Interset, an Ottawa-based security analytics software provider, has been acquired by Micro Focus (LSE: MCRO, NYSE: MFGP) for an undisclosed amount. Founded in 2001 as Gridiron Software, Interset uses behavioural analytics, machine learning, big data and risk forensics to provide solutions for insider and targeted outsider cyber-threat detection. The company has been led by CEO Mark Smialowicz. Micro Focus, a Newbury, U.K.-based enterprise application software company, said the acquisition adds depth to its security, risk and governance portfolio. Interset raised financing from Canadian and U.S. venture capital firms, including Anthem Venture Partners, In-Q-Tel, Toba Capital and Telesystem.
4 min read · 19 February 2019
NFP Corp has acquired Mass Insurance Brokers Ltd and Easyway Insurance Brokers Inc (Mass), together a Markham, Ontario-based property and casualty (P&C) insurance brokerage. Terms weren't released for the deal, which closed in December. Mass President and CEO Greg Dunn will join NFP as a managing director overseeing personal lines and small commercial lines. NFP, a New York-based insurance broker and consulting business, said the acquisition expands its P&C offerings across Canada. Established in 1998, NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners (MDP) for about US$1.3 billion. The company's other backers include HPS Investment Partners.
3 min read · 19 February 2019
Caisse de dépôt et placement du Québec (CDPQ) said it will invest about $127 million (US$100 million) in the fourth early-stage fund and new growth-stage vehicle of Inovia Capital. CDPQ will commit US$75 million to the growth fund and US$20 million to the early-stage fund. Charles Émond, CDPQ executive vice-president, Québec and global strategic planning, said the vehicles represent "another source of attractive future co-investment opportunities" for the Canadian pension system. As reported by PE Hub Canada, Inovia, a Montréal-based technology venture capital firm, secured a total of about $800 million (US$600 million) for the two funds.
2 min read · 19 February 2019
Sampler, a Toronto-based digital product sampling platform, has raised $3 million in its latest financing. The round, which brings total funding to $6.3 million, was led by BDC Capital’s Women in Technology Fund and Shipfusion Inc, a U.S. e-commerce fulfillment business. They were joined by new investors Factory LLC and StandUp Ventures and existing investors, including Freycinet Ventures and MaRS Investment Accelerator Fund. Founded in 2013 by CEO Marie Chevrier, Sampler provides technology that helps consumer packaged goods brands deliver physical samples to digitally-targeted consumers. The company will use the funds raised to expand its sales, marketing and product team.
5 min read · 19 February 2019
Business Development Bank of Canada (BDC) has invested $8 million in Equispheres, an Ottawa-based advanced materials provider. BDC invested through the federal government's $700 million clean technology strategy, announced last year. Founded in 2015, Equispheres has developed technology for making high-performance spherical metal powders for additive manufacturing applications. The solution helps reduce fuel consumption and production waste. Led by President and CEO Kevin Nicholds, the company will use the investment's proceeds to execute on its growth plan and meet demand in the aerospace and automotive sectors.
3 min read · 19 February 2019
Peraso Technologies Inc, a Toronto-based fabless semiconductor company, has raised about $56 million (US$42 million) in a follow-on financing. The deal was led by two unidentified strategic investors and Roadmap Capital, an existing backer. The company's other investors include Celtic House Venture Partners and Inovia Capital. Founded in 2008, Peraso specializes in the development of integrated circuits for the 60 GHz wireless marketplace. President and CEO Bill McLean said the funds raised will support additional sales as "an increasing number of consumer electronic and wireless infrastructure manufacturers choose to incorporate multi-gigabit wireless connectivity into their products."
3 min read · 19 February 2019
3 min read · 19 February 2019
Inovia Capital has raised about $800 million (US$600 million) for a pair of early-stage and growth funds, fulfilling an ambition to become a full-stack venture firm. The Montréal tech investor secured $266 million for a fourth early-stage fund, meeting its target. It also secured an initial $532 million for a new growth-stage vehicle. Inovia is now looking to raise up to US$100 million more for the growth fund, potentially increasing it to $665 million, General Partner Chris Arsenault told PE Hub Canada. The firm also announced the opening of a new office in London, run by General Partner Patrick Pichette, formerly a senior vice president and CFO at Google.
3 min read · 19 February 2019
Novacap aims to raise more than $650 million for its fifth mid-market industries fund by expanding its global base of limited partners. The Montréal private equity firm began raising Novacap Industries V in late 2018, Chairman and Managing Partner Jacques Foisy told PE Hub Canada. He expects to see an initial close by the spring and completion later this year. If successful, Fund V would secure 38 percent more in capital than its predecessor, which raised $470 million in 2016. More than $400 million has already been soft-circled for Fund V, primarily from returning investors, Foisy said.
3 min read · 15 February 2019
FLS Transportation Services Ltd has acquired Scott Logistics Corp, a Rome, Georgia-based freight broker providing personalized transportation solutions across the United States. No financial terms were disclosed. FLS, a Montréal-based cross-border third-party logistics provider, said the deal will expand its scale and density in the fragmented truckload brokerage space. It will also increase the company's U.S. operational presence, adding eight branches and five agent locations. Established in 1987, FLS was recapitalized in 2016 by Abry Partners, a U.S. private equity firm.
3 min read · 14 February 2019
