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Inside SaaS (Jul 2nd, 2019)

1. Fintech startup Brex, which specializes in providing business credit cards to tech firms, was recently valued at $2.6 billion. Its founders Henrique Dubugras, 23, and Pedro Franceschi, 22, now have an estimated fortune of $430 million each. There is a growing number of young fintechs in the business credit card market, but Brex has managed to step outside of the pack in terms of growth and valuation. Having launched its first product only last year, Brex has chosen to underwrite its borrowers based on current data, compared to traditional banks which normally underwrite depending on a company's credit history. -- FORBES

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2. Microsoft is leading the worldwide enterprise SaaS market with a global share of 17 percent. The lead position is attributed to Microsoft's high-growth collaboration segment, which contributed to an annual growth rate of 34 percent, according to data gathered by Synergy Research Group. Salesforce is ranked the second largest enterprise SaaS vendor, with a global market share of 12 percent. Adobe, SAP and Oracle round out the top five, with SAP experiencing the highest annual growth rate, at 39 percent. The global SaaS industry is growing almost 30 percent annually and amassed $23 billion in first-quarter revenue. -- TECH CENTRAL

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3. Subscription-based email service Superhuman has been valued at $260 million. The valuation for the San Francisco startup comes after a $33 million Series B round of funding was spearheaded by Andreessen Horowitz in May. At $30 per month, the idea of paying for an email service may not seem like a great business model at first, but Superhuman has the tech world talking, with Crunchbase CEO Jager McConnell being quoted as saying that it is the fastest email service he has ever used. Among Superhuman's upgrades to standard email include an AI-powered triage feature, undo send, social network insights and scheduled messaging. -- NEW YORK TIMES (subscription)

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4. German ERP giant SAP is looking to expand further into China through smart factories. The company's executive vice president Deepak Krishnamurthy told CNBC in an interview at the World Economic Forum in Dalian, China, that the company already has over 3,000 developers in China and an accelerated program. “There’s a huge opportunity in China. 50 percent of companies in U.S. and Europe are already looking at smart factory solutions, compared to 25 percent in China. So we think there’s an opportunity gap,” said Krishnamurthy. -- CNBC

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5. ERP giant Oracle has bought Brazilian tech firm Oxygen Systems as it plans to expand its SME reach in the country. Oxygen Systems was founded in 2017 to localize offerings within the ERP Netsuite bundle, which Oracle purchased in August 2017. The hushed deal was announced without disclosing exact terms. An Oracle statement said that it was completed to provide a more "seamless" experience for Brazilian businesses, especially SMEs, which represent 20 percent of Oracle's market in Brazil. -- ZDNET

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6. Meditation app Calm has raised a $27 million extension to an $88 million Series B round in February. Venture firm Lightspeed said it was making the additional investment into the app because the company is addressing some of the most important mental health issues of the day. Calm's offerings include Sleep Stories told by celebrities, such as Matthew McConaughey and Leona Lewis, and its biggest competitors in the talk therapy space are Headspace and Talkspace. The $70 per year subscription app has more than 2 million paid subscribers and 50 million downloads. -- TECHCRUNCH

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7.  Kuala Lumpur-based AirAsia will be installing Workday's cloud HCM platform as part of a digital transformation program to manage 22,000 employees. California-based Workday provides a human resources platform that will allow the airline to manage and track individual employment records, including technical skills and career paths. -- JAKARTA POST

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8. U.S. design platform InVision has established its first head office in Australia. Backed by Sydney software giant Atlassian, InVision contracts most of its employees on a remote basis, making its decision to open up an office in Australia a definitive move. InVision's website design platform is used by a large array of major tech firms, including Airbnb, Amazon, Netflix, eBay, Slack, Spotify and Twitter, and the company plans to further integrate its products with Atlassian's workflow apps to create “one seamless workflow for designing and developing digital experiences." -- AUSTRALIAN FINANCIAL REVIEW

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9. Payments provider Square is facing a lawsuit over a misdirected medical receipt. A California man is filing a class-action status lawsuit against the payment fintech for violating privacy laws after the company mistakenly forwarded a copy of the man's medical records to his friend. Square says that it requires patients to consent to any email or text message receipts before they are sent. -- WALL STREET JOURNAL (paywall)

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10. Slack said that last Friday's global hours-long outage was due to the downing of servers. Millions of users reported experiencing some form of disruption, which included notification delays and errors due to the downgraded server performance. Slack confirmed that there was about a 10 percent to 25 percent job error of failure during the period and said that it is continuing to investigate the issue. -- CNET

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This newsletter is written and curated by Justin Calderón. Justin is based out of Barcelona, Spain, and has covered technology and SaaS news for a variety of publications, including the BBC and Newsweek. Follow him on Twitter at @justinfuyun

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who’s always on social media).

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