Userful Corp, a Calgary-based provider of enterprise visual communication solutions, has raised a first-time financing. The undisclosed round was led by Accelerate Fund II, an Alberta early-stage angel co-investment fund managed by Yaletown Partners. It was joined by The A100, an Alberta network of technology entrepreneurs. Userful provides a visual networking platform that enables information technology teams to display content from any source on any screen at any time for communication and collaboration. To date, its solutions have been deployed on more than 1 million screens in over 100 countries. Founded in 2003, Userful is led by CEO John Marshall.
4 min read · 11 June 2019
H&R Block Inc (NYSE: HRB) has agreed to acquire Wave Financial, a Toronto-based provider of financial management software to small businesses. The deal, expected to close in the next few months, will see H&R Block pay about $537 million (US$405 million) in cash. Founded in 2010 and led by CEO Kirk Simpson, Wave provides accounting, invoicing, payroll and payments solutions, as well as bookkeeping services, to more than 400,000 small businesses every month. H&R Block, a Kansas City, Missouri-based tax preparation business, said the deal will enhance its position in the small business market. Wave has raised more than $100 million in venture capital financing, including a $32 million round closed in 2017.
5 min read · 11 June 2019
Whitehorse Liquidity Partners has promoted Julian Mirsky to senior principal and hired additional investment professionals, bringing the Toronto-based private equity firm's team to 34. Mirsky, formerly a principal, joined the firm in 2017 from Ontario Teachers' Pension Plan. Whitehorse hired Sebastien Siou as a senior principal and Nadeem Kheraj as a principal. Both were recruited from Canada Pension Plan Investment Board (CPPIB), where they served in the secondaries and co-investments group. In April, it was reported that Whitehorse raised more than half of the US$1.5 billion target set for its third secondaries fund.
2 min read · 11 June 2019
Diagram Ventures has raised $55 million in the close of its second fund, earmarked for creating and investing in early-stage companies focused on innovation in the financial and insurance sectors. Fund II exceeded its $50 million target with the help of anchor investor Portag3 Ventures, which is backed by Canadian holding company Power Corp. It was joined by 75 angel investors, including Andreessen Horowitz General Partner Angela Strange and former U.S. Ambassador Bruce Heyman, as well as family offices. Led by CEO François Lafortune, Montréal-based Diagram also announced the hire of Hamnett Hill as a partner. Hill, a serial entrepreneur, co-founded Smooch Technologies, acquired last month by Zendesk.
5 min read · 11 June 2019
Canadian mid-market private equity firm Clearspring Capital Partners has acquired a majority interest in Voyages Traditours, a Laval, Québec-based tour operator of curated cultural circuits. Terms weren’t disclosed for the deal, which saw Clearspring acquire a majority of the shares owned by Entrepreneur Capital, a Canadian private equity firm. Entrepreneur, which invested in 2014, will retain a stake, as will CEO Sébastien Forest and Founder Jacques Rodier. Established in 1999, Voyages Traditours designs Francophone-focused travel itineraries in more than 70 countries on five continents.
3 min read · 10 June 2019
Canadian mid-market private equity firm Clearspring Capital Partners has acquired a majority interest in Voyages Traditours, a Laval, Québec-based tour operator of curated cultural circuits. Terms weren't disclosed for the deal, which saw Clearspring acquire a majority of the shares owned by Entrepreneur Capital, a Canadian private equity firm. Entrepreneur, which invested in 2014, will retain a stake, as will CEO Sébastien Forest and Founder Jacques Rodier. Established in 1999, Voyages Traditours designs Francophone-focused travel itineraries in more than 70 countries on five continents. Partner Marie-Claude Boisvert said the transaction brings her firm's investment in Québec to over $100 million.
4 min read · 10 June 2019
New Brunswick Innovation Foundation (NBIF) has invested $200,000 in TurboPlay, a Fredericton-based developer of a video game marketplace. The investment was part of an undisclosed round that also included several angel investors. Founded in 2018 by CEO and co-CTO Vince McMullin, COO John Nguyen, co-CTO Royal O'Brien and CMO Lisa Weeks, TurboPlay is building a personalized marketplace for independent game players and developers to sell their digital games and related downloadable content. It will use the round's proceeds to hire developers and customer support staff and for enhanced sales and marketing efforts.
3 min read · 10 June 2019
Privateer Holdings has agreed to merge with portfolio company Tilray Inc (Nasdaq: TLRY), a Nanaimo, British Columbia-based cannabis researcher, cultivator, producer and distributor. The deal will see Privateer, which holds 75 million Tilray shares, or a 77 percent stake, become a subsidiary of Tilray through a share exchange. Tilray shares distributed as a result of the merger will be subject to a lock-up, allowing for their sale only under certain circumstances over a two-year period. Privateer, a U.S. cannabis private equity firm backed by Silicon Valley investor Peter Thiel, is Tilray's founding investor. The company went public last year, raising US$153 million.
4 min read · 10 June 2019
Foodtastic Inc has acquired Big Rig Brewery, an Ottawa-based supplier of craft beers, and the affiliated Big Rig Restaurants, a casual dining restaurant chain. Terms weren't disclosed. Foodtastic, a Montréal-based franchisor of restaurant concepts, said the deal is in line with a strategy of acquiring local brands with growth potential that complement its existing portfolio. It added that it will preserve the Big Rig brand and grow the restaurant system. Last year, Foodtastic secured a $47 million investment from Restaurant Royalty Partners, a joint venture of Oaktree Capital Management and JHR Capital.
2 min read · 10 June 2019
Desjardins Group has launched a $45 million strategic financial technology fund. The fund, managed by Desjardins Capital, the Canadian financial co-operative's private investment arm, will invest in businesses that use innovative models to address existing or emerging issues. The fund has already made a first undisclosed investment, backing X-Telia, a Longueuil, Québec-based wireless network operator serving businesses and cities that require secure, long-range, low-power and low-cost connectivity. The investment's proceeds will allow X-Telia to grow its network across rural Québec and help La Coop fédérée modernize its practices.
3 min read · 10 June 2019
