Calgary oilfield service company STEP Energy Services Inc has wrapped up its previously announced initial public offering, raising total proceeds of $100 million. As a result of the issue, the pricing of which was recently adjusted, STEP's common shares are now listed on the Toronto Stock Exchange under the symbol STEP. Based in Calgary, STEP has been backed by Canadian energy-focused private equity firm ARC Financial Corp since 2011. ARC is selling shares through the IPO's over-allotment option, which is expected to generate proceeds of up to $15 million.
3 min read · 02 May 2017
Bitfusion, a U.S. provider of artificial intelligence (AI) infrastructure management software, has secured US$5 million in a Series A financing. The round was led by Canadian venture capital firm Vanedge Capital. It was joined by new and existing investors, including Sierra Ventures, Data Collective, Resonant VC and Geekdom. Bitfusion, founded in 2015 and headquartered in Sunnyvale, California, also announced the beta availability of a new software product, Bitfusion Flex, which aims to make the delivery of AI applications faster and more cost effective. Earlier in 2017, Vanedge closed its second information technology fund, raising $161 million.
4 min read · 02 May 2017
Alignvest Acquisition II Corp (AQY), a Canadian special purpose acquisition corporation (SPAC), has filed a preliminary prospectus with most securities regulatory authorities in Canada for an initial public offering of $250 million of class A restricted voting units. AQY is the second SPAC sponsored by Alignvest Management Corp, a Toronto-based alternative investment management firm. The first SPAC, Alignvest Acquisition Corp, last year agreed to acquire Trilogy International Partners LLC, a provider of wireless communication services. The US$269 million deal closed in February, giving Trilogy a Toronto Stock Exchange listing.
9 min read · 02 May 2017
Canadian digital health startup QoC Health Inc has raised an undisclosed follow-on financing. The round was backed by Epic Capital Management, Bayshore HealthCare and other institutional and angel investors that joined the company's seed financing in 2015. Founded in 2011, Toronto-based QoC Health has developed a patient-centered technology platform to help scale digital health ideas, including patient monitoring, analytics, educational materials, communications, decision aids, planning tools, and turnkey integration with medical records. It will use the funds raised to make the platform available to developers.
3 min read · 02 May 2017
Canadian private equity firm Mosaic Capital Corp has acquired a 75 percent interest in Cedar Infrastructure Products Inc for about $18.3 million. Based in Vaughan, Ontario, Cedar is a distributor of municipal iron castings, concrete pipe, pre-cast products and other specialty materials to service the road, water and sewer infrastructure and residential construction industries. Matthew Genovese and Tony Maio, the company's founders, said the deal will help grow Cedar's product line, customer base and geographic footprint. Cedar is Calgary-based Mosaic's second acquisition to date in Ontario.
3 min read · 02 May 2017
Convene, a U.S. workplace-as-a-service platform, has raised US$68 million in a Series C financing, bringing its total funding so far to US$119.2 million. The round was led by existing investors, including the real estate investment arm of Canada's Brookfield Asset Management, as well as ArrowMark Partners and Conversion Venture Capital. The Durst Organization and Elysium Management also invested. New York-based Convene's platform operates a network of on-demand meeting, event, conference, and workspace venues. It plans to use the funds raised to accelerate the development of its three business lines.
4 min read · 01 May 2017
Canadian specialty finance firm Wellington Financial has provided US$15 million in financing to support the growth strategy of a U.S.-based information technology company servicing the healthcare industry. The company, which is venture-backed, was not identified. Wellington said it has to date led $65 million in deals involving eight healthcare companies. They include Ottawa's CareWorx Inc, which secured a $10 million credit facility from Wellington last year to back its merger with TUC Managed IT Solutions.
2 min read · 01 May 2017
Caisse de dépôt et placement du Québec (CDPQ) said it will provide $107 million in debt financing to Potentia Renewables Inc, a Toronto developer and operator of solar energy systems for rooftop and ground installations in North America. The funds raised will support development of additional solar and wind projects by the company, which currently operates 569 arrays with a total generation capacity of about 97 megawatts. CDPQ previously invested in the construction of a Potentia solar array project.
3 min read · 01 May 2017
U.S. private equity firm Vector Capital has agreed to sell 20-20 Technologies Inc, a Laval, Québec-based provider of interior-space-planning software solutions. No financial terms were disclosed for the deal, which will see the company sold to U.S. private equity firm Golden Gate Capital. Founded in 1987 by former CEO Jean Mignault, 20-20 was taken private by Vector in 2012 for $77 million. In a separate release, Golden Gate said the company will keep its Canadian headquarters, as well as its primary U.S. office in Westwood, Massachusetts. It will also continue to be run by the existing management team led by CEO Mark Goldstein. The deal is expected to close in Q2 2017.
3 min read · 01 May 2017
U.S. private equity firm Sumeru Equity Partners and Ontario Pension Board (OPB) have teamed up to make a US$120 million investment in Snow Software, a Swedish provider of software asset management solutions. The funds raised will support the company's global expansion plans, enhance its offering across mobile and cloud platforms, and drive new product innovation. Snow's existing shareholders, including European private equity firm Vitruvian Partners, will continue to hold a majority interest in the business. OPB oversees $24.4 billion in assets.
5 min read · 28 April 2017
