Vector Institute, a new artificial intelligence facility, has been launched at Toronto's MaRS Discovery District. Chaired by former TD Bank Group CEO Ed Clark, Vector will develop a Canadian economic cluster through partnerships that advance AI research and drive the adoption and commercialization of AI technologies. The Canadian and Ontario governments have committed funding to Vector. Additionally, more than 30 companies agreed to commit $80 million over 10 years. They included venture-backed startups, such as Clearpath, FreshBooks, Integrate.AI and Thalmic Labs, as well as investors, such as Georgian Partners.
5 min read · 31 March 2017
Shareholders in Heathrow Airport Holdings Ltd have agreed to invest an additional £650 million (US$807 million) in the London-based international airport. The shareholders include Caisse de dépôt et placement du Québec, which currently holds a 12.62 percent interest. Initial plans for the funds raised include terminal expansion and the creation of an access tunnel. Heathrow is home to more than 80 airlines, connecting to more than 180 destinations. Its largest shareholder is Ferrovial SA.
3 min read · 30 March 2017
Discovery Capital Management Corp has confirmed an earlier report of the sale of Rx Networks Inc to China's Beijing BDStar Navigation Co Ltd. Discovery clarified that the pending sale, valued at $31 million, involves the Vancouver company's Location.io division, a provider of location assistance solutions. Prior to the close, another business, Fathom Systems Inc, a specialist in beacon and Bluetooth indoor positioning technologies, will be spun out of Rx Networks to its existing investors. The latter include British Columbia Discovery Fund, Discovery's venture capital fund, and Telus Ventures. Fathom's technology was recently commercially launched.
4 min read · 30 March 2017
Beijing BDStar Navigation Co Ltd has agreed to acquire Rx Networks Inc, a Vancouver-based mobile positioning technology company, according to a Reuters report.
1 min read · 30 March 2017
Caisse de dépôt et placement du Québec has invested $36.5 million in Eddyfi, a Québec City developer of inspection equipment and software for the industrial sector. The deal, which gives the Caisse a minority stake, is intended to fund the company's growth plan focusing on overseas strategic acquisitions. Founded in 2009, Eddyfi utilizes advanced non-destructive testing (NDT) technologies for products used in a wide range of sectors and in more than 70 countries. Last May, it acquired U.K.-based NDT products maker Silverwing Group from NVM Private Equity. Eddyfi is led by President and CEO Martin Thériault.
3 min read · 30 March 2017
San Francisco's MapD Technologies Inc has raised a US$25 million Series B financing. The round was led by NEA and joined by existing investors, including Canadian venture capital firm Vanedge Capital, which led MapD's US$10 million Series A last year. Founded in 2013, MapD has developed a software platform that combines a GPU-based SQL query engine and visual analytics to enable the exploration of large data sets. It plans to use the funds raised to increase customer adoption and product development. Earlier in 2017, Vanedge announced the close of Vanedge Capital II, raising $161 million.
4 min read · 30 March 2017
Canadian companies are looking to sell non-core assets as a result of macroeconomic volatility, according to a new study by Ernst & Young (EY). A survey conducted for EY's 2017 Corporate Divestment Study found 73 percent of respondents were likely to pursue divestment strategies. Once divested, 51 percent reported the initiative led to valuations of remaining assets that exceeded expectations. EY said 81 percent of Canadian companies believe they have been able to continue to create value in businesses subject to a divestment, compared to only 67 percent of global respondents.
4 min read · 30 March 2017
U.S. private equity firm Bridge Growth Partners has made a majority equity investment in Accedian, a Canadian provider of network performance monitoring and assurance solutions. No financial terms were released; however, the Financial Post reported Bridge Growth invested more than US$100 million to support Accedian's global growth. With the deal, Bridge Growth's Tom Manley will chair the board, while Alok Singh and Bill Teuber will become directors. Founded in 2005 by CEO Patrick Ostiguy, Montréal's Accedian has previously raised funding from Rho Canada Ventures, Skypoint Capital, Summit Partners and other investors.
4 min read · 30 March 2017
DW Healthcare Partners has signalled an interest in doing more deals in Canada’s healthcare industry with the close of its fourth private equity fund. The Toronto and Park City, Utah, investor today announced DW Healthcare Partners Fund IV raised US$295 million in committed capital. It is the firm’s largest fund to date, exceeding by 11 percent the US$265 million secured by Fund III in 2013. Some 31 limited partners joined Fund IV, Managing Partner Andrew Carragher told PE Hub Canada.
3 min read · 29 March 2017
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired Interprovincial Meat Sales Ltd, a Dartmouth, Nova Scotia meat trader and distributor of beef, poultry and pork. No financial terms were released for the deal, which was announced by Generational Equity, the advisor to Interprovincial Meats. The acquisition is expected to facilitate Premium Brands entry into markets in Eastern Canada. Based in Vancouver, Premium Brands has been a portfolio company of Canadian private equity firm Pender West Capital Partners since 2005.
2 min read · 29 March 2017
