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As Q3 kicks off, four more companies join the $100M ARR club

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Welcome back to our $100 million annual recurring revenue (ARR) series, in which we take irregular looks at companies that have reached material scale while still private. The goal of our project is simple: uncovering companies of real worth beyond how they are valued by private investors.


The Exchange is a daily look at startups and the private markets for Extra Crunch subscribers; use code EXCHANGE to get full access and take 25% off your subscription.


It’s all well and good to get a $1 billion valuation, call yourself a unicorn and march around like you invented the internet. But reaching material revenue scale means that, unlike some highly valued companies, you’re actually hard to kill. (And more valuable, and more likely to go public, we reckon.)

Before we dive into today’s new companies, keep in mind that we’ve expanded the type of company that can make it into the $100M ARR club to include companies that reach a $100 million annual run rate pace. Why? Because we don’t only want to collect SaaS companies, and if we could go back in time we’d probably draw a different box around the companies we are tracking.

$100M ARR or bust

If you need to catch up, you can find the two most recent entries in the series here and here. For everyone who’s current, today we are adding Snow Software, A Cloud Guru, Zeta Global and Upgrade to the club. Let’s go!

Snow Software

Just this week, Snow Software announced that it has crossed the $100 million ARR mark, according to a release shared with TechCrunch. The Swedish software asset management company has raised a few private rounds, including a $120 million private equity round in 2017. But, unlike many American companies that make this list, we don’t have a historical record of needing extensive private capital to scale.

Source: https://techcrunch.com/2020/07/03/as-q3-kicks-off-four-more-companies-join-the-100m-arr-club/

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Putin’s plan for Russia’s coronavirus vaccine is at ‘high risk of backfiring,’ expert says

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Russia’s President Vladimir Putin during a meeting with Turkey’s President Recep Tayyip Erdogan to discuss situation in Syria.

Mikhail Metzel | TASS | Getty Images

President Vladimir Putin is trying to score “a domestic win” with the planned rollout of Russia’s coronavirus vaccine, after mismanaging his country’s outbreak and failing to revive the economy, an expert said on Wednesday.

Claiming it’s the world’s first Covid-19 vaccine, Putin on Tuesday announced that Russia’s vaccine “works quite effectively” and “has passed all the necessary checks.” His claim that has drawn skepticism from scientists and public health officials.

“Let’s be very blunt here: Putin needs a win, he needs a domestic win,” J. Stephen Morrison, a senior vice president at think tank Center for Strategic and International Studies, told CNBC’s “Squawk Box Asia.”

“He’s mismanaged the outbreak within his own territory, he’s lost the public trust and confidence in his efforts, his economy is on its back, he can’t deliver on any of the big costly public infrastructure projects that he promised in the last electoral campaign,” he added.

This is a case of Russia cutting corners for big gains, big wins domestically and — they hope — internationally.

J. Stephen Morrison

Center for Strategic and International Studies

Russia has reported more than 895,000 confirmed cases of the coronavirus disease and over 15,100 deaths as of Wednesday afternoon in Asia, according to data compiled by Johns Hopkins University. The country’s cumulative infections are the fourth highest in the world behind the U.S., Brazil and India, Hopkins data showed.  

Like other many experts, Morrison questioned the speed at which Russia has tested its vaccine. Clinical trials were completed in less than two months and more extensive “phase three” trials are only set to start on Wednesday. There has yet to be any published data of earlier trials, so the safety and effectiveness of the vaccine remain unclear.

Still, Russia has announced that a full-scale production would begin next month.

“This is a case of Russia cutting corners for big gains, big wins domestically and — they hope — internationally,” said Morrison.

“It’s high risk, this is high risk of backfiring, particularly if there’s adverse impact and if they attempt to cover them up. And this is not the normal rules of the road, and so it’s causing a lot of discomfort.”

With the vaccine, Putin is trying to evoke the long-gone “golden days” of Russian science and immunology, said Morrison, who’s also director of CSIS’ Global Health Policy Center.

The Russian president has also marketed the vaccine to other countries, including the Philippines, Brazil and Saudi Arabia, according to Morrison. That could be Putin “playing on the anxiety” among low- and middle-income countries that they would lose out to rich nations with the resources to snap up vaccines produced by major global pharmaceutical companies, he explained.

— CNBC’s Holly Ellyatt contributed to this report.

Source: https://www.cnbc.com/2020/08/12/putins-plan-for-russias-coronavirus-vaccine-is-at-risk-of-backfiring-expert-says.html

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UK enters recession after GDP plunged by a record 20.4% in the second quarter

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An advertising board displaying official coronavirus test-and-trace advice from the U.K. government.

Mike Kemp | In PIctures via Getty Images

The U.K. economy contracted by 20.4% in the second quarter of 2020, compared to the previous three months, as coronavirus-induced lockdowns hammered activity, according to preliminary figures released Wednesday.

GDP (gross domestic product) expanded by 8.7% in June as government lockdown measures eased, having shown a meek 1.8% recovery in May following April’s 20.4% contraction.

The second-quarter plunge is the worst on record and follows a 2.2% contraction in the first quarter. Analysts had expected a fall of 20.5%, according to a Reuters poll. Two consecutive periods of contraction mean the British economy is now in a technical rescission

Services, construction and production all saw record quarterly falls, particularly in the sectors most exposed to government restrictions, according to the Office for National Statistics (ONS).

“The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover,” ONS Deputy National Statistical for Economic Statistics Jonathan Athow said.

“Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”

In level terms, real GDP was last lower in the second quarter of 2003, while compared with the second quarter of 2019, the U.K. economy tumbled by 21.7%.

The ONS noted that its estimates are subject to greater uncertainty than usual, owing to the difficulties faced in data gathering due to public health restrictions.

Source: https://www.cnbc.com/2020/08/12/uk-gdp-plunged-by-a-record-20point4percent-in-the-second-quarter.html

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Stock futures slightly higher after S&P 500 snaps seven-day winning streak

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U.S. stock futures rose slightly in overnight trading and pointed to gains at the open on Wednesday after the S&P 500 closed lower for the first time in eight days.

Dow futures were higher by 54 points. The S&P 500 and Nasdaq-100 futures were also in positive territory.

After the bell on Tuesday, President Donald Trump said the U.S. government will purchase 100 million doses of Moderna’s experimental coronavirus vaccine, which is currently in late-stage human trials. 

Earlier, former Vice President and presidential candidate Joe Biden announced Sen. Kamala Harris of California will join him on the Democratic ticket. 

A return of risk appetite following encouraging economic numbers and hopes of new coronavirus relief package and even a vaccine boosted the 500-stock index for much of the trading day on Tuesday.  However, the S&P 500 ended the day down 0.8% — snapping a seven-day winning streak — as technology stocks dropped. 

The S&P 500 has rallied more than 52% since its March low and is 1.8% from its record high. 

The Dow Jones Industrial Average dipped more than 100 points but at one point traded above 28,000 for the first time since February. Stocks that benefit from the reopening of the economy and a Covid-19 vaccine capped the average’s losses. 

The Nasdaq Composite was the underperformer, losing 1.7% as investors rotated out of technology stocks. Netflix, Microsoft, Amazon, Facebook, Alphabet and Apple all closed lower. 

Sentiment was boosted earlier in the day after local news agencies reported Russian President Vladimir Putin claimed the country had given regulatory approval for the world’s first Covid-19 vaccine.

“A combination of the S&P 500 Index making its first real attempt at an all-time record high after seven straight days of advances, its old leadership — technology and FANNGs — continuing a recent trend of struggling and another day without an agreement nor even renewed talks in DC regarding a new stimulus package finally caught up with the stock market,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “The first signs of trouble today brought a lot of selling by investors anxious to lock-in recent gains.” 

Investors are also juggling uncertainty over a second coronavirus stimulus bill. Over the weekend, Trump signed four executive orders to extend some coronavirus aid. Treasury Secretary Steven Mnuchin said Monday the White House is open to resuming coronavirus aid talks with Democrats and putting more relief money on the table to reach a compromise. 

The Labor Department is set to release key inflation data on Wednesday at 8:30 a.m. ET. Economists polled by Dow Jones are expecting the consumer price index increased 0.3% in July, after jumping 0.6% in June. Core CPI is expected to rise by  0.2%, or 1.2%  on an annualized basis, according to Dow Jones.

Earnings seasons continues on Wednesday with Cisco Systems, Lyft and SmileDirectClub all reporting after the closing bell. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source: https://www.cnbc.com/2020/08/11/stock-market-futures-open-to-close-news.html

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