Stick with me here. Long story short, this is a good Portland story. So there’s that. But it may get a little twisty and turny. Let’s see… where shall we begin…?
Portland startup Streem, itself the second chapter for a founder who went through an acquisition with his company ONtheGO Platforms, today announced that they are acquiring Selerio, a London startup focused on the AR space.
There are any number of amazing Portland startups. (Clearly. That’s why I’ve been writing about them on this blog for nearly a dozen years.) But every once in a while, a startup comes along that becomes the center of gravity — the proverbial Cinderella story — for a generation of startups around here. Cloudability was very much one of those startups. And today, the denouement of that startup story begins, in the best of ways, with an exit. Cloudability has announced an agreement to be acquired by Apptio.
Another day, another acquisition with potential Portland impact. Scroll, the “invite only and I don’t have an invite but appears to be working to make online content both profitable and ad free” startup that has its CTO and an office in Portland, is acquiring the news aggregation service Nuzzel.
InDinero, a Y Combinator and 500 Startups alum that relocated its headquarters to Portland, has snapped up outsourced accounting service mAccounting, according to Malia Spencer over at the Portland Business Journal.
Remember how I said that one of the issues with creating a self-sustaining ecosystem in Portland was the irregularity of liquidity events? Well, I don’t want to get my hopes up, but… we just started the third month in a row with a liquidity event. This time, it’s Janrain getting acquired by Akamai.
Startup exits—or “liquidity events” as they call them in the biz—are great. And when the exits are multiples of the amount of capital a company has raised, they’re great for both the founders and the investment community. But sometimes the impact of those exits and their impact on the Portland startup community can be a little more nuanced. So I thought I’d share some thoughts on why the recent Cozy and Radar exits are important to our community.
One of my concerns about the Portland startup community is that it often takes a significant amount of time for companies to find their way to an exit. And for venture funded companies, it’s all about the exit. So it was a pleasant surprise to see two Portland companies involved in an acquisition—especially when one of those companies was still on the earlier stages of growth. Puppet has acquired Reflect.
Looks like we have another acquisition to talk about today. Portland startup Provata Health has been acquired by StayWell, a division of healthcare giant Merck.