CEO resignation at Five9 πŸ‘¨β€πŸ’Ό

And also: Zoho CEO warns about market slowdown πŸ“‰, Third Quarter VC funding Highlights πŸ’°, Microsoft Cloud Partner Program 🀝

This is the Cloudly Update. Helping you stay above the Clouds.

Today we bring you:

  • CEO at Five9 resign

  • Zoho CEO warns about SaaS slowdown

  • Q3 VC fundings highlights

  • The new Microsoft Cloud Partner Program

CEO resigns at Five9 (2 minute read)

Five9 CEO Rowan Trollope resigns, and Mike Burkland is appointed to the position effective November 28, 2022. Mike, who led the company through its IPO in 2014, has worked as CEO for nearly ten years and scaled Five9 into one of the fastest-growing public companies in the CCaaS space. Five9’s share price plunged more than 20% on the news.

Read more here.

Zoho CEO warns about market slowdown (2 minute read)

Zoho Corporation founder and CEO Sridhar Vembu said the SaaS ecosystem should be on its toes for the next two to three years.

More

  • Return of the 2008 financial crisis of different flavor but with equal severity

  • 8-10 percent reduction in growth rate compared to last year

  • Hiring rate down to 10% from 20% to 25% per year

  • Advises growing SaaS companies to focus on survival rather than growth

  • Hints 1970 situation of stagflation

Read more at link.

Third Quarter VC funding Highlights (2 minute read)

According to PitchBook, the venture capital market continued to slow in the third quarter. These are numbers for all VC investments and not only SaaS. But it’s still essential data to consider the state of VC funding for SaaS.

  • Distressing deal activity - 4,074 deals versus 5,049. The lowest number from the fourth quarter of 2020

  • Nine-quarter low investments of $43 billion in deals, but relatively high on a historical basis

  • Generated $14 billion in exit value, the lowest since 2014

  • Adobe’s intention of Figma acquisition of $20 billion remains highlighted but not included in the figures

Many valuable insights on VC of 2022 are mentioned in the report.

Read more at link.

The new Microsoft Cloud Partner Program (MCPP) (6 minute read)

Microsoft Partner Network (MPN) is replaced by the new Microsoft Cloud Partner Program (MCPP)

Programmatic changes

  • The silver and gold badges are retired.

  • Just six "Solutions Partner" designations vs 20 in MPN.

  • Earning based on a scoring system, "partner capability score.” Points for adding new customers and certifications etc. PCS of 70 or higher is eligible.

The new program will first add life sciences, financial services, sustainability, and retail industries.

Read more at link.

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