B2B News for Wednesday, May 25, 2022: Fintech & AI Merger Trends Continue

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It’s been a slow B2B news cycle. With Canada coming out of the long weekend and most of Europe preparing for bank holidays on Thursday or Friday, releases and announcements have been slower than usual. There is still activity as companies make strategic mergers and acquisitions.

Dstny, a European business communications provider, has acquiredTactful AI. The start-up is based in both the UK and Egypt and provides a tool called the Unified Customer Experience Platform (UCX). It is described as an AI and data-centric solution that helps its business users to manage, engage, and understand the customer journey across multiple touch points. 

“With Tactful onboard, we are not only strengthening ourselves with next-generation Customer Engagement technology, we are also adding an excellent team to our group,” said Daan De Wever, CEO Dstny Group.

Press release: https://www.prnewswire.com/news-releases/european-business-communications-provider-dstny-acquires-tactful-ai-to-accelerate-its-position-in-the-customer-experience-platform-market-301552397.html

Fintech consolidation continues as so many automatic payment solutions seek strategic alliances. Paddle, a provider of payments infrastructure for SaaS companies, has acquired ProfitWell. The acquisition is a provider of subscription metrics and retention automation software. The deal is worth over $200m US in cash and equity. Paddle recently raised Series D funds that are being leveraged in the acquisition. ProfitWell will continue to operate under its existing brand as the two companies work to integrate their products. 

“Paddle and ProfitWell share a common goal: maximising our software customers’ revenue by taking care of the operational and financial obstacles that cost unnecessary time and manpower. Both companies aim to ‘do it for you’, rather than just help you solve it,” said Christian Owens, CEO and co-founder of Paddle.

Press release: https://www.prnewswire.com/news-releases/paddle-acquires-profitwell-to-automate-payments-infrastructure-for-saas-companies-301554570.html

In Montreal, AI Redefined (AIR), appointed Jordy Berson as Chief Product Officer, and Matthew E. Taylor as Research Director. The appointments are an expression of AIR’s commitment to expanding its commercial and research interests. The company creates products that support AI and human collaboration.

Taylor is the Canada CIFAR AI Chair and Fellow-in-Residence at the Alberta Machine Intelligence Institute (Amii) and Associate Professor of Computing Science at the University of Alberta. He is also Director of the Intelligent Robot Learning (IRL) Lab and a Principal Investigator at the Reinforcement Learning & Artificial Intelligence (RLAI) Lab. Berson is a former CEO, COO and head of product at BitTorrent. Prior to that, he served as product lead at Check Point Software and Zone Labs.

“Any time a startup like AIR can recruit such rock stars as Matt and Jordy, one knows that you’ve got a compelling mission,” said G. Craig Vachon, CEO of AIR. “AI Redefined’s purpose of adding contextual reasoning to address AI’s current limitations, far from being science fiction, is spot on.”

Press release: https://www.businesswire.com/news/home/20220524006128/en/AI-Redefined-Welcomes-New-Hires-Continues-Commercial-Research-Expansion

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Kate Baggott

Kate Baggott

Kate Baggott is a former Managing Editor of B2BNN. Her technology and business journalism has appeared in the Technology Review, the Globe and Mail, Canada Computes, the Vancouver Sun and the Bay Street Bull. She is the author of the short story collections Love from Planet Wine Cooler and Dry Stories. Find links to recent articles by following her on LinkedIn https://www.linkedin.com/in/kate-baggott-9a0306/