Longview Solutions Inc, a Canadian finance and tax performance management software company, has merged with Tidemark Systems Inc, a U.S. enterprise financial planning and analytics software provider. No financial terms were disclosed. The add-on deal is Toronto-based Longview's second since being acquired by Marlin Equity Partners, a U.S. private equity firm, in 2014. The company merged with Germany's Arcplan Holding GmbH in 2015. Redwood City, California's Tidemark, venture-backed since its founding in 2010, was also a Marlin portfolio investment.
3 min read · 12 June 2017
Redknee Solutions Inc (TSX: RKN) has entered into an agreement with an affiliate of U.S. private equity firm ESW Capital to back stop the company's launch of a US$54 million rights offering. The proceeds of the offering, expected to close in September, will be used to fund a restructuring of the business, including a reduction of global personnel. Redknee, a Toronto-based provider of software and services to the telecommunications industry, also announced changes in its senior leadership as part of the restructuring. Earlier in 2017, ESW invested US$83.2 million in the company.
10 min read · 09 June 2017
Canadian mining company Northern Vertex Mining Corp (TSX-V: NEE) has closed the initial tranche of a US$20 million private placement deal with Greenstone Resources, a U.K. metals and mining private equity firm. With the US$10.8 million first close, Greenstone holds 19.9 percent of issued and outstanding shares. Additionally, Senior Partner Michael Haworth will join the board. Vancouver-based Northern Vertex said a second tranche is scheduled to close following a shareholders meeting in July. It plans to use the proceeds to continue development and construction of its flagship Moss Mine gold-silver project in Arizona and for other priorities.
6 min read · 09 June 2017
Stelco Inc, formerly U. S. Steel Canada Inc, announced that the Ontario Superior Court of Justice has sanctioned its restructuring arrangement and transaction with Bedrock Industries Group, a U.S. private equity firm. The deal is expected to close this month, resulting in the Canadian steel producer's emergence from creditor protection. Stelco agreed to restructure with Bedrock in 2016, shortly after United States Steel Corp (NYSE: X) agreed to transfer ownership to the investor. Bedrock previously said it will continue operating Stelco’s plants in Hamilton and Nanticoke, Ontario.
3 min read · 09 June 2017
Quark Venture and GF Securities Co Ltd have invested $5 million in Eloxx Pharmaceuticals Ltd, a Rehovot, Israel clinical-stage company that is developing therapeutics to treat genetic diseases caused by non-sense mutations. The investment was part of a $24 million Series C financing led by Pontifax Venture Capital. The funds raised will be used to initiate multiple clinical studies for the company’s lead compound, ELX-02. Quark, a Canadian venture capital firm, and China’s GF Securities are currently raising a $500 million health sciences fund.
4 min read · 09 June 2017
New Brunswick Innovation Foundation (NBIF) has made an undisclosed commitment to the debut venture capital fund of 500 Startups Canada. The investment is part of a partnership struck between NBIF and 500 Startups Canada to seed and grow more startups located in New Brunswick and across Atlantic Canada. 500 Startups Canada's US$30 million fund, launched in 2016, announced its initial close in January. With the NBIF deal, it has partners or associates in each Canadian innovation hub, including Vancouver, Waterloo, Toronto, Montréal and Fredericton. Last month, 500 Startups Canada led the pre-Series A financing of Attendease.
2 min read · 09 June 2017
Difference Capital Financial (DCF) has acquired a $4 million senior secured convertible debenture issued by Mogo Finance Technology Inc (TSX: MOGO), a Vancouver online lending platform. The investment, which forms part of a broader $15 million public financing, brings DCF's total holdings in the company to 9 percent of outstanding shares, assuming the conversion of the debenture's principal amount. DCF is a Canadian provider of debt and equity funding. Mogo's loans are primarily funded by credit facilities supplied by affiliates of U.S. private equity firm Fortress Investment Group.
3 min read · 09 June 2017
CBRE Group Inc (NYSE: CBG) has agreed to acquire a majority stake in Caledon Capital Management, a Toronto-based portfolio management and advisory firm specializing in infrastructure and private equity investments. Terms weren't disclosed for the deal, which will see Caledon renamed CBRE Caledon Capital Management and operating as a separate entity under CBRE’s investment management unit. The closing is expected to occur later this year. Caledon, which has $9 billion in assets under management, was founded in 2007 by David Rogers, who formerly led the private equity group at Ontario Municipal Employees Retirement System (OMERS).
4 min read · 09 June 2017
Toronto-based financial technology company Financeit Canada Inc has closed a $75 million renewable securitization facility and a $10 million warehouse facility with an unidentified Canadian life insurance company. The facilities will support the company's growth strategy. Financeit also announced the extension of a $35 million credit facility with ClearFlow Commercial Finance Inc. Last October, Financeit, a cloud-based point-of-sale financing platform, raised $22 million in equity to help fund its buy of TD Bank Group’s indirect home improvement financing assets. Its backers include Goldman Sachs.
2 min read · 08 June 2017
Whitney Rockley, co-founder and managing partner of McRock Capital, has been named the new chair of the Canadian Venture Capital & Private Equity Association (CVCA). With the appointment, Rockley becomes the first female chair of the association since its inception in 1974. Toronto-based McRock is a venture capital firm focused on the industrial internet of things. Rockley and Managing Partner Scott MacDonald founded the firm in 2012. It closed its debut fund, McRock iNFund LP, at more than $65 million in 2015. Prior to McRock, Rockley was a partner at Emerald Technology Ventures and Nomura New Energy Ventures.
2 min read · 08 June 2017
