San Francisco-based Taulia Inc., a cloud-based payment and discounting solutions provider, has raised US$18 million in Series C financing. The deal involved an initial close of US$12.5 million led by German investor Klaus Hommels and Lakestar, with the participation of existing investors, including Matrix Partners, Trinity Ventures, TELUS Ventures and DAG Ventures. A secondary closing of US$5.5 million is underway. Earlier in August, Taulia entered into a strategic partnership with TELUS Corp. and its venture capital arm to expand the company's presence in Canada.
3 min read · 31 August 2013
Stingray Digital Group, a Montréal-based provider of multiplatform music services, recently acquired 100% of the shares of Intertain Media Inc., a Winnipeg-based company providing digital media services to businesses across Canada. The financial terms of the transaction were not announced. Stingray is a portfolio company of technology buyout fund Novacap Technologies, managed by Longueuil, Québec-based Novacap, and of Montréal technology investor Telesystem.
3 min read · 31 August 2013
Industrial Scaffold Services Ltd., a Crofton, B.C.-based provider of industrial and commercial scaffolding throughout Western Canada, has agreed to be acquired by Canadian private equity firm Mosaic Capital Corp. for $15.9 million. The majority transaction is expected to close in September. Established in 2002, Industrial Scaffold Services is one of eight companies in Mosaic's portfolio.
4 min read · 30 August 2013
Toronto-based McRock Capital, a venture capital firm that invests in intelligent infrastructure companies, has added four new members to its advisory board: Dr. Harry Zarek, founder and CEO of Richmond Hill, Ontario-based Compugen, Mike Fister, CEO of Enecsys and formerly of Intel Corp., Pete Van Deventer, a California-based serial entrepreneur, and Dr. Peter Williams, CTO for IBM’s Big Green Innovations. They will provide business guidance and mentoring to McRock's portfolio companies alongside of Marzio Pozzuoli, founder and former CEO of Woodbridge, Ontario's RuggedCom.
3 min read · 30 August 2013
Kawa Capital Management, a U.S. private equity and hedge fund manager, has purchased for an undisclosed price the global subsidiaries of German solar energy company Conergy AG. As part of a two-step takeover process, Kawa will immediately acquire Conergy operations in Canada, the United States, Singapore and Thailand due to the increased financing requirements of these operations. Other Conergy assets are expected to be acquired later this year. The Canadian regional headquarters of Conergy Americas is in Edmonton, Alberta.
3 min read · 30 August 2013
Get Real Health has received an investment of an undisclosed sum from Vancouver-based TELUS Ventures, the venture capital investment arm of telecommunications company TELUS Corp. Based in Rockville, Maryland, Get Real Health is a provider of software solutions for care transitions, chronic disease management, and patient engagement. The company will use the new funds to accelerate development of its software product, InstantPHR, build customer support, form new strategic alliances, and other purposes.
4 min read · 30 August 2013
Durham, North Carolina-based Argos Therapeutics Inc., a biopharmaceutical company focused on immunotherapies for the treatment of cancer and infectious diseases, has secured US$42.5 million in a Series E financing round. The deal was led by strategic investor Pharmstandard International S.A. (Luxembourg), with the participation of Green Cross Corp. and existing investors. Among the latter were Canadian venture capital firm Lumira Capital, pension fund manager the Caisse de dépôt et placement du Québec and TVM Capital, which manages the Montréal-based TVM Capital Life Science Venture Capital.
4 min read · 30 August 2013
Radiant Communications Corp. (TSX-V: RCN), a Vancouver-based provider of managed network and cloud hosting solutions, has agreed to a going-private transaction involving an affiliate of Comwave Networks Inc. The deal, which implies an equity value for Radiant of approximately $25.3 million, has been approved by the company's board of directors, and will be submitted to a vote by shareholders in October. Earlier this year, Radiant agreed to be taken private by affiliates of existing private equity investors Maxam Capital Corp. and PenderFund Capital Management, however, this transaction was subsequently terminated.
6 min read · 30 August 2013
Private equity funds that did not look into the pension funding of their U.S. portfolio companies may now be facing a bill from the U.S. Pension Benefit Guaranty Corp. if companies fail, says a new report by Osler Hoskin & Harcourt LLP. Osler counsel Carol Buckmann adds that if companies are unionized, another bill might be coming from U.S. multi-employer pension plans if operations cease or are reduced. Both entities have been known to assert claims in Canadian proceedings as well as in the U.S. The risk emerges from a recent decision by the U.S. Court of Appeals that says private equity funds may be a “trade or business.”
5 min read · 30 August 2013
Vancouver-based information communications provider Glacier Media Group (GMG) and Daily Dose Media Inc. announced GMG's acquisition of VitaminDaily.com, an online lifestyle magazine for women published by Daily Dose. The financial terms of the deal were not disclosed. Founded in 2004, VitaminDaily.com in 2006 raised $500,000 in startup financing from angel investors, and later from Canada New Media Fund. The company plans to use its partnership with GMG to "leverage and accelerate" growth.
2 min read · 30 August 2013
