat in this category as an ecommerce company, Nutrisystem sold for $575 million, down from $1.3 billion less than two years ago.  Kainos Capital was the buyer, assisted by MSD Capital, Michael Dell’s private family fund.

Was it the food?.