U.S. private equity firm Cartesian Capital Group said it filed a complaint against IC Potash Corp (TSX: ICP), a Toronto explorer and developer of potassium fertilizer minerals in New Mexico. The complaint, filed in a New York State court, is for damages of at least US$10 million. Cartesian, which has invested as a minority partner in the company's U.S. potash affiliate, alleges misappropriation of the joint venture's funds. It also said IC Potash refused to fund the capital needs of the joint venture. Resource Capital Funds is among the company's investors.
2 min read · 12 July 2017
Digital Map Products Inc (DMP) has acquired DMTI Spatial Inc (DMTI), a Markham, Ontario provider of location-based big data, data visualization and analytics solutions, from Neopost Canada. No financial terms were released. DMP, a geospatial mapping technology and intelligence company, said the deal supports the expansion of its geographic footprint, broadens its suite of solutions, and strengthens its client base. Based in Irvine, California, DMP was recapitalized last year with the help of a US$36.3 million investment led by Silversmith Capital Partners, a U.S. growth equity firm.
4 min read · 12 July 2017
New York business risk intelligence platform Flashpoint has raised US$28 million in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners with participation from Greycroft Partners, TechOperators, Leaders Fund, Jump Capital, Bloomberg Beta and Cisco Investments. With the financing, Georgian Principal Steve Leightell will join the board. Founded in 2010, Flashpoint helps business units and functions across organizations make better decisions and mitigate risk. Led by CEO Josh Lefkowitz, it plans to use the funds raised to accelerate adoption of its product and recruit talent.
3 min read · 12 July 2017
London, Ontario voice-over online marketplace Voices.com Inc has secured an $18 million investment from Morgan Stanley Expansion Capital, a growth equity firm affiliated with U.S. money manager Morgan Stanley Investment Management. The company said the institutional investment is the first since its founding in 2005. The funds raised will be used to scale global operations, expand client and subscriber product offerings and enhance the technology platform. Led by CEO David Ciccarelli, Voices.com connects buyers of audio and voice-over products and services with a selection of more than 200,000 voice actors. It has enabled over 250,000 transactions to date.
4 min read · 12 July 2017
Jardine Transport Ltd has acquired all of the outstanding shares of R.E.M Transport Ltd, a long-haul trucking company based in Saint Stephen, New Brunswick. No financial terms were disclosed for the buy of R.E.M, which operates a fleet of more than fifty power units and sixty trailers in Canada and the United States. Jardine, a long-haul carrier based in Fredericton, said the deal adds scale to its operations and increases network density. Founded in 1978, Jardine was acquired in 2015 by Canadian private equity firm SeaFort Capital. Earlier this week another SeaFort portfolio company, Cooper Equipment Rentals Ltd, also announced an add-on deal.
2 min read · 12 July 2017
Canadian clean energy technology company Inventys has secured C$10 million in the first tranche of a round B-11 financing. Strategic investor Husky Energy Inc led the round and was joined by the company’s existing backers Roda Group and Chrysalix Energy Venture Capital. Founded in 2007, Inventys is led by President and CEO Claude Letourneau.
3 min read · 12 July 2017
3 min read · 12 July 2017
Two like-minded venture firms have formed a strategic partnership and marked the occasion with a first joint deal, backing the developer of an electronic nose sensor. TandemLaunch, a creator of synthetic startups in the consumer-electronics space, agreed to partner with Mistral Venture Partners, a seed investor in information-technology companies. The pact formalizes an already close bond between the firms, but will take the collaboration up a notch, including giving Mistral an early window on opportunities emerging from TandemLaunch’s company-building process.
3 min read · 12 July 2017
Canada Pension Plan Investment Board (CPPIB) has agreed to collaborate with Calgary oil and gas company Vermilion Energy Inc (TSX, NYSE: VET) in a strategic partnership in the Corrib Natural Gas Field in Ireland. CPPIB will acquire Shell Exploration Co BV's 45 percent stake in the project for about $1.2 billion (EUR830 million) plus contingent payments. It will transfer a portion of the interest to Vermilion, leaving the pension fund with 43.5 percent. Vermilion will hold a 20 percent operated stake, with Norway's Statoil ASA owning the rest. Corrib supplies about 60 percent of Ireland's natural gas consumption and accounts for about 95 percent of its gas production.
7 min read · 12 July 2017
U.S. cyber security company Lastline Inc has raised US$28.5 million in a Series C financing. The round was led by Thomvest Ventures, the Silicon Valley venture capital firm of Peter Thomson, a member of Canada's Thomson family. Existing investors, including Osage University Partners and Redpoint Ventures, also participated, as did several strategic investors. Lastline develops technology to help protect enterprises from data breaches caused by advanced malware threats. The Redwood, California-based company will use the funds raised to accelerate its next phase of growth.
4 min read · 11 July 2017
