N. Harris Computer Corp, an affiliate of Constellation Software Inc (TSX: CSU), has acquired Acceo Solutions Inc, a Montréal-based provider of software solutions and services in the fields of management, accounting, and e-business development. The purchase price was $250 million. Jeff Bender, CEO of Harris, said the deal will help build his company's presence in Québec. Founded in 1988, Acceo was acquired in 2012 by Capital régional et coopératif Desjardins, Fonds de solidarité FTQ and Investissement Québec from France's Gfi Informatique SA for $75 million. Constellation is a Toronto-based acquirer and builder of vertical-market software companies.
3 min read · 16 January 2018
Pacific Road Resources Funds, an Australian mining private equity firm, said it will exercise non-dilution rights to acquire additional equity in Vancouver-based mining company Equinox Gold Corp (TSX-V: EQX), formerly known as Trek Mining Inc. The deal will provide Equinox with proceeds of about $19.2 million and increase Pacific Road's interest in the business to about 10.1 percent of outstanding common shares. Pacific Road took the step as a result of the December formation of Equinox through the merger of Trek with NewCastle Gold Ltd and Anfield Gold Corp. The new entity’s current focus is bringing its Aurizona Gold Mine in Brazil to production.
3 min read · 16 January 2018
Cooper Equipment Rentals Ltd has acquired Modern Industrial Rentals (1978) Ltd, a construction and industrial equipment rental company based in Calgary. No financial terms were disclosed. Cooper, a Mississauga, Ontario-based provider of compact, aerial and heavy construction and industrial equipment, said the deal broadens its presence in Western Canada, and introduces it to Southern Alberta. Founded in 1972, Cooper today operates 30 rental locations across Canada. It was acquired by Canadian private equity firm SeaFort Capital in 2013.
2 min read · 16 January 2018
Toronto-based cybersecurity company Cybeats has raised an undisclosed pre-seed financing. The round was led by Canadian venture capital firm iNovia Capital, giving Principal Magaly Charbonneau a seat on the board. Maple Leaf Angels, Dr Richard Reiner, Brian O'Higgins and Brian Bourne also invested. Founded two years ago by CEO Dmitry Raidman, VP R&D Peter Pinsker and Embedded Director Vlad Kharbash, Cybeats provides a cyber defense solution for enterprise internet-of-things infrastructure. The funds raised will be used to scale the sales team, develop platform capabilities, and expand into Asian and European markets.
5 min read · 15 January 2018
Sherbrooke, Québec-based agricultural technology company Énergie Solutions Air (ESA) has raised $1 million in an initial round of financing. The investors included Innovexport Fund, Desjardins Capital, Développement économique Canada pour les régions du Québec, Sherbrooke Innopole and two members of Anges Québec. Founded in 2010, ESA makes heat-recovery air exchangers for poultry and pig farming buildings that increase efficiency and curtail the production of greenhouse gases. The company plans to use the funds raised to intensify marketing in Canada and begin marketing in the United States.
3 min read · 15 January 2018
True Fit, a Boston-based data-driven personalization platform for footwear and apparel retailers, has secured US$55 million in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners. It was joined by Cross Creek Capital, Intel Capital, Jump Capital and Signal Peak Ventures. Founded in 2010, True Fit has built rich apparel and footwear data through partnerships with top brands and consumers, which it uses with artificial intelligence to enable personalized fashion solutions. The funds raised will help develop the AI-data platform and grow True Fit’s offerings.
4 min read · 15 January 2018
New Brunswick Innovation Foundation (NBIF) has made an investment of $150,000 in EhEye Inc, a Saint John, New Brunswick-based provider of automated public safety and video surveillance. EhEye CEO James Stewart said the commitment from NBIF leveraged an additional $330,000 from other investors, including a $100,000 loan from Business Development Bank of Canada. Founded in 2016, EhEye provides surveillance recognition technology that uses analytics and artificial intelligence to detect suspicious behaviours, objects and people, and then generate real-time alerts.
3 min read · 15 January 2018
Toronto-based financial technology startup Ratehub Inc has raised $12 million in a Series A financing. The round was led by Elephant, a U.S. venture capital firm, and joined by Simon Nixon, co-founder of U.K.-based MoneySuperMarket. As a result, Elephant General Partner Jeremiah Daly has joined the board. Founded in 2010 by Alyssa Furtado and James Laird, Ratehub owns and operates Ratehub.ca, a financial product comparison site, and CanWise Financial, a national mortgage brokerage. The company will use the funds raised to build a digital platform for the mortgage process and invest in insurance policy comparison tools.
3 min read · 15 January 2018
Vancouver-based metals and mining company Nevada Copper Corp (TSX: NCU) has agreed to raise US$100 million of equity financing from institutional investors, including U.S. private equity firm Castlelake, which is committing US$35 million. The deal forms part of a US$378 million package of recapitalization and construction financing announced last month. As a result, Pala Investments, a Swiss private equity firm, will reduce its commitment to the package, while Castlelake will gain a 19.8 percent interest in the company and a seat on the board. The funds raised will support bringing Nevada's Pumpkin Hollow project to first production and related priorities.
3 min read · 12 January 2018
Toronto-based mineral exploration and development company Dalradian Resources Inc (TSX: DNA) has appointed Michael Barton to its board of directors. Barton is a portfolio manager at Orion Mine Finance Group, a U.S. mining private equity firm. Dalradian said last October that Orion had agreed to invest $50 million in the company, which is currently developing its Curraghinalt Gold Project in Northern Ireland. Before joining Orion in 2016, Barton was CEO of Swiss mining private equity firm Pala Investments.
3 min read · 12 January 2018
