A question that has come up recently from many in the tech industry is whether or not the non-compete price of joining a cloud titan is worth it?
Werner Vogels, Amazon CTO caught a lot of flak for this tweet:
Dare, I appreciate your sentiment, but I knew exactly what contract I signed 17 years ago, which included a 6-12 month vacation if I wanted to join another major tech company. I was fine with it then, and still am now. No IQ test needed. https://t.co/646zoqHiPI— Werner Vogels (@Werner) September 16, 2021
This coming hot on the heels of two recent ex-exec acquisition attempts, one is Peder Ulander (and Matt Asay) going to MongoDB, and Microsoft’s attempt to buy out Charlie Bell’s non-compete so he can head up Azure’s security.
Frederick von Chipenheimer IV Reigns Supreme — With Some Disgruntled Employees
Intuit’s acquisition of Mailchimp, a company that is completely bootstrapped, is huge—a $12 billion dollar deal, the largest acquisition of a privately held zero-funding company to date. This also came with quite a bit of controversy surrounding employee rights and equity, as no employees hold any equity only profit-sharing incentives. Below is an interesting thread on the topic:
A total of $300M will be allocated to the 1,200 employees in RSUs over three years. Ouch.
Introducing UNICORN FUNDING ROUNDS!
As if the venture capital and tech industry hasn’t gone crazy enough, with what some claim to be unwarranted and overly exaggerated valuations, this month saw one of the wildest funding rounds in history: Databricks is raising $1.6B (yes, you heard correctly RAISING $1.6B) at a whopping $38B valuation.
This makes the funding rounds by IOD’s own customer Snyk, at $300M with a now $8B+ valuation, look like peanuts, not to mention other mega-rounds including JumpCloud’s $159M, OwnBackup’s additional $240M, and Lightricks $130M. OwnBackup is immediately leveraging its funding to acquire RevCult, while JFrog is continuing on its buying spree, now snatching up UpSwift to add to its acquisition portfolio.
Following the funding rounds and acquisition, a monthly ecosystem update isn’t complete without IPO announcements, but this one is still in the making. DevOps titan, Gitlab, has filed for the IPO, with an initial target date of November 2020, which has been postponed for nearly a year.