Meituan-Dianping, a Chinese service-focused e-commerce platform, has raised US$4 billion in a Series C financing. The round was led by China's Tencent Holdings, with participation from the Priceline Group and a global syndicate of investors that includes Canada Pension Plan Investment Board. The deal values the company at US$30 billion, Reuters reported. Founded in 2003, Meituan-Dianping connects more than 280 million users with roughly 5 million local merchants. It said it will use the funds raised to invest in core businesses and offerings and leverage artificial intelligence-based and analytics-driven technology.
6 min read · 19 October 2017
Toronto storytelling app Wattpad will soon receive about $50 million (US$40 million) from an investment by China's Tencent Holdings, according to a report by the Globe and Mail. The investment will form part of a new US$50 million financing of Wattpad, to be finalized in the weeks ahead, the report said. The round, which will be backed by a mix of Canadian and U.S. venture capital firms, is expected to value the company at about US$400 million. Founded in 2006 by CEO Allen Lau and CPO Ivan Yuen, Wattpad operates a social platform that creates direct connections between readers and writers. In 2014, it raised US$46 million in a Series C financing led by OMERS Ventures .
1 min read · 19 October 2017
Calgary light oil developer Tangle Creek Energy Ltd has acquired productive assets located primarily in the Waskahigan and Kaybob areas of Alberta for an undisclosed sum. The deal, which grows the company's production to more than 8,000 barrels of oil equivalent per day, is "transformational," CEO Glenn Gradeen said. The acquisition was financed mostly with equity provided by Wells Fargo Strategic Capital, the investment arm of Wells Fargo & Co. As a result, Wells Fargo joins Tangle Creek's existing investors, led by ARC Financial and Camcor Partners. ARC and Camcor have backed the company since April 2011.
2 min read · 18 October 2017
Inmar Inc, which earlier in 2017 was acquired by OMERS Private Equity, has bought Reach I influence, a Detroit, Michigan marketing analytics company. No financial terms were released. Inmar, a Winston-Salem, North Carolina operator of intelligent commerce networks, said the acquisition will provide it with additional resources to help independent retailers and emerging brands compete with large chains and e-commerce players. OMERS Private Equity acquired a majority stake in Inmar from U.S. private equity firm ABRY Partners, the company’s backer since 2014.
3 min read · 18 October 2017
ThinkRF Corp, an Ottawa-based provider of software-defined spectrum analysis solutions, has raised $5 million in funding. Wesley Clover International, a Canadian venture capital firm and existing investor in the company, led the round. It was joined by new private investors. Founded in 2006, ThinkRF develops technology to give users more versatility, better performance, and additional capabilities for wireless spectrum analysis. The funds raised will be used for the next phase of its strategy, which includes expanding into new geographic and vertical markets. ThinkRF is led by President and CEO Jim Roche, a Canadian serial entrepreneur.
3 min read · 18 October 2017
U.S. private equity firm Apollo Global Management has agreed to acquire a majority stake in Catalina Holdings (Bermuda) Ltd, a Hamilton, Bermuda-based acquirer and manager of non-life insurance-reinsurance companies in run-off. No financial terms were disclosed for the deal, which is expected to close in Q1 2018. As a result, Caisse de dépôt et placement du Québec and Ontario Teachers’ Pension Plan will exit their stakes in the company. The two Canadian pension funds have held interests in Catalina for about a decade. Apollo initially invested in December 2013.
4 min read · 18 October 2017
Resolver Inc has acquired RiskVision Inc, a Sunnyvale, California-based developer of risk intelligence solutions for security operations. No financial terms were disclosed. Resolver, a Toronto-based provider of governance, risk and compliance software solutions, said the deal expands its customer base and increases its position in the information technology risk and compliance markets. Resolver earlier in 2017 raised $20 million from Canadian private equity firm Klass Capital, the company's majority owner, for making acquisitions. Resolver also bought Global AlertLink in July.
3 min read · 18 October 2017
Montréal-based insurance technology startup Covera Technologies Inc has secured $1 million in a seed-stage financing. The round, which adds to a $500,000 pre-seed deal last year, was led by Canadian venture capital firm Ferst Capital Partners and joined by angel investors. Established in 2016 by CEO Scott Loong and CTO Paul O'Reilly, Covera develops technology that helps customers automatically re-shop their insurance policies. The funds raised will be used to support the company's growth and user acquisition initiatives, drive expansion in Canada, and build a team to accelerate product development.
3 min read · 18 October 2017
Neo Performance Materials Inc, a Toronto-based producer of advanced materials, has filed a preliminary prospectus with Canadian securities regulators for an initial public offering of common shares. The IPO, which has not yet been priced, contemplates a secondary sale of shares by U.S. private equity firm Oaktree Capital Management, the company's majority shareholder. Oaktree reportedly took control of Neo Performance, formerly known as Molycorp Inc, when it emerged from bankruptcy in 2016. Scotiabank and RBC Capital Markets are acting as joint book-runners for the IPO, and Cormark Securities is acting as co-lead underwriter.
3 min read · 18 October 2017
Montréal-based security workforce management platform TrackTik Inc has secured $7 million in funding. The round was backed by Caisse de dépôt et placement du Québec (CDPQ) and iNovia Capital, which led the startup's $1.5 million seed financing in 2015. Founded in 2010 by President and CEO Simon Ferragne, TrackTik provides integrated security operations management software that gives security service companies control over all aspects of their business. It plans to use the funds raised to fuel growth beyond its current bases in North America and Europe, develop its product, hire more staff, and pursue acquisitions. TrackTik is also backed by Klass Capital.
5 min read · 18 October 2017
