Monday, August 3, 2020

Tune to Merge with Cake Software in Major Purchase

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Publicly-traded Toronto-based company Constellation Software has announced the acquisition of Seattle SaaS company Tune.

Founded 11 years ago, Tune builds software that helps companies manage affiliate marketing partnerships. The company has evolved over the years and sold its attribution analytics business in 2018 to mobile marketing company Branch.

The acquisition builds on Constellation Software’s purchase last year of Cake Software at pennies on the dollar, one of Tune’s top competitors.

“We have often considered what a merger or consolidation might look like with CAKE, and now we’ll be joining forces with the backing of a major acquirer behind us,” Tune CEO Peter Hamilton said in a blog post. “While TUNE and CAKE have different approaches to the market, we have an incredible amount of learnings, opportunities, and efficiencies we can now share.”

Terms of the deal were not disclosed. Tune will maintain its brand under Constellation’s Perseus Operating Group unit.

Hamilton said there will be “some restructuring of teams” but did not provide specific details on how many employees will be affected. Tune has more than 150 employees, according to LinkedIn.

Hamilton will take a “more strategic role” after the acquisition, while Cameron Stewart, general manager at Tune, will continue managing the general operations of the business.

Constellation Software has more than 16,000 employees across six operating segments. The company acquires and manages “vertical market software” businesses. It posted $953 million in revenue last quarter, up 16% year-over-year.

Twin brothers Lucas and Lee Brown originally launched Tune under the name HasOffers in 2009 before rebranding in 2014. They stepped down in late 2018 and left to Alaska to launch a startup studio and haven’t been heard since.

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