Accelerate Fund II has invested an undisclosed amount in Testfire Labs, an Edmonton software startup that develops enterprise productivity tools. Founded in 2015 by CEO Dave Damer, Testfire's first product is Hendrix, which leverages natural-language processing and machine learning to capture meeting summaries and optimize outcomes. The funds raised will allow Testfire to scale operations and expand the development team in support of its go-to-market plan, which includes entering the U.S. market. Accelerate Fund II, an early-stage angel co-investment fund, is managed by Canadian growth equity firm Yaletown Partners.
4 min read · 27 February 2018
Benevity Inc, a Canadian provider of corporate social responsibility (CSR) and employee engagement software, has acquired TrustCSR, a British CSR consultancy that serves enterprise clients. No financial terms were released. Calgary-based Benevity said the deal will add scale and geographic scope to its operations and allow the company to serve global customers through a new U.K. location. Founded in 2008 by CEO Bryan de Lottinville, Benevity processes donations and volunteering time to charities worldwide. In January, it secured an investment from U.S. growth equity firm General Atlantic. Benevity is also backed by JMI Equity.
4 min read · 27 February 2018
SloanLED, a U.S. applied light technology solutions company, has acquired Litecorr, a Mississauga, Ontario-based developer and turnkey solutions provider of LED lighting, video screens and POS products. No financial terms were disclosed. The companies, which will continue to operate independently, said their combination will address customer demands for end-to-end sign and lighting systems solutions. Ventura, California-based SloanLED was acquired in 2015 by Baird Capital, the private investment arm of U.S. financial services firm Robert W. Baird & Co.
4 min read · 27 February 2018
Vancouver-based cancer genomics company Contextual Genomics Inc has secured $12 million in a facility provided by PacBridge Capital Partners (HK), a Hong Kong growth-stage investment firm. PacBridge's James Lumsdaine will join the board as a result. Founded in 2012, Contextual is a developer of solutions that harness the clinical and genomic data of cancer patients to improve diagnosis and present expanded treatment options. The funds raised will be used for global distribution of FIND IT, a molecular hotspot assay, and development of FOLLOW IT, a mutation detection assay. Contextual is led by Executive Chairman Chris Wagner.
4 min read · 26 February 2018
Patron Technology has acquired Greencopper, a Montréal-based provider of mobile and web technologies for live events. No financial terms were disclosed. Founded in 2009 by CEO Gwenaël Le Bodic, Greencopper provides digital solutions for more than 300 events in over 25 countries every year. Patron, a New York-based ticketing and event experience software company, said the deal will help its clients "create deeper and more profitable relationships with their ticket buyers, fans and supporters." Patron last year raised a majority investment from the growth equity affiliate of U.S. private equity firm Providence Equity Partners.
3 min read · 26 February 2018
PenderFund Capital Management Ltd has held the first close of a new fund earmarked for investments in mid-stage private and public technology companies primarily located in Western Canada and Western United States. The amount raised by Pender Technology Inflection Fund I was not disclosed. The fund will be co-managed by Maria Pacella, Pender's senior vice president, private equity, and David Barr, the firm's president and CEO. It will target opportunities for developing "fundamental technologies," such as the convergence of health and technology, as well as data-driven technologies. Vancouver-based Pender is a mutual funds manager.
3 min read · 26 February 2018
Canadian gaming company Gateway Casinos & Entertainment Ltd has agreed to a sale-and-leaseback deal involving three casino properties in the Vancouver region. Under the agreement’s terms, an affiliate of Chicago financial services firm Mesirow Financial will become the landlord of the properties for more than $500 million. Several of Gateway’s subsidiaries have entered into leases for each of the properties and will continue to operate the casinos. With the deal’s close, expected in March, the company will see net proceeds of $483 million. Vancouver-based Gateway has been owned since 2010 by Canadian private equity firm Catalyst Capital Group.
5 min read · 26 February 2018
500px, a Toronto photo community and marketplace, has been acquired by Visual China Group for an undisclosed sum. Founded in 2009, 500px provides an online platform for sharing, buying and selling photography created by professional and hobbyist photographers from more than 195 countries. Led by CEO Andy Yang, 500px was also backed by Andreessen Horowitz, ff Venture Capital, Harrison Metal Capital and others.
4 min read · 26 February 2018
Upchain, a Toronto-based collaborative product development platform, has secured $7.4 million in a Series A financing. Canadian venture capital firms OpenText Enterprise App Fund (OTEAF) and BDC Capital led the round. OTEAF General Partner Richard Black and BDC Partner Sean Brownlee will join the board as a result. Launched in 2015 by CEO John Laslavic, Upchain provides product life-cycle management solutions to a range of stakeholders in the product development chain, as well as post-sales support. The funds raised will be used for product enhancement and to expand the company's sales, marketing and customer success teams.
3 min read · 26 February 2018
Western Investment Co of Canada and co-investor ATB Capital have agreed to buy a stake in Foothills Creamery Ltd, a Calgary-based producer of dairy products, including butter and ice cream. The purchase price of $27.6 million will be settled in cash, debt funding, and a performance-based earn-out. As a result of the deal, slated to close this week, Western and ATB will own 50 percent of the company, with Foothills Founder and CEO Don Bayrack holding the rest. Western, a Canadian private equity firm, said the deal will support Foothills' growth. ATB Capital is the $100 million private equity fund of Alberta financial institution ATB Financial.
3 min read · 26 February 2018
