Canadian software and services company Enghouse Systems Ltd (TSX: ENGH) has acquired Tollgrade Communications Inc, a U.S. provider of centralized, software-based test systems for broadband telecom access businesses. Markham, Ontario's Enghouse paid about $23 million for the company, subject to price adjustments. It said the acquisition adds to Enghouse Networks' OSS service assurance portfolio and will enlarge its customer base. Based in Cranberry, Pennsylvania, Tollgrade was backed by U.S. private equity firm Golden Gate Capital, which acquired it in 2011.
3 min read · 13 April 2017
Software lifecycle integration platform Tasktop has raised about $15 million (US$11.3 million) in a follow-on financing. The round was led by U.S. venture capital firm AVX Partners. AVX was joined by Austin Ventures and Yaletown Partners, which also invested in the Vancouver company's $11 million Series A round in 2014. Founded in 2007 by CEO Mik Kersten and Chief Scientist Gail Murphy, Tasktop has designed integration technology to improve software development and delivery. The company reported 75 percent growth in revenue in fiscal 2016. Tasktop plans to use the funds raised for go-to-market development, marketing and sales activities.
3 min read · 13 April 2017
Canadian private-markets investor Northleaf Capital Partners has hired James Fung as chief technology officer. Working from the firm's Toronto headquarters, Fung will lead its business technology strategy. Prior to joining Northleaf this year, he was an executive at Accenture Strategy. Northleaf, which has an 85-person team, manages more than US$9 billion in private equity, infrastructure and private credit commitments.
2 min read · 12 April 2017
3 min read · 12 April 2017
The Canadian subsidiary of GE (NYSE: GE), GE Ventures, BDC Capital and Ryerson Futures have joined forces to launch the ZSC Seed Accelerator Fund. The fund will provide seed-stage financing to companies in Zone Startups Calgary (ZSC) that are looking to commercialize their technologies. BDC Capital said it also plans to facilitate access to other investment opportunities for ZSC-backed companies though its Venture Acceleration Program. ZSC focuses on accelerating local startups in the industrial internet of things, cybersecurity and energy sectors.
4 min read · 12 April 2017
OEL Projects Ltd, a Calgary provider of engineering, procurement, construction and management services to the oil and gas industry, earlier this month combined with McIntosh Perry Consulting Engineers Ltd. The deal's financial terms were not released. McIntosh Perry said the merger is the next step in the company's plan to become "the premiere diversified engineering firm in Canada." Ottawa-based McIntosh Perry, which combined with CCI Group Inc last October, is a portfolio investment of Canadian private equity firm Signal Hill Equity Partners.
3 min read · 12 April 2017
Borealis Infrastructure has agreed to acquire a 34.6 percent interest in GNL Quintero SA, a Chilean land-based terminal for the receiving, unloading, storage and regasification of liquefied natural gas. No financial terms were released. As part of the transaction, Borealis has agreed to grant Enagás, one of GNL's existing owners, a 12-month call option for 5 percent of its shares. Empresa Nacional del Petróleo also holds a GNL stake. Borealis is the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS). The deal marks OMERS' first direct infrastructure investment in South America.
3 min read · 11 April 2017
BDC Capital has launched a new scheme to encourage more corporate players to participate in Canada's innovation ecosystem. The Corporate Innovation and Venturing Program was unveiled this week at the first ever Canadian Corporate Innovation Summit held in Toronto. BDC Capital's Neal Hill said the program is intended "to help move the needle on corporate innovation." It will focus on raising corporate awareness about the value of innovation and facilitating connections; increasing the number of corporate players active in the ecosystem as partners and investors, and; introducing global corporate venture capital funds to Canada.
4 min read · 11 April 2017
Toronto-based cloud real estate technology platform Real Matters Inc has filed a preliminary prospectus with regulatory authorities in Canada for an initial public offering. The IPO, which has not yet been priced, will include a secondary offering by certain shareholders. The lead underwriters and joint bookrunners are BMO Capital Markets and INFOR Financial Inc, which ran Real Matters' $100 million financing last year. Led by President and CEO Jason Smith, Real Matters has raised over $200 million from a mix of public and private investors, including Whitecap Venture Partners, Wellington Financial and Radar Capital.
3 min read · 11 April 2017
Waterous Energy Fund (WEF), a private equity fund launched earlier this year by Canadian investment banker Adam Waterous, has agreed to buy Northern Blizzard Resources Inc (TSX: NBZ) for $244 million. The deal will see WEF acquire about 67 percent of the company's issued and outstanding common shares from Riverstone Holdings and NGP Energy Capital Management, both U.S. private equity firms. Riverstone and NGP have backed Northern Blizzard since its founding in 2009 and public listing in 2014. Based in Calgary, Northern Blizzard is a crude oil production and development company. Once closed, the investment will be WEF's second to date.
4 min read · 11 April 2017
