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COSS Weekly Issue #27

COSS Weekly, Issue #27: May 2nd, 2021

Here's the twenty-seventh issue of COSS Weekly, the global commercial open source (COSS) company ecosystem newsletter, brought to you every Sunday by the team at OSS Capital, creators and stewards of COSS Community and Open Core Summit.

Each week, we deliver to you the freshest 😋 weekly news in COSS: Funding, Content, Liquidity and $COSS Public Markets activity.

Last week we witnessed $215M in new funding announcements for Sysdig, Botpress & n8n... and three (!) COSS M&A outcomes: Microsoft acquiring Kinvolk, IBM acquiring Turbonomic and SmartBear acquiring Bugsnag. Additionally, SUSE revealed more details on their upcoming IPO to float on the Frankfurt Stock Exchange (DAX) at an expected enterprise valuation of more than $7 billion (last acquired for $2.5B by EQT). 📈

💰 COSS Funding: $215M 

  • Sysdig, creators of the Linux system exploration and troubleshooting tool of the same name, announced their $188M Series D led by Premji Invest & Associates and Third Point Ventures. Sysdig also disclosed their top 50 enterprise customers are paying an average annual recurring revenue (ARR) of more than $500,000. Link  
  • Botpress, creators of a popular chatbot development, announced their $15M Series A led by Decibel, a Cisco-backed venture arm. Link  
  • n8n, creators of the source available workflow automation tool / Zapier competitor, announced their $12M Series A led by FelicisLink


📚 COSS Content

  • Ross Mason, MuleSoft founder, was interviewed on the AppDirect podcast about headless applications. Link   
  • Docker decided to charge desktop users for the ability to prevent auto-upgrades, leading to a huge end-user uproar in their free tier. JJ offered some comments. Link   
  • Heikki Nousiaine, Founder/CTO of Aiven, joined The Cloudcast podcast. Link   
  • A COSS alternative to Calendly called Calendso hit the all-time-high charts for the month of April 2021 on Product Hunt. Link   
  • Spotify CPO Gustav Söderström was interviewed by Prefect founder Jeremiah Lowin on open sourcing Backstage (developer service catalog). Link   
  • David Cramer, co-founder of Sentry, offered some POV on the SmartBear<>Bugsnag outcome. Link


💸 COSS Liquidity (M&A + IPOs)

  • Audacity, the highly popular open source C/C++ audio editing software project, was acquired by Muse Group. Link 🎼  
  • Microsoft acquired Kinvolk, an early cloud-native Kubernetes consulting and support firm based in Berlin. Link  
  • IBM acquired Turbonomic for > $1.5B. While not technically a COSS company, Turbonomic shifted the business heavily to Kubernetes use cases a few years back quite heavily. Link  
  • Bugsnag (developer error monitoring and reporting tool) was acquired by SmartBear (which itself was acquired by Francisco Partners in mid 2017, making this a PE consolidation driven deal). Bugsnag previously raised $17M~ from GV, Matrix and Benchmark. Link


📊 $COSS - Public Markets:

  • SUSE announced that they will be going public on the DAX at an expected valuation of north of $7B USD! This would represent a huge home-run return for EQT who acquired SUSE for $2.5B less than 3 years ago in mid 2018. Link  
  • The total value of all nine (9) public COSS companies is now $112B.  
  • Last week, $COSS dropped by -3.4%. 😬  
  • Latest $COSS snapshot as of market close on April 30th, 2021 provided below (Koyfin-generated).

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