The Wire

Real-time updates from ANZ tech sales

2 months ago
News

Multi-year SaaS contracts dropped 5%, buyers now prefer annual deals

## The Market Shifted: Stop Pushing Multi-Year Deals Three-year SaaS contracts dropped from 28% of new logos in 2023 to 23% in 2026, according to ICONIQ benchmark data. Sub-one-year contracts jumped from 4% to 13% in the same period. This is not negotiating tactics. This is rational buyer behaviour. AI replacement cycles compress every 18 months. A three-year contract signed today might lock a customer into a category that is obsolete by year two. ## What This Means for AEs Stop discounting multi-year deals to force them. You slow down deals when buyers are already uncertain about where AI B2B will be in 10 to 12 months. Push too hard and you create resentful customers who churn at renewal. The only companies consistently winning longer initial commitments are the ones whose customers see undeniable ROI before the renewal conversation starts. Datadog, Figma, Databricks, Snowflake. They close three-year deals because customers already chose to expand, not because of pitch decks. Top-quartile companies sit at 110% to 123% NRR. If you have 120% NRR, which is where you should be aiming at Series B, short initial contracts are not a threat. You earn the extension through results. ## What to Do Instead Optimise for NRR and renewal quality, not initial contract length. Invest heavily in field deployment engineers, deployment, and post-sales. Get customers to ROI in 60 to 90 days. Make the renewal obvious. That is how you win longer commitments in 2026. The market moved. Fighting it costs you more than it gains. **Source:** Jason Lemkin, SaaStr (bootstrapped B2B media and education company focused on SaaS GTM strategy)

SaaStr
2 months ago
News

Anthropic builds enterprise sales team while Atlassian ships AI workflow playbook

## Anthropic Builds Out Enterprise Sales Eleanor Dorfman leads commercial and industries sales at Anthropic, the AI safety company behind Claude. The role signals continued enterprise GTM buildout at the OpenAI rival, which also appointed its first CCO and expanded international leadership including ANZ in April 2026. Anthropicis positioning Claude on safety and enterprise trust against OpenAI and Google. The company added its first product leader and CFO in 2024, typical signals of a research-led startup maturing into a broader operating company. ## What Atlassian Learned Shipping AI to 5 Million Users Sharif Mansour, Head of AI and Product Management at Atlassian, shared how the company shipped AI features across 20+ apps to more than 5 million users. The strategy: bolt AI onto existing workflows, then evolve. Two and a half years ago, Atlassian added an agent step into Jira automation workflows. Customers immediately chained agents together: marketing agents talk to Canva, social agents post assets, all triggered by a ticket. That pushed Atlassian to a principle: every problem you solve for humans, solve for agents. Humans need tools, context, goals, and accountability. So do agents. Three patterns emerged from watching users: 1. **Automate the prompt.** Repeated prompts become buttons. 2. **Prompt to workflow.** Prompts that cross systems become multi-step capabilities. 3. **Conversation to UI and back.** Some flows start in chat, move into dedicated UI, return to chat. On chat usage: millions use Rover chat daily, even though they also run Gemini and Claude. The lesson is workflow proximity. People reach for the AI closest to where they already work. ## What This Means for Sales Teams The playbook: build on the stack you have. For new products, reimagine. For existing workflows with users, bolt on and evolve. That applies to sales tools too. If your team already lives in Salesforce or Gong, start there. Automate repeated prospecting prompts into buttons. Turn lead-scoring chat into dedicated UI. Make workflows agent-ready. Anthropicis scaling enterprise sales. Atlassian proved the playbook works at scale. The question for sales leaders: which repeated workflows can you automate first?

SaaStr
2 months ago
News

SaaStr cut AI agents from 30 to 20, output up 4x

## The consolidation tax SaaStr runs an eight-figure B2B business with 3 humans and 21 AI agents. A month ago, they hit 30 agents and could not manage one more. Every agent that surfaces to a human costs attention, context, and maintenance. They were out of all three. So they stopped adding and started consolidating. Output went up roughly 4x. ## Why they had 30 in the first place A year ago, four separate sales agents made sense. Agentforce ran ghosted leads. Artisan ran warm outbound. Monaco ran cold ICP. Qualified ran inbound conversion. Different audiences, different motions, different context. Splitting them was right at the time. Today, any one of those outbound agents can do what the other two do. The models got better at generalizing. The cost of maintaining four specialists went up while the benefit went down. Their rule now: if an agent is producing results, keep investing in that agent until you run out of time. Do not spin up a new one. ## One agent replaced an entire function 10K started as a dashboard. Then it became their AI VP of Marketing. Then Finance. Then RevOps. When the finance team went on vacation and collections fell behind, the instinct was to spin up a new agent. Instead, they built finance into 10K. What it does now, unattended: contract signed in PandaDoc, 60 seconds later 10K has it. Reads the contract. Flips the deal to Closed Won in Salesforce. Finds missing contacts and appends them. Creates the invoice in bill.com with the right terms. Sends it to AP. Queues collections reminders. Escalates to a human at 7 days past due. Customers email back and forth with AP without knowing they are emailing an agent. Then it told them it could calculate commissions. It already knew the AEs on each deal, payment terms, and when cash landed. They gave it the commission rules. Month end got easier. ## What this means for sales teams The AI agent stack is starting to look like the martech stack in 2015: too many tools, not enough integration, and diminishing returns on each new addition. The difference: agents can expand scope in ways SaaS tools never could. A dashboard does not wake up one day and offer to run collections. An agent can. If you are running more than 10 surfaced agents and feeling the overhead, the answer is not better agent management tools. It is fewer, deeper agents. Go deep on what is already working. Stop spinning up new ones until you run out of capacity on the existing stack. The ROI curve on an agentic product is steeper than anything pre-agentic, but only if you stay on it long enough to hit the steep part. The consolidation phase is here. Worth noting: it happened faster than the SaaS consolidation cycle.

SaaStr
2 months ago
News

Stripe hit $6.8B revenue, 47% FCF margins, eyeing $53B PayPal bid

## The Numbers Stripe closed 2025 at **$6.8 billion in revenue**, up 33% year over year. Free cash flow hit **$3.2 billion**, a 47% margin. Q1 2026 alone did **$2 billion** in revenue, putting the company on an $8 billion annual run rate. That is a Rule of 80 company at nearly $7 billion in revenue. Most public B2B companies are running Rule of 30 to 40 and getting punished for it. Stripe is roughly double the best public comps while growing faster. The company processed **$1.9 trillion** in total payment volume in 2025, up 34%. The tender market valued Stripe at **$159 billion** in February, up 74% from $91.5 billion a year earlier. On current revenue that is about 23x, roughly double what similar public companies get. ## Growth Re-Accelerated 2025 was Stripe's fastest growth year since 2021, at a revenue base more than 4x larger. The mechanic: Stripe processes payments for OpenAI, Anthropic, and the long tail of AI-native companies. It is not selling to the AI boom, it is taxing it. When your revenue is a percentage of your customers' revenue and your customers are compounding faster than anything in software history, you inherit their growth rate without paying their CAC. Usage-based pricing looks very different in an AI cycle. Companies with consumption-linked models are re-accelerating. The ones on flat per-seat contracts are watching NRR drift toward 100%. ## The Non-Payments Business Stripe's Revenue suite (Billing, Invoicing, Tax, Metronome) is tracking toward a **$1 billion annual run rate** in 2026. That is roughly 15% of total revenue coming from software attach rather than payment processing. The company paid a reported **$1 billion** for Metronome, the usage-based billing infrastructure behind OpenAI, Anthropic, and NVIDIA. Billing for AI is hard because what a customer owes changes constantly and pricing tiers stack. When your core take rate compresses, the answer is a second revenue line with different pricing logic. ## The PayPal Bid Stripe is reportedly bidding **$53 billion** for PayPal. That bid is possible because the company generates $3.2 billion a year in cash and does not need to ask permission. Cash flow buys optionality that a headline ARR number never will. For sales context: Stripe powers half the Fortune 100, 80% of the Forbes Cloud 100, and 78% of the Forbes AI 50. More than half of new businesses that joined in 2025 were outside the US, pointing to widening international footprint including ANZ expansion.

SaaStr
2 months ago
News

Up Bank founder Dom Pym: 25 years, three exits, one overnight success

## The 25-Year Ramp Period Dom Pym co-founded Up Bank in October 2018. Six years later, it sold to Bendigo Bank for $116 million with 400,000+ customers and nearly $1 billion in deposits. That is the headline. Here is what actually happened: Pym spent 25 years in fintech before Up. Three exits. Started as a software engineer at a Fortune 500 company. Built Pin Payments, Clear Interactive, Triple Bubble. Made roughly 100 investments through Euphemia and other syndicates. Co-founded Ferocia. Director at Fintech Australia. Up was not his first rodeo. It was the accumulation of decades of relationships, market experiments, and founder judgment about what works in Australian fintech. ## The Sales Angle That Wasn't Here is what matters for sales professionals: Up did not win by building a traditional sales organisation. Pym's insight was that they were not building a bank, they were changing people's relationship with money. That positioning meant consumer-led growth, not enterprise sales. No SDR team cold-calling businesses. No AE patch assignments. No quota relief discussions when the territory got optimised. Up scaled through product and brand, not through carrying a bag. That approach works in consumer fintech. It does not work in B2B SaaS, enterprise software, or most of the market where OnTargetIsh readers make their living. But the lesson holds: founder clarity on go-to-market strategy matters more than hiring faster. ## What This Means for Career Progression Pym's trajectory is worth studying if you are thinking about moving from sales into founding. He did not jump from AE to founder. He spent 25 years building technical capabilities, market knowledge, investor relationships, and founder judgment. That is the actual timeline for "overnight success" in ANZ tech. Not two years carrying a bag and then raising a seed round. Two decades of compounding decisions, most of which do not make headlines until the exit does. Up's exit validates the long game. It also shows why sales professionals considering founder transitions should expect a 10+ year horizon before the comp catches up to what they left behind.

Startup Daily
2 months ago
News

Trump hits Australia with 12.5% tariff, cites forced labour claims

Australian goods exported to the US will cop a 12.5% tariff starting today, after the Trump administration alleged Australia failed to adequately block goods made with forced labour from entering supply chains. The tariff covers most imports, with exemptions for beef, coffee, rare earths, pharmaceuticals, energy, and some metals. It hits 60 economies total, but the impact on ANZ tech and services companies appears limited: the levy targets physical goods, not software or professional services. For Australian exporters with US sales, the tariff adds cost to an already complicated market. The Australian government rejected the forced labour claim outright, saying there is no credible evidence supporting the finding. Business groups are pushing for sector-specific carve-outs. The dispute stems from a USTR investigation that claimed Australia had not imposed and effectively enforced a legal prohibition on imports produced with forced labour. Australian officials say the criticism ignores existing modern slavery legislation and trade settings. The tariff takes effect at 2pm today, replacing a 10% temporary baseline levy. The White House published the presidential memorandum overnight, with USTR Ambassador Jamieson Greer calling it a correction for "both a human rights abuse and distortive trade practice." For most ANZ sales teams, this is background noise unless you are selling physical goods into the US. If you are, the 12.5% just became part of your pricing conversation. Worth noting: the tariff went through a public consultation process, but implementation happened anyway. That tells you where the negotiation leverage sits. Australian officials are disputing the claim, but the tariff is live. If your comp is tied to US revenue and you ship physical product, run the numbers. If you are selling SaaS or services, carry on.

SmartCompany
2 months ago
News

Jason Lemkin walks through how lazy outreach killed a $100k deal

## The Setup Jason Lemkin, founder of SaaStr, was actively shopping for fund administration. Budget over $100k annually. He engaged with a vendor on LinkedIn and said give me your best shot. Warm lead, clear intent, six-figure ACV. The vendor sent two template emails. No research. No point of view. No reason to believe they understood his setup or could beat his current provider. The single link went to a generic deck behind a signup wall. Lemkin told the rep the truth: the email was lazy. Did you research my fund size? My goals? How your product beats what I run today? Did you spend ten minutes on this? The deal died. Not because the prospect went cold. Because the outreach killed it. ## What Actually Happened This is textbook failure on a qualified opportunity: **Poor qualification and discovery.** The rep knew Lemkin was in-market but did not know why, what he was solving for, or what switching costs he was weighing. You cannot earn a switch without understanding what the buyer runs today and why it is not working. **Template outreach to a hand-raiser.** Cold prospects expect templates. Warm prospects who just engaged expect you to show up like the account matters. A boilerplate email to someone who raised their hand does more damage than no email at all. It signals how much effort you will put in after the contract closes. **Gating generic content.** The deck was not customized. It was not even visible without a form fill. Gating real, specific content works. Gating a boilerplate overview stacks friction on friction and delivers nothing worth the cost. ## Why This Matters for Sales Teams Top of funnel is expensive. Ads, content, SDR headcount, events, all of it built to get qualified prospects in the door. The email is the cheap part, the last mile, and the one most inside your control. A rep who takes a hand-raised lead and answers it with a template is burning the expensive part of the funnel at the cheapest possible point. Lemkin's broader point: sales is often the most a vendor will ever care about you. Effort peaks during the sale and drops after close. Lazy outreach does not just fail to earn a reply. It disqualifies the vendor before the first call. ## The Pattern in Lost Deals This maps to common deal loss drivers across the research: - Reps qualify poorly or present too early without understanding the buyer's real problem. - Discovery is skipped or superficial, so differentiation never lands. - Follow-up is generic or inconsistent, and warm leads go cold not because the buyer lost interest but because the rep never gave them a reason to stay engaged. - Switching costs are real. Migration is a project. Risk is real. A new vendor has to clear a high bar: show me you are better, show me you will be more attentive, show me you will fix what I deal with today. Fall short and switching is not worth it, no matter how good the deck looks. Lemkin's fund admin vendor had a shot. They wasted it with lazy execution. That is the story.

SaaStr
2 months ago
News

Sendle brand acquired 7 months after collapse, no sales team details

The Sendle brand is back under new ownership, seven months after the Australian shipping platform shut down and left small business customers scrambling. Andrew McKenna, who runs logistics businesses McKenna Worldwide Services and Quantium Solutions Australia, acquired the Sendle brand, trademarks, and domain. Deal value was not disclosed. The acquisition was announced at the Online Retailer Conference & Expo in Sydney this week. Sendle was founded in 2014 by James Chin Moody, Sean Geoghegan, and Craig Davis. The company positioned itself as a carbon-neutral alternative to Australia Post, targeting small businesses and eCommerce sellers. It raised more than $100 million across its life, including a $45 million round in 2021. The platform operated in Australia, the US, and Canada, acting as a middleman between small businesses and carriers like Aramex and Couriers Please. In 2025, Sendle merged with US logistics businesses FirstMile and ACI Logistix to form Fast Group. That structure collapsed in January 2026 when directors voted to cease operations after the merger failed. McKenna said former Sendle customers and suppliers have shown strong interest in the brand's return. No details yet on sales team size, hiring plans, or comp structure. The company's previous sales operations spanned Sydney and Seattle, but current headcount and go-to-market strategy remain unclear. Worth noting: Sendle's collapse left thousands of small business customers without a carrier mid-contract. Whether this relaunch addresses those obligations or starts fresh is not public information. For sales professionals tracking logistics and eCommerce tools, this is early stage. Brand recognition exists, but execution under new ownership is untested. If McKenna rebuilds the sales team, comp and territory structure will matter more than nostalgia for the old brand.

SmartCompany
2 months ago
News

Salesforce ships AI search engine, cuts merchandising work by 85%

## What shipped Salesforce launched Agentic Commerce Search, an AI-native product discovery engine built from its February acquisition of Cimulate. The tool replaces keyword-based search with intent-aware natural language processing. B2C Commerce customers can toggle it on using existing catalog data. Non-Salesforce customers (Shopify, SAP, Adobe, Commercetools) access it via headless APIs. ## What it does for sales teams If you sell B2C Commerce or adjacent ecommerce platforms, this matters: **Merchandising overhead drops 85%.** Teams stop maintaining thousands of manual search rules and synonyms. That is real headcount ROI for enterprise accounts. **Natural language search.** Customers type "outfit for country concert on hot day" instead of stripping queries to two keywords. Salesforce research shows 39% of consumers already use AI for product search. Last holiday season, AI-referred traffic drove $263B in sales globally (21% of orders). **Small Language Model approach.** Instead of relying on massive clickstream data, the engine simulates millions of shopping journeys per customer. Salesforce claims this delivers 10x more behavioral signal than traditional search. ## The sales angle Salesforce tripled product investment on this since the Cimulate acquisition closed. It is now a top priority for the Agentforce Commerce roadmap, which means: - AEs selling B2C Commerce have a legitimate differentiator against Adobe and SAP - Cross-sell opportunity into existing Commerce accounts - Headless API availability means you can sell to non-Salesforce shops ## What to watch Integration with Shopper Agent (Salesforce's conversational commerce tool) is live. That creates a bundling play: search plus agent equals digital concierge. For enterprise AEs: merchandising teams burning cycles on search rules is a known pain point. Quantify that headcount cost in discovery. An 85% reduction in manual work is a real budget conversation.

Salesforce Blog
2 months ago
News

Dorsey launches Buzz: free open-source Slack rival with AI agents built in

Jack Dorsey's Block launched Buzz, an open-source workplace chat platform that puts AI agents in the same conversation threads as your sales team. Free desktop app, available now for macOS, Windows, and Linux. Code is on GitHub. The pitch: stop paying for Slack, stop switching between chat and GitHub, and stop bolting AI onto tools that were not built for it. Buzz treats AI agents as first-class participants. You can pull an agent into a deal review, a pipeline call, or a territory planning thread the same way you would tag a colleague. Block built this internally first. They have been running an AI agent called Goose for software development and other tasks. Buzz is the external version of that experiment. Still unfinished, still in testing, but functional enough to ship. For sales teams evaluating collaboration tools, here is what matters: Buzz is free, which changes the math on Slack vs Teams vs Google Chat. It is model-agnostic, so you are not locked into OpenAI or Anthropic. It is open source, which means your IT team can fork it if they want. What it is not: a mature enterprise platform with ANZ support, an account team, or SLAs. If you need that, you are still buying Slack or Teams. If you are a 12-person startup in Sydney with a sales team of 3 and you want to test AI agents in your workflow without paying per seat, Buzz is worth looking at. Context for the Slack alternative conversation: Pumble and Mattermost have been serving the "we want Slack but cheaper" market for years. Buzz is different. It is not cheaper Slack, it is a bet that the next generation of workplace tools needs AI agents in the room from day one, not as a feature you bolt on in 2027. Dorsey has done this before: Twitter, Block, Square, Cash App. He has credibility on platform plays. Whether Buzz gets traction in ANZ sales teams depends on whether AI agents become standard practice or stay a novelty. Right now, it is an experiment. Free is a good price for experiments.

SmartCompany
2 months ago
News

60-day payment terms crush small B2B suppliers: insolvencies up 75%

# 60-day payment terms crush small B2B suppliers: insolvencies up 75% ASIC released insolvency data this week: 14,152 Australian companies entered external administration in FY25-26. That is 75% higher than the 8,105 recorded in 2018-19. Almost 95% of those companies had fewer than 20 employees. Cash flow pressure is the primary cause. The mechanism is straightforward. Large customers demand 60-day payment terms. Small suppliers must pay wages, superannuation, insurance, rent, and tax obligations immediately. The mismatch creates a funding gap that small businesses cannot sustain. ## The actual market reality Australian B2B payment terms average 52-55 days. Large companies stretch that to 58 days. Australia operates a transparency-driven system: businesses must report payment performance to a public register, but there is no mandated payment deadline. The register tracks bands including 20 days, 21-30, 31-60, 61-90, 91-120 and over 120 days. That means small suppliers effectively provide unsecured, interest-free credit to larger customers. For two months or more. Payday super now requires businesses to make superannuation contributions with each pay cycle instead of quarterly. That accelerates cash outflow while revenue remains stuck in 60-day limbo. ## What this means for B2B sales teams If you are selling to small businesses, payment terms are now a deal point, not an administrative detail. Your prospect is carrying your invoice cost for 60 days while paying their own expenses immediately. That is a cash flow problem that affects their ability to scale, hire, or invest in solutions. For enterprise AEs calling on large customers: your procurement team's payment terms directly impact supplier stability. Extended terms might look like favourable contract conditions, but they push insolvency risk downstream to the businesses in your supply chain. Sales teams working for small B2B suppliers should negotiate payment terms upfront, not after the deal closes. Shorter terms, milestone payments, or partial upfront deposits change the cash flow equation. That is not a finance problem. That is a sales problem. The transparency register exists because the market would not fix this on its own. If your deal structure assumes suppliers will carry 60 days of unpaid invoices, you are assuming they can fund your operations while waiting to fund their own. The insolvency data says that assumption no longer holds.

SmartCompany
2 months ago
News

Dropbox revenue declined 0.8%, agents eating seats, terminal growth now

## The annuity is dead Dropbox grew 0.8% last quarter. Strip out a product they are winding down and it hit 2%. Total ARR grew 0.3%. Management guided full-year revenue to decline between 0.4% and 0.9%. A $2.5B ARR business with 80% gross margins, throwing off over $1B in free cash flow, and the forward number has a minus sign. This is not slow growth. This is terminal state. ## Sub-5% is a different category PagerDuty: 1% growth, ARR flat at $496M, net dollar retention at 97%. Below 100% means the existing base is shrinking. New logos just fill the hole. Zoom: 5.5% last quarter, 4.4% full year. Enterprise net dollar expansion at 99%. When NDR drops below 100, your customers spend less each year. DocuSign: 8.7% looks healthier until you see the slope. Five-year average of 15% grinding down to high single digits. ## The mechanism: agents eat seats Seat-based revenue assumed headcount grows. You land, expand, add seats as the customer adds people. Net retention above 110% was the engine. AI agents attack that engine directly. If an agent does the work of ten support reps, the customer does not need ten seats. They need one human and an agent. Expansion stops being a tailwind and becomes a headwind. Anthropic crossed $19B in ARR this year, up from $9B end of 2025. That money has a source. It used to buy CRM seats, ITSM modules, storage tiers. Every dollar going to agents is a dollar not expanding a seat contract. ## What this means for quota carriers The bifurcation is real. Infrastructure for AI is re-accelerating: Cloudflare guided 28-29%, Snowflake 30% product growth, Twilio 20%. These companies get paid more when AI usage goes up. Applications built on seats are drifting terminal. HubSpot customer count growth: 21%, 19%, 18%, 17%, 16% over five straight quarters. Still a great company. Direction is one way. If you are carrying a bag at a seat-based SaaS company, watch net retention. Below 100% means your existing accounts are shrinking and your quota assumes new logos cover the gap. That is a harder number to hit than it looks on the plan. Software trades at 22.7x forward earnings now, below the S&P 500 for the first time ever. The market stopped pricing these companies as annuities. It is pricing them as question marks.

SaaStr
2 months ago
News

Zip exits New Zealand, sales team cut as BNPL consolidates

## Zip exits New Zealand, sales team cut as BNPL consolidates Zip Co is pulling out of New Zealand effective 16 August 2026, ending operations in a market it has served since 2013. The ASX-listed BNPL provider told shareholders the exit "reflects Zip's strategic focus on investing in its Australian and US businesses." Translation: New Zealand was not hitting the numbers. The company is reallocating resources to markets where it can scale profitably. ### What this means for sales teams Zip has not disclosed headcount impacts, but closing an entire country typically means local sales, partnerships, and merchant acquisition roles are gone. The New Zealand team was responsible for onboarding merchants and managing retailer relationships across the territory. This is part of a broader BNPL consolidation. Zip has spent $100m on share buybacks in 2025 and another $50m in 2026, signalling investor pressure to demonstrate profitability over growth. The company acquired US competitor QuadPay for $296m in 2020 and planned a $352m purchase of rival Sezzle, but maintaining multiple geographies while chasing profitable unit economics creates tough decisions. ### The numbers Zip posted record cash EBTDA of $65.1m in Q3 FY26, up 41.5% year on year. Operating margin hit 19.4%. Total quarterly income reached $335.2m. Merchants on the platform grew to 93,900, up 12.7% on the prior year. Those are strong numbers. But New Zealand, a smaller market with intense competition from Afterpay and local players, was not contributing enough to justify the operational overhead. ### Market context Zip raised approximately $1.48 billion in total funding, including a $190m Series D at a $2.2 billion valuation in October 2024. The company generates revenue through merchant fees, loan interest, account fees, and penalty charges. But capital efficiency matters now. The days of land-grab growth are over. Zip is focusing on Australia and the US, where it has scale and can defend margin. For fintech sales professionals in ANZ, this is a signal: smaller markets are getting cut. If you are carrying a bag in a regional territory for a venture-backed fintech, ask about profitability and strategic priority. Territories get "optimised" when the board wants to show margin expansion. ### What happens next Zip says the financial impact of the New Zealand wind-down will be immaterial to the group. That tracks: if the market was material, they would keep it. The company remains focused on Australia, where it competes with Afterpay (now part of Block), and the US, where it operates as Zip and QuadPay. Active customers sit at 6.5 million globally. Worth noting: Zip cofounder Larry Diamond stepped down as director and executive in late 2024 and sold more than $100m in shares. He recently bought a $17m house in Dover Heights. The business continues, but founder exits and market consolidation tend to arrive together.

Startup Daily
2 months ago
News

Cover Genius hits $1.9B valuation, raises $100M from Vista Credit Partners

## The Numbers Cover Genius secured $100M from Vista Credit Partners on July 14, 2026, valuing the insurtech at $1.9B. Total raised to date: $244M across seven rounds, including an $80M Series E in May 2024 led by Spark Capital. The Sydney-founded company, a former Smart50 winner, operates an embedded insurance platform used by Booking.com, Priceline, eBay, and Amazon. Its XCover product lets digital platforms integrate insurance at checkout: travel coverage, e-commerce protection, fintech policies. ## What It Means for Sales Cover Genius employed 420 people as of late 2022. Expect hiring to follow this raise, particularly in sales and partnership roles. The company operates B2B2C: selling to platforms, which sell to consumers. That means enterprise AE roles targeting travel, e-commerce, and fintech accounts. The AI focus matters. Cover Genius plans to build "hyper-personalisation engines" and automated claims resolution. For sales teams, that translates to a stronger product story: faster onboarding, better conversion data, clearer ROI for enterprise partners. ## ANZ Context Cover Genius maintains operations in Australia despite its New York headquarters. The Smart50 recognition signals local market presence, though exact ANZ headcount is not public. For ANZ sales professionals in insurtech or SaaS, this is one to watch: the company competes with Trov, QBE, and Surefyre, but operates at a different scale. CEO Angus McDonald says the funding will also drive acquisitions. When B2B platforms start acquiring, they usually need integration specialists, account managers, and customer success teams to manage the expanded book of business. ## The Market Investors are betting on a $700B opportunity in embedded protection. Cover Genius is infrastructure: it sits between digital platforms and insurance carriers, taking a cut of policies sold. As more platforms add embedded insurance, that creates demand for sales talent who understand both SaaS and financial services. Historical attainment data and comp specifics are not public, but insurtech sales roles typically sit between traditional insurance (lower OTE, relationship-heavy) and pure SaaS (higher velocity, product-led). Enterprise AEs in this space often see OTEs in the $150-200K range for top performers, though ANZ numbers tend to run 15-20% below US equivalents.

SmartCompany
2 months ago
News

Tracksuit acquires Hall, adds AI mention tracking to brand platform

## Tracksuit acquires Hall, adds AI mention tracking to brand platform Auckland-based brand tracking platform Tracksuit has acquired Sydney's Hall for an undisclosed sum, bringing AI chatbot monitoring into its core product. The move addresses how brands appear in ChatGPT, Claude, and Gemini responses, not just human searches. Tracksuit, valued at $400 million following a $38 million Series B in June, built its business on affordable brand health tracking: weekly consumer surveys, real-time dashboards, and competitor benchmarking at one-tenth traditional research costs. Hall's tech monitors how AI models cite and recommend brands when users ask for product suggestions or company information. The acquisition brings Hall's full team across, including founder Kai Forsyth, who becomes product lead for AI visibility at Tracksuit. CEO Connor Archbold called it "a natural evolution" as consumers shift search behaviour from Google to chatbots. "Marketers are trying to understand how human brains perceive their brand," Archbold told SmartCompany. "Now, as humans interact with models to find out about brands, marketers are interested in influencing those models to say the right things." Tracksuit clients include Eucalyptus, WelleCo, and Zimmermann. The company was founded in 2021, raised $6.8 million seed from Blackbird and Icehouse Ventures, then $20.5 million Series A co-led by Altos Ventures and Footwork to expand into US and UK markets. Marketing legend Mark Ritson is an investor. Worth noting: AI mention tracking is brand monitoring, not sales intelligence. The application for B2B sales teams sits in competitive intelligence and market positioning, tracking how prospects might encounter your company versus competitors when researching solutions. Different use case than traditional sales mention monitoring tools. Tracksuit maintains headquarters in Auckland's Britomart, with a New York office supporting US expansion. The Series B valuation and capital suggest commercial team scaling is underway, though specific headcount and recent sales leadership hires are not disclosed.

SmartCompany
2 months ago
News

Oz Hair & Beauty acquires Beauty Works, no sales team details disclosed

## The Deal Oz Hair & Beauty acquired Melbourne-based Beauty Works in July. Deal terms: undisclosed. What it includes: one Melbourne Central store, one South Melbourne Market salon, and an e-commerce business stocking 110+ beauty brands. Oz Hair & Beauty pulled $100 million revenue in the most recent year, up from $24 million in 2019. The company is backed by BBRC Private Equity and Edison Partners (Australia). It competes with Adore Beauty, Mecca, and Chemist Warehouse in the ANZ beauty retail market. ## What It Means The acquisition signals a shift toward service-led retail: consultations, treatments, and styling that drive repeat business and higher customer lifetime value. Beauty Works brings salon and spa services on top of product sales. For sales professionals watching the beauty retail sector: this is consolidation in action. Larger players absorbing smaller ones to capture margin through services, not just product volume. ## What We Don't Know No details on sales team size, structure, or integration plans. No comp data. No executive appointments announced. If you are in beauty retail sales or considering a move, the lack of transparency here is worth noting. Integration typically means territory reshuffles, quota adjustments, and reporting line changes. Oz Hair & Beauty started as a Rockdale salon in 1986, moved into e-commerce in 2012 under Anthony Nappa, and added his brother Guy Nappa as co-owner. Headquarters: Caringbah, NSW. Public data on New Zealand operations or team headcount: none. ## The Context Beauty retail M&A follows a familiar pattern: acquire to expand footprint, integrate to cut costs, upsell services to boost margin. If Oz Hair & Beauty follows the playbook, expect store consolidation and backend integration over the next 12 months. Worth watching: any announcements on CRO or VP Sales hires, sales team expansions, or follow-on funding to support the service model buildout. Until then, this is a footprint play with service ambitions but no disclosed sales strategy.

SmartCompany
2 months ago
News

RBA data: Medium-sized businesses most likely acquisition targets

## Who Gets Acquired New Reserve Bank of Australia research identifies which businesses become acquisition targets. The data: firms with $10 million to $50 million in annual revenue are 1.4 times more likely to be acquired than sub-$1 million businesses. Second most likely targets: $5 million to $10 million revenue range. Acquirers want businesses that have proven they can scale, not just early-stage startups. ## The Productivity Paradox The research uncovered something unexpected: acquirers target *less* productive businesses. Not despite low productivity, but because of it. The theory: these companies have good revenue but inefficient operations. New owners can cut headcount, merge admin functions, and keep the revenue stream. That restructuring potential is the value play. Translation for sales teams: if your company gets acquired, expect territory consolidation and team rationalization. The acquirer is not buying your workflow, they are buying your customer relationships and revenue, then optimizing around them. ## What Else Matters Patented IP increases acquisition likelihood. So does being medium-sized: large enough to have proven the model, small enough to restructure without regulatory scrutiny. The research comes from RBA economists working with the ACCC and ANU, using previously unexplored acquisition data at scale. ## What This Means for Sales If you are at a $10m to $50m company with strong revenue but messy operations, expect inbound interest. If that acquisition happens, your patch might get carved up, your territory might get "optimized," and your comp plan will change. Worth noting: the research focuses on economic patterns, not sales-specific outcomes. But the pattern is clear: acquirers buy revenue, then cut costs. Your quota does not change when ownership does, but your team structure might.

SmartCompany
2 months ago
News

Enterprise AE quotas hit $2.25M: ICONIQ data shows 50% jump from 2023

# Enterprise AE Quotas Hit $2.25M: ICONIQ Data Shows 50% Jump From 2023 Top-quartile enterprise AEs are now carrying $2.25M annual quotas, according to ICONIQ's 2026 State of Go-to-Market report. Mid-market quotas sit at $1.35M. SMB quotas hit $750K. The data comes from ICONIQ Growth, a growth-stage VC firm that surveyed 150+ B2B and AI software companies in January 2026, plus operating data from its own portfolio. Sample skews toward well-funded, fast-growing startups that have hit product-market fit. This is not the market average. This is what top performers are doing. Quota inflation is real, but so is attainment. High-performing companies are seeing 85-90% of reps hit quota, up from the traditional 65-75%. That gap matters: higher quotas usually crater attainment, but AI-driven pipeline generation is bridging the difference. ## Comp Structure Shifted to Match Expansion Ownership AE comp tied to net new recurring revenue jumped from 25% to 33% year-over-year. Comp tied to net dollar retention climbed from 18% to 23%. The shift reflects a bigger change: 65% of high-performing companies now have AEs owning cross-sell (vs 49% of others), 55% own upsell, and 37% own renewals. If your comp plan is still 80% new business, 20% expansion, you are behind. The reps carrying $2M+ quotas expect expansion comp, and they will move to the companies offering it. ## Pipeline Generation Is the Real Quota-Setter Companies with AI embedded in marketing and SDR motions are generating 10-11 points more lead-to-MQL conversion and 8 points more MQL-to-SQL conversion. More qualified pipeline per rep is what lets quota climb without attainment collapsing. You cannot announce a $2M quota and expect it to hold if your pipeline generation is flat. The quota is only as real as the pipeline behind it. ## ANZ Context: What This Means Locally ICONIQ's data reflects global growth-stage benchmarks, not ANZ market reality. ANZ enterprise AE comp typically lags US by 20-30%, so expect local quotas to track lower unless you are benchmarking against offshore-funded tech companies operating here. Worth noting: these are ramped quotas. The report does not specify ramp periods, but standard practice is 3-6 months for mid-market and enterprise AEs. If your team is still ramping, attainment expectations shift accordingly. ## The Baseline for 2026 - **SMB AE quota:** $750K annual, 90% expected attainment - **Mid-market AE quota:** $1.35M annual, 90% expected attainment - **Enterprise AE quota:** $2.25M annual, 85% expected attainment If your enterprise quota is still at $1.5M, you are likely leaving revenue on the table. But if you jump to $2.5M without the pipeline and comp structure to support it, attrition will spike. The gap between high performers and everyone else is not strategy anymore. It is quota-setting, pipeline generation, and comp architecture. The companies that get this right are pulling away.

SaaStr
2 months ago
News

B2B paid ads hit new constraint: audience targeting, not creative production

AI made B2B ad production nearly free. Copy, creative variants, landing pages, all of it collapsed in cost. But most paid programs are not scaling any better than three years ago. The constraint moved. AI glutted existing channels with more content. It did not create new places for people to spend attention. More ads chasing the same eyeballs just raised the price of being seen. The real differentiation is not creative anymore. It is who you target, where you reach them, and how fast you learn. Creative is free. Taste is not. ## Audience is the durable advantage Competitors can reverse-engineer your creative and copy your messaging. They cannot see your targeting. That makes audience a durable edge in paid. The playbook: build one ICP audience, layer CRM data to exclude existing customers and competitors, then sync the same enriched audience across Meta, Google, LinkedIn, and Reddit. Same audience, same exclusions, every channel. Ad platforms only optimize against data inside their own walls. They do not know your real ICP, which titles convert to customers, or who you lost to a competitor. You have to push CRM conversion data back in so the algorithm optimizes for revenue, not cheap form submits. ## Match rates unlock cheaper channels Upload work emails to Meta or Reddit and you get 2-10% match rates. Nobody signs up for social platforms with their work email. Enrich those lists with personal emails and mobile numbers and Meta match rates jump to 75%, Google to 50%, Reddit to 70%. Primer customers report Meta cost per qualified lead dropping to $50 after enrichment lifted match rates from 10-20% to over 75%. That turned Meta from almost unusable to a primary channel. Match rates vary by persona. Reddit matches 70-80% for IT and engineering, drops to 4% for legal and procurement. Doctors are not on LinkedIn. Neither are most people in education. Your channel mix should follow your persona's match rate, not the industry default. ## Buy credibility, not just impressions B2C shifted from trusting brands to trusting individuals. That is now hitting B2B. One of the fastest ways to grow is buying credibility from people who already have the audience. Meta has long allowed whitelisted access to run ads as a creator. LinkedIn shipped the same capability for promoting third-party thought leadership. Promoted outside voices are one of the most undervalued tactics in B2B paid right now. ## Measurement is triangulation The biggest measurement mistake is treating any one attribution model as ground truth. First-touch, last-touch, and multi-touch are each wrong in different directions. Your buyer researches on mobile, clicks through on desktop, demos on a personal laptop, and signs from a phone. Use multiple signals. Look for agreement. Distrust certainty. Worth noting: GTMnow is a Seattle-based B2B go-to-market community and consultancy, not a traditional media outlet. This playbook is part of their July 2026 newsletter. Revenue model appears to be events, sponsorships, and community subscriptions. They run conferences and webinars for sales leaders and AEs.

Sales Hacker
2 months ago
News

Zoom hits $5B ARR, re-accelerates growth with actual AI revenue

## The Numbers Zoom posted Q1 FY2027 results that show modest but real re-acceleration. Revenue is climbing again after the post-pandemic plateau. The company sits at roughly $5 billion in ARR, serves 192,600 enterprise customers, and maintains a $27 billion market cap (up 21% over 12 months). Free cash flow margins are north of 40%. Zero long-term debt. $6.6 billion in cash reserves. ## What Changed The pivot is enterprise-driven. After surging from $622.7 million to $2.65 billion in revenue during COVID, Zoom faced the inevitable slowdown when offices reopened and Microsoft Teams took market share. Now the focus is AI monetization and large contract expansion. 466 customers contribute over $100,000 annually. The sales motion shifted from product-led growth to enterprise AE-led deals. ## AI That Customers Actually Pay For Zoom is one of the few enterprise software companies reporting real AI revenue, not just AI features. Custom AI Companion and Contact Center AI are landing with enterprise customers. This matters because most "AI revenue" claims are marketing spin. The company also scored a 25x return on its Anthropic investment, adding to the cash pile. ## What This Means for Sales Teams Zoom's enterprise sales team (part of the ~8,484 global headcount) is focused on expanding existing accounts and landing new enterprise logos. The playbook: multi-product selling, AI upsells, contact center expansion. For AEs evaluating opportunities, Zoom represents a rare combination: mature company stability with actual growth trajectory. The enterprise segment is hiring to support expansion, particularly in cloud contact center and AI features. Competition remains intense (Microsoft Teams, Webex, Skype), but the differentiation is execution and AI that works. Worth noting: Zoom maintains strong ANZ presence as part of its global enterprise strategy, though specific regional headcount is not disclosed. ## The Reality Check This is not hypergrowth. This is a $5B ARR company finding its next gear through enterprise expansion and AI monetization. Mature, sustainable, profitable growth. For sales professionals, that often means better comp stability, clearer territory definition, and less chaos than a rocket ship startup. Trade-offs worth understanding.

SaaStr
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