Bigtincan
Sales enablement software now merged into Showpad under Vector Capital ownership.
On the record
Checkpoint: First full post-merger financial year for combined Showpad/Bigtincan entity reports internally
The call
A shrinking Australian enablement vendor now sits inside a private, merged Showpad entity, facing a bigger combined Seismic-Highspot rival and AI features that copy its own product.
Bigtincan (now called Showpad after merging in October 2025) helps sales teams find content, train people, and practice pitches. It is getting harder to stay in business because artificial intelligence can now do much of this work automatically, and bigger competitors like Salesforce and HubSpot are adding basic versions of these features directly into their own products. The company was already losing customers before the merger, and now faces a newly combined rival called Seismic-Highspot. The biggest question is whether the combined Showpad company can keep existing customers from leaving after the merger integration, because if customer retention drops below normal levels, the business could be in real trouble.
Why
01
AI pressure: CRM-embedded AI (Salesforce Sales Cloud, HubSpot Sales Hub) plus Showpad's own GenieAI/Assist tools. AI content generation and coaching features are becoming standard CRM add-ons, shrinking the reason to buy a separate enablement platform. Could AI do the core job? Yes, likely.
02
Bigger players: Seismic + Highspot merged entity. A combined Seismic-Highspot, announced February 2026, would outsize Showpad/Bigtincan in scale, sales reach, and AI R&D budget. Could a giant copy it? Yes, easily.
03
What protects it. Existing customer integrations and workflow habits inside CRM stacks make ripping out enablement software slow and costly.
What would change this call
Seismic + Highspot merger closes and publishes combined customer/revenue figures in 2026. Shows whether a materially larger rival now dominates the category Bigtincan/Showpad competes in.
Showpad (post-merger Bigtincan entity) reports 2026 net revenue retention above or below 100%. Reveals whether the merger stabilized customer losses or the decline continued.
Layoffs or product-line consolidation announcements at Showpad/Bigtincan following integration. Would indicate cost-cutting to manage decline rather than growth-driven investment.
Showpad (post-merger Bigtincan entity) reports 2026 net revenue retention above or below 100%. Reveals whether the merger stabilized customer losses or the decline continued.
Layoffs or product-line consolidation announcements at Showpad/Bigtincan following integration. Would indicate cost-cutting to manage decline rather than growth-driven investment.
Key numbers
- FY24 ARR fell 11% to A$115.7m
- FY24 revenue down 5% to A$116.7m
- Gross customer ARR retention 87% in 2H FY24
Named risks
- Pre-merger ARR declined 11% with only 87% gross retention as of FY24 (June 2024).
- Generative AI commoditizing core content curation, authoring and coaching workflows.
- Seismic+Highspot merger (announced Feb 2026) creates a larger, better-capitalized direct rival.
- Post-merger integration and possible headcount rationalization from overlapping Showpad/Bigtincan product suites.
- No public financial disclosure since April 2025 delisting reduces external visibility into performance.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Seismic + Highspot (merged) | gaining on | Merger announced Feb 2026, creating a larger consolidated rival to Showpad/Bigtincan |
| Highspot | contesting | Shipped Highspot Copilot AI feature around September 2025 |
| Seismic | contesting | Nexus AI Agents reached general availability November 2025 |
| Salesforce (Sales Cloud) | gaining on | CRM platform embedding lightweight enablement features natively, ongoing 2025-2026 |
| HubSpot (Sales Hub) | gaining on | Embedding enablement functionality into core CRM suite, pressuring standalone vendors |
Questions people ask
- Is Bigtincan still a publicly traded company?
- No. Vector Capital completed its acquisition of Bigtincan Holdings on April 23, 2025 at A$0.22 per share (~A$183m total), and the company was delisted from the ASX (ticker BTH) that same day.
- Is Bigtincan profitable?
- In its last audited period as a public company, FY24 (ended June 30, 2024), Bigtincan reported Adjusted EBITDA of A$16.2m, up from A$8.3m in FY23, even though revenue fell 5% to A$116.7m and ARR fell 11% to A$115.7m.
- What happened to Bigtincan after being taken private?
- Vector Capital merged Bigtincan with Showpad on October 30, 2025. The combined company now operates under the Showpad brand, led by CEO Apratim Purakayastha, with former Bigtincan Chairman Jim Hopkins staying on as Chairman.
- Who owns Bigtincan now?
- Bigtincan is owned by Vector Capital, a San Francisco private equity firm, since completing its take-private acquisition on April 23, 2025. Vector then merged Bigtincan with Showpad on October 30, 2025, rolling in prior Showpad investor Insight Partners.
- Could AI replace Bigtincan's sales enablement software?
- AI is compressing Bigtincan's core workflows (content curation, authoring, coaching). Its GenieAI suite began generating revenue in early 2024, but ARR still declined 11% to A$115.7m by FY24 (June 30, 2024), showing AI features had not yet reversed the contraction.
- Who is Bigtincan's biggest competitor?
- Seismic and Highspot, the two largest legacy sales enablement vendors, announced a merger in February 2026 (not yet closed as of mid-2026), creating a consolidated rival larger than the Showpad/Bigtincan combination.
Timeline
- 2026-02Seismic and Highspot announce merger, creating larger consolidated rival to Showpad/Bigtincan
- 2025-11-19Combined Showpad/Bigtincan named a Leader in Gartner 2025 Magic Quadrant for Revenue Enablement
- 2025-10-30Vector Capital completes Showpad acquisition, merges it with Bigtincan under Showpad brand
- 2025-04-23Vector Capital completes Bigtincan acquisition, ASX delists Bigtincan Holdings (BTH)
- 2024-12-05Bigtincan board terminates Nasdaq SPAC deal, agrees to Vector Capital buyout at A$0.22/share
- 2024-10-02Investcorp India Acquisition Corp proposes SPAC deal valuing Bigtincan at ~US$275m
- 2024-08-29Bigtincan publishes FY24 year in review citing ~100 new logos and 300 expanded accounts
- 2024-06-30FY24 fiscal year end: last audited financials as ASX-listed entity
- 2023-07-01Bigtincan acquires Modus Engagement for US$9.5m, adding ~A$7.5m ARR
Revision history
22 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Vector Capital Completes Acquisition Of Bigtincan Holdings (2025-04-23)
- Vector Capital Completes Acquisition of Showpad (2025-10-30)
- Bigtincan FY24 Directors' Report
- Vector Capital to Acquire Bigtincan Holdings (2024-12-05)
- EX-99.1 (IVCA proposal) (2024-10-02)
- Bigtincan Holdings Ltd to be Delisted Following Acquisition (2025-04-23)
- 10 Best Highspot Alternatives for 2026 (2026-02-06)
- Bigtincan 1H FY24 Results Presentation
- Vector Capital Acquires Bigtincan Holdings (2025-10-29)
- Showpad merges with Bigtincan following acquisition by Vector Capital (2025-09-09)
- Highspot vs. Seismic vs. Showpad vs. Dock (2026 Comparison) (2026-06-11)
- Showpad Named a Leader in 2025 Gartner Magic Quadrant (2025-11-19)