Montréal start-up Busbud Inc., a provider of a web and mobile application for global intercity bus travel information, has secured $1 million in first-time venture capital financing from Canadian firms iNovia Capital and Real Ventures. As part of the deal, David Nault of iNovia and Jean-Sébastien Cournoyer of Real Ventures will join the company's board of directors, while Chris Arsenault of iNovia will join its advisory board. Funding proceeds will allow Busbud to grow its management team and build its business.
3 min read · 30 May 2013
Vancouver-based Visier Inc., which provides cloud-based workforce analytics for business managers and human resource professionals, has raised a $15 million Series B financing round led by U.S. venture capital firm Summit Partners. Existing backer Foundation Capital, which previously invested $6 million in the company, also participated in the deal. Visier will use the funds to invest in innovation and strategic growth initiatives that support its global strategy.
4 min read · 30 May 2013
Shareholders of Montréal-based engineering services provider Genivar Inc. have approved the company's re-organization plans, which include giving it a new name: WSP Global Inc. This rebranding, targeted for early 2014, follows the company's merger with U.K.-based WSP Group PLC in 2012. Genivar, which is a portfolio company of the Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board, also flagged its aim to reach $2.3 billion in net revenues by the end of 2015.
10 min read · 28 May 2013
A global survey of corporate directors and CEOs, conducted by Canada Pension Plan Investment Board (CPPIB) and McKinsey & Company, found pressures on senior executives to show short-term financial performance have increased in recent years. Respondents identified innovation and strong returns as the top benefits if companies took a longer-term view. CPPIB and McKinsey earlier this year launched the Focusing Capital on the Long Term initiative, which will set out the case for institutional investors and boards to focus on long-term value creation.
5 min read · 28 May 2013
Vancouver-based Oceanic Iron Ore Corp., a company focused on developing iron ore projects located on the coast of Québec's Labrador Trough, has obtained a $3 million convertible debenture financing from Sino-Canada Natural Resources Fund. Transaction proceeds will fund negotiations with potential strategic partners, feasibility studies, and corporate and working capital purposes. Sino-Canada fund, which is managed by CapitalAsia, makes private equity investments in Canadian resource companies.
5 min read · 28 May 2013
Surrey, British Columbia-based CIMS LP, a provider of mechanical maintenance and construction services to the oil and gas, mining and power generation, and pulp and paper sectors, has confirmed its acquisition of assets of the Western Canadian operations of Kamtech Services Inc., a building trades contractor based in Burnaby, British Columbia. Capital West Partners, financial advisor to Kamtech, indicated the undisclosed deal was closed by late April. CIMS is a portfolio investment of Canadian private equity firm Yellow Point Equity Partners, which has backed the company since 2011.
1 min read · 28 May 2013
The board of directors of Calgary-based Logan International Inc., a manufacturer of down-hole fishing and intervention tools for the oil and gas industry, has undertaken a strategic review process, which will include seeking proposals from potential buyers. The decision was taken when directors concluded that the company's common shares trade "at a substantial discount to the inherent value" of its businesses and underlying assets. Logan has been a portfolio company of U.S. private equity firm Cadent Energy Partners since 2006.
3 min read · 28 May 2013
British Columbia Discovery Fund, managed by Canadian venture capital firm Discovery Capital Management Corp. (DCMC), has exercised warrants to buy common shares in its portfolio company Vigil Health Solutions Inc. Following this transaction, DCMC will control around 24% of Vigil's outstanding common shares. The Victoria, British Columbia-based Vigil, which has been venture-backed since 2001, offers a technology platform that provides solutions to the aged care market.
4 min read · 28 May 2013
Austin, Texas-based software company SolarWinds Inc. has completed its purchase of Ottawa, Ontario's N-able Technologies Inc., a provider of remote monitoring and management automation solutions for managed service providers and information technology departments. The acquisition price was $120 million in cash. N-able has been a portfolio investment of U.S. technology-focused private equity firm Accel-KKR since October 2011.
5 min read · 28 May 2013
South Korea's Samsung Ventures Investment Corp. has invested in Brossard, Québec-based Distech Controls Inc., a developer of building management technologies and services for optimizing energy efficiency. Samsung joined the Caisse de dépôt et placement du Québec, EnerTech Capital, Export Development Canada, Fonds de solidarité des travailleurs du Québec (FTQ) and W2 Investments in the $38 million financing announced in March. Funds will be used to accelerate Distech's global growth and development, which includes making acquisitions.
3 min read · 28 May 2013
