Afternoon Coffee: Zoom acquires security firm Keybase; Apttus merges with Conga; Amazon Freight expands across U.S.; ’50/50′ videos for Zycus, IntegrityNext

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Zoom Video Communications, the digital meeting platform, is buying security firm Keybase, the Associated Press reports. The acquisition comes as Zoom moves to improve security after the video platform surged to around 300 million users as businesses were forced to work from home during the coronavirus pandemic.

Keybase will help Zoom implement end-to-end encryption. Zoom said it will publish details of the encryption designs and allow feedback on May 22. This move also marks Zoom’s first acquisition.

Apttus acquires Conga in CLM, e-signature merger

Two big players in contract lifecycle management (CLM) are joining forces and going to market under one name.

Apttus acquired Conga and will combine the firms under the Conga name, according to a press release, which states:

The new company combines two SaaS leaders with roughly $400 million in GAAP revenue spread across a unique product portfolio that includes configure-price-quote (CPQ), CLM, document generation, process automation and e-signature. 

Apttus CEO Frank Holland will lead the new Conga, and former Conga CEO Matthew J. Schiltz will be on the new company’s board of managers. Nikitas Koutoupes, Managing Director at Insight Partners, the majority stakeholder in Conga, will also join the board of managers, according to the press release.

Look for a Spend Matters’ PRO analysis of the deal coming soon.

Amazon Freight expands to 48 states

Amazon announced that its freight hauling service, Amazon Freight, has expanded services to all of the lower 48 states, Supply Chain Dive reports. Previously, Amazon Freight only serviced five northeastern states. Amazon Freight is designed for small- and medium-line-haul providers and is now open for broad access to carriers.

The move will give Amazon better control of its logistics. However, some logistics experts believe that Amazon needs more regulation with this expansion into the freight market.

Analyst videos highlight Zycus & IntegrityNext on new ‘50/50’ lists

Spend Matters’ analysts chose 2020’s top procurement technology vendors for the “50 Providers to Know” and the “50 Providers to Watch” lists that were recently published, and our analysts also have done videos about some of the providers that will attend the digital SIG Procurement Technology Summit, which begins May 11. Register here. See all of the videos here.

Zycus, a source-to-pay provider:

“They bring one of the more affordable source-to-pay solutions in the market. With (Zycus’) new Dew Drops offering, they have a very modern user experience alongside the investments they’re making in AI bots,” says analyst Magnus Bergfors, Vice President of European Research for Spend Matters. See our full Zycus video here.

IntegrityNext, a supply chain compliance provider:

Pierre Mitchell, Chief Research Officer of Spend Matters, said of the company: “What’s nice about IntegrityNext is that they integrate with any solution that you’re already using from a supplier management, source-to-pay or GRC standpoint. Whatever app you’re using, it brings in content-driven assessments that will deliver on the outcomes of monitoring your suppliers.” See our full IntegrityNext video here.

The 50/50 lists are part of Spend Matters Almanac, a directory of more than 500 providers that offers deep insights on the players in the procurement technology market.

U.S. oil and gas expected to hit all-time low

The amount of U.S. oil and gas rigs operating are expected to hit the lowest point ever recorded as the energy industry continues to decrease output due to disruptions caused by the coronavirus, Reuters reports. Drillers have begun idling an average of 55 rigs each week since mid-March.

Fuel demand worldwide has fallen by 30% as countries have gone into lockdown procedures since the pandemic began. Although energy consumption has started to rise again, the excess supply is likely to remain for quite some time, the report said. Operating rigs are expected to continue being cut for the rest of the year and new units may be slow to activate for the next couple of years.

SBA drastically reduces disaster loan limit

The Small Business Administration has drastically reduced the amount of loans given out to small businesses from the Economic Injury Disaster Loan program and blocked almost all new applicants, The Washington Post reports. The program is separate from the recent Paycheck Protection Program but was recently given $50 billion by Congress to assist small businesses affected by the coronavirus pandemic.

However, the program has been so overwhelmed that the individual disaster loans have been reduced from a limit as high as $2 million to $150,000, the Post reports. Additionally, the report said that with the backlog of applicants, new applicants are being blocked out, and approved loans are being prioritized for agricultural companies.

Spend Matters PRO offer extended for May

Now through May, a Spend Matters’ special PRO Expert Survival Pack is available to procurement practitioners only* at up to 50% off. The discount applies to PRO subscription content from our analysts and other services. — Learn more

Read all of Spend Matters’ coronavirus coverage here.