2 min read · 07 September 2017
SureWerx, a Vancouver-based supplier of professional tool, equipment and safety products to workers, has unveiled a U.S. expansion plan with its launch of SureWerx USA Inc. The new affiliate integrates and merges American Forge & Foundry Inc and Sellstrom Manufacturing Co and will provide a one-stop shop in the United States for all SureWerx brands. Several of these brands, including Sellstrom, were acquired in recent years. SureWerx is owned by Canadian private equity firm Penfund. Penfund acquired it in 2012.
3 min read · 06 September 2017
Morris Industries Ltd, a Saskatoon-based farm equipment manufacturer, has been acquired by an investor group led by Ben Voss, the company's new president and CEO, and including Canadian venture capital firm Avrio Capital and Lamont Brown Group (LBG), a Canadian family office. Terms weren't released; however, Avrio said its investment was part of a $20 million deployment to three new deals. The acquisition transfers majority ownership of Morris from Casey Davis, who organized its purchase from the Morris family in 2007. Davis will remain a minority investor. Avrio’s Aki Georgacacos and Steven Leakos and LBG's Keith Brown have joined the board.
4 min read · 06 September 2017
Automat, an artificial intelligence (AI)-driven conversational marketing platform, has entered into a strategic alliance with Element AI, an AI solutions provider. The partnership will focus on leveraging the platforms of the two companies to deliver AI capabilities and ensure customers of both have access to "the products, technology and expertise required to develop messaging experiences of any nature or complexity." In June, Montréal-based Element AI raised about $137.5 million (US$102 million) in a Series A round. Automat, which is also based in Montréal, in the same month secured about $11 million (US$8.3 million) in a Series A.
4 min read · 06 September 2017
Canadian home healthcare software company AlayaCare Inc has raised $2.4 million in follow-on financing. The round was backed by Fonds Innovexport, a vehicle created by a group of entrepreneurs together with Caisse de dépôt et placement du Québec, Fondaction CSN, Fonds de solidarité FTQ, Investissment Québec and others. AlayaCare said it will use the funds raised to build on three-year annual sales growth of more than 125 percent and invest in its product and employees. Founded in 2014 by CEO Adrian Schauer, Alayacare has offices in Toronto and Montréal. It is also backed by Klass Capital and other investors.
3 min read · 06 September 2017
Canadian venture capital firm Avrio Capital said its third late-stage agribusiness fund has deployed about $20 million across three new platform investments. Avrio Ventures III joined other investors in backing Seattle, Washington plant genetics and propagation specialist Phytelligence Inc. It also invested alongside of White Road Investments in the Series A financing of Carlsbad, California's Organic Mushroom Nutrition (M2). Finally, Fund III acquired a majority stake in Morris Industries Ltd, a Saskatoon maker of technology-based agricultural equipment. As a result of that recapitalization deal, Avrio's Aki Georgacacos and Steven Leakos will join the company's board.
5 min read · 06 September 2017
U.S. private equity firm Presidio Investors has hired Chris Puscasiu as a co-managing partner. Puscasiu joins the firm from Canadian pension fund Caisse de dépôt et placement du Québec, where for two years he served as senior vice president and co-head of direct private equity. He also ran the Caisse's New York subsidiary. Prior to then, he served as a partner at EQT Partners and Prides Capital, and held positions at other private equity and venture capital firms. At Presidio, Puscasiu will lead the firm's technology-enabled services investment activities.
3 min read · 06 September 2017
Absorb Software Inc, a Calgary provider of cloud-based learning and performance management software, has secured $59 million in funding. The investment was led by Silversmith Capital Partners, a U.S. growth equity firm. Founded in 2002, Absorb currently serves more than 2.5 million learners each month across 600 global customers. Led by President and CEO Mike Owens, an Absorb co-founder, the company plans to use the deal's proceeds to further develop its flagship product, Absorb LMS, a learning management system for businesses, higher-education institutions, and government and non-profit agencies, and expand its geographic footprint.
3 min read · 06 September 2017
Integrate.ai, a Toronto-based artificial intelligence (AI) enterprise software company, has raised about $5.7 million (US$$4.625 million) in a follow-on financing. The round was led by Real Ventures, according to a report by the Globe and Mail. It was joined by several other investors, including Georgian Partners, which led the US$5 million seed round that launched Integrate.ai earlier this year. A larger Series A financing is planned for 2018. Integrate.ai, founded by CEO Steve Irvine, Facebook Inc’s former marketing-partner program head, also announced appointments to its strategic advisory board, including Georgian's Justin LaFayette and Real Ventures' Mike Shaver.
6 min read · 06 September 2017
Canadian private-markets investor Northleaf Capital Partners has hired Michael Morris and Kaushik (Kash) Ramki as director and vice president, respectively. Morris, who joins from HIG Capital, where he served as a principal, will support North American private credit investments from Northleaf's office in Chicago. Ramki, who joins from British Columbia Investment Management Corp (bcIMC), where he served as a senior principal, will operate from Toronto as part of the firm's infrastructure asset management team. Northleaf, which manages more than US$9 billion in commitments, said it now has 100 professionals across its global office network.
3 min read · 05 September 2017
