This past week, there was a rash of fundraising and acquisition activity in the cloud accounting ecosystem.
Gusto raised $140 million
in a Series C that valued the payroll and HR disruptor at about $2 billion, twice its valuation from three years ago. That makes Gusto a rare “double unicorn” 🦄🦄 in the SaaS world. (A unicorn is a startup valued at $1 billion or more.) In fact, I only found 18 unicorns in the Business Software category on Fortune’s Unicorn List
Watch out, ADP and Paychex!
In acquisitions news, Xero bought Hubdoc
, a popular data capture app for small business. Xero says it plans to deeply integrate Hubdoc’s document processing technology
into the app. That could help Xero’s uphill battle against Intuit in the United States. Both Xero and Hubdoc are reassuring customers on QuickBooks that Hubdoc will remain open to users on any accounting software.
David Leary and I chat about both of these news stories and more on the latest episode of the Cloud Accounting Podcast
. Take a listen!
Also, check out this story in the Wall Street Journal about how despite the current oil boom, employment for blue-collar workers has fallen by 21% since 2014
. That’s because the industry is leveraging automation and artificial intelligence to reduce its reliance on manual labor. Sound familiar?
Finally, did you know that there’s now an accounting solution for your cryptocurrency and other digital assets? Check out this demo video of Balanc3
. The app provides a dashboard of all your holdings, automatically calculates realized and unrealized gains and losses, and allows you to code transactions for import into Quickbooks, Xero, and Sage Intaact.
For this and more of the best links I clicked on recently, keep on scrolling.