Vistara Capital Partners has set a target of about $100 million for its third technology debt fund, according to a news release. Vistara Technology Growth Fund III launched with initial committed capital of about $40 million, supplied primarily by returning investors, the release said. The Vancouver firm’s limited partners, which include family offices, foundations and tech executives, will also contribute co-investment resources. Fund III will maintain Vistara’s strategy of providing flexible, tailored debt financing to mid-to-late-stage tech companies looking to fuel growth without giving up control, resetting valuations or diluting existing ownership. It will invest $5 million to $15 million in senior or subordinated debt per deal, with a focus on founder-owned or venture-backed tech companies located across North America.
1 min read · 16 October 2018
U.S. energy private equity firm Rice Investment Group (RIG) has invested in Cold Bore Technology Inc, a Calgary-based provider of fracturing optimization software. Terms weren't released for the deal, which saw RIG Partner Toby Rice join the board. Founded in 2013, Cold Bore has developed an electronic completions recorder and remote frac operating system that helps oil and gas companies realize savings in costs and project time. The company is led by Blair Layton, Brett Chell and Nicolai Pacurari. Cold Bore will use the funds raised for enhancing its data analytics platform, marketing initiatives, and expansion plans in Canada and the United States.
4 min read · 16 October 2018
Sierra Wireless (TSX: SW, Nasdaq: SWIR), a Vancouver-based provider of device-to-cloud solutions for the internet of things, has appointed Kent Thexton as president and CEO. Thexton, who has led the company on an interim basis since May, will assume the permanent role in November. Thexton joins Sierra from Canadian early-stage venture capital firm ScaleUp Ventures, where for more than two years he served as a general partner. ScaleUp closed its debut fund last year at $100 million. Before then, he was a managing director at OMERS Ventures. Thexton also spent close to 25 years as a founder and operator of several technology companies.
4 min read · 16 October 2018
Vistara Capital Partners has set a target of about $130 million (US$100 million) for its third technology debt fund, according to a news release. Vistara Technology Growth Fund III launched with initial committed capital of about $52 million (US$40 million), supplied primarily by returning investors. Fund III will maintain the firm’s strategy of providing flexible, tailored debt financing to mid-to-late-stage tech companies in North America. Vancouver-based Vistara, co-founded in 2015 by Managing Partner Randy Garg, also said it planned to open a Toronto office to gain more exposure to Ontario tech deal opportunities.
2 min read · 16 October 2018
Patron Technology, a Pittsburgh, Pennsylvania-based live event technology company, has acquired Marcato, a Sydney, Nova Scotia-based provider of event logistics software. No financial terms were disclosed. Founded in 2008 by CEO Darren Gallop and CTO Morgan Currie, Marcato partners with more than 300 festivals and live events worldwide. Its investors included Canadian venture capital firm Innovacorp. Patron said the acquisition adds event logistics and operations to its product offering. Patron is a portfolio investment of U.S. private equity firm Providence Equity Partners. Providence acquired a majority stake in the company last year.
3 min read · 15 October 2018
Kepler Communications, a Toronto-based satellite telecommunications company, has secured about $20.8 million (US$16 million) in a Series A financing. U.S. venture capital firm Costanoa Ventures led the round, with participation from DB Digital Ventures, the venture capital arm of Germany's Deutsche Bahn AG. IA Ventures, which led Kepler's seed round in 2016, also invested, as did other existing backers. To date, the company has raised more than $27 million. Founded in 2015 and led by CEO Mina Mitry, Kepler is building a network of nanosatellites to provide broad-based in-space connectivity. It will use the funds raised to grow revenue and launch 15 additional nanosatellites by 2020.
4 min read · 15 October 2018
Auvik Networks has acquired Talaia, a Spanish network traffic analytics solution. No financial terms were released. Based in Waterloo, Auvik is a provider of network management software for managed services providers (MSP). It said the acquisition will help MSP partners overcome network performance issues through more visible traffic flows. Talaia’s technology will be integrated into Auvik’s system as a component called TrafficInsights. Earlier in 2018, Auvik raised $20 million in a Series C financing led by OpenView and joined by Celtic House Venture Partners and Rho Canada Ventures.
3 min read · 15 October 2018
Eigen Innovations, a Fredericton-based internet-of-things solutions provider for manufacturing systems, has raised $3.5 million in its latest financing. The round was led by new investor Globalive Technology. It was joined by BDC Capital’s Women in Technology Venture Fund (WIT), New Brunswick Innovation Foundation, Opportunities New Brunswick and several angel investors. Founded in 2012 and led by CEO Scott Everett, Eigen's software helps manufacturers optimize highly complex and repeatable processes using artificial intelligence-enabled technology. It will use the funds raised to fuel additional growth at home and abroad.
5 min read · 15 October 2018
Investment Management Corp of Ontario (IMCO) has invested in Bioenergy Infrastructure Group (BIG), a British developer and operator of biomass and waste-to-energy plants. Terms weren't disclosed. IMCO acquired its stake by co-investing with U.K. infrastructure investment firm Infracapital. BIG was established in 2015 by Infracapital, Aurium Capital Markets, Helios Energy Investments and Foresight Group. This week, the company raised an additional £150 million ($258 million) in financing from Infracapital, Aurium and Helios. Launched in 2017, Toronto-based IMCO oversees $60 billion in assets on behalf of Ontario public-sector institutional investors.
3 min read · 12 October 2018
Terrapure Environmental Ltd, a Toronto-based provider of industrial waste management, environmental and recycling services, is exploring an initial public offering in Canada, according to a report by Bloomberg. The company is working with banks on the potential IPO, which could raise about $300 million, the report said. Terrapure is backed by Canadian private equity firm Birch Hill Equity Partners. Birch Hill launched the company following the 2015 acquisition of Newalta Corp's industrial division for $300 million. In June, Terrapure acquired the Canadian industrial services and waste management operations of Envirosystems Inc, a portfolio company of TorQuest Partners.
1 min read · 12 October 2018
