Yaletown Partners has gone national by planting its flag in Montréal and introducing new team members, including the head of Open Text’s venture program. The Vancouver investor, which is raising a $135 million growth equity fund, on its website announced the opening of a Montréal office and recruitment of three senior investment pros. The hires include David Harris Kolada, who joins Yaletown as a venture partner. Harris Kolada most recently served as OpenText’s vice president, venture capital, overseeing all aspects of the software company’s $100 million strategy.
3 min read · 31 May 2017
Canadian policy control solutions provider Sandvine Corp has agreed to be acquired by Vector Capital. The U.S. private equity firm will acquire all of the company’s shares, other than certain shares held by management, for C$3.80 per unit, which implies an equity value for Sandvine of about C$483 million. Founded in 2001, Sandvine provides its technology to more than 300 networks in more than 100 countries. It was venture-backed before going public in 2006.
7 min read · 31 May 2017
TouchBistro Inc, a Toronto-based iPad point-of-sale app for restaurants, has secured $16.3 million in a Series C financing, bringing its total funding to date to $45.3 million. The Series C was led by U.S.-based Napier Park Financial Partners and Japan's Recruit Group. They were joined by BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners and other existing investors. With the deal, Napier Park's Daniel Kittredge will join the board. TouchBistro reports growing its recurring monthly revenue by 150 percent in the past year, and deploying more than 15,000 iPads in over 9,000 restaurants. It will use the funds raised to enhance its technology and expand in global markets.
5 min read · 31 May 2017
Kinnser Software Inc, a U.S. developer of software solutions for home health and hospice providers, has agreed to be acquired by Mediware Information Systems Inc. The deal, the terms of which were not released, will be backed by U.S. private equity firm TPG Capital, which acquired Mediware, a healthcare software company, earlier in 2017. It is expected to close in the second quarter. The acquisition of Austin, Texas-based Kinnser will provide exits to Canadian growth equity firm Georgian Partners and U.S. firm Insight Venture Partners. Georgian invested in 2014, according to Crunchbase.
5 min read · 30 May 2017
Ivanhoé Cambridge has partnered with Callahan Capital Properties, a U.S. real estate private equity firm, to acquire 85 Broad Street, an office building in Manhattan, New York. Ivanhoé and Callahan paid US$650 million for the 1.1-million-square-foot office tower. Ivanhoé's Arthur Lloyd said the deal expands the firm's New York office portfolio to more than 6.7 million square feet. Ivanhoé is the real estate investment arm of the Caisse de dépôt et placement du Québec.
3 min read · 30 May 2017
ABcann Global Corp (TSX-V: ABCN) has agreed to receive a $30 million investment from Cannabis Wheaton Income Corp, a cannabis streaming company set up earlier this month by Nesta Holding. The proceeds will be used to fund construction of ABcann’s proposed cannabis cultivation facility located in Napanee, Ontario. Cannabis Wheaton's investment, to be made over 2017-2018, will entitle it to receive 50 percent of the proceeds of future wholesale or retail sales generated by ABcann from cannabis production. Nesta is a Canadian cannabis private equity firm.
4 min read · 30 May 2017
Acasta Enterprises Inc (TSX: AEF), a Canadian special purpose acquisition corporation, has hired Erik Levy as a managing partner. Acasta, which plans to launch a private equity operation this year, said Levy joins Anthony Melman and Michael Liebrock as the operation's founding partner. He will also support strategic initiatives and corporate development for Acasta portfolio companies. Levy previously served as a senior principal in the direct private equity group of Canada Pension Plan Investment Board (CPPIB). Earlier in 2017, Acasta closed its qualifying acquisition, buying three businesses for $1.1 billion.
2 min read · 30 May 2017
Canada's Public Sector Pension Investment Board (PSP Investments) has partnered with Grupo Aeroportuario del Sureste SAB de CV (ASUR), a Mexican airport group, to acquire a 50 percent interest in Aerostar Airport Holdings LLC, operator of the Luis Muñoz Marín International Airport in San Juan, Puerto Rico. PSP acquired a 40 percent stake in Aerostar, while ASUR increased its stake to 60 percent, which represents a combined investment of US$430 million. The seller was Oaktree Capital Management. PSP's Patrick Charbonneau said the deal leverages the capabilities of AviAlliance, the pension fund's industrial airport platform.
5 min read · 30 May 2017
Toronto financial technology startup Wave has raised about $32.3 million (US$24 million) in follow-on funding. National Australia Bank, RBC, Power Corp's Portag3 Ventures and Exhibition Capital participated in the round. They were joined by existing investors, including CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd. Founded in 2010, Wave develops cloud-based financial management software for entrepreneurs and small business owners. It reports having more than 2.5 million users of its software worldwide. The company plans to use the funds raised to accelerate development of its solutions.
3 min read · 30 May 2017
HeyOrca Inc has raised $2 million in follow-on seed-stage financing, bringing its total funding to $2.65 million. The company's existing Canadian investors, Killick Capital and Pelorus Venture Capital, backed the round. Founded in 2015 by CEO Joseph Teo and CTO Sahand Seifi, HeyOrca develops cloud-based software that helps streamline social media planning workflow for marketing agencies and their clients. It reports growing its customer base by 800 percent in the past year. HeyOrca, which has its headquarters in St. John's, Newfoundland, will use the funds raised to expand its presence in the U.S. market and grow product and sales teams.
3 min read · 30 May 2017
