Canadian enterprise DNS solutions provider BlueCat Networks has agreed to be acquired by U.S. private equity firm Madison Dearborn Partners. No financial terms were disclosed for the deal, which will see BlueCat’s existing management team remain in place and retain an equity ownership position. The deal will also provide an exit for the company’s existing backers, Trident Capital and Northleaf Capital Partners. Toronto-based BlueCat was founded in 2001 by Michael Hyatt and Richard Hyatt, and is led by CEO Michael Harris. It said the partnership with Madison Dearborn will help accelerate growth through product development and marketing. The acquisition is expected to close in Q2 2017.
4 min read · 23 February 2017
Saba Software Inc, a portfolio company of U.S. private equity firm Vector Capital, has agreed to acquire Halogen Software Inc (TSX: HGN), an Ottawa provider of cloud-based performance management solutions. Saba agreed to an all-cash purchase price of $12.50 per share, which implies an equity value for Halogen of about $293 million. U.S. growth equity firm JMI Equity and other shareholders holding about 54 percent of Halogen shares have agreed to support the deal. U.S.-based Saba said the acquisition will extend its position as a provider of SaaS talent management solutions. Halogen's Michael Slaunwhite will chair the combined company.
6 min read · 23 February 2017
Canadian enterprise DNS solutions provider BlueCat Networks has agreed to be acquired by U.S. private equity firm Madison Dearborn Partners. No financial terms were disclosed for the deal, which will see BlueCat's existing management team remain in place and retain an equity ownership position. The deal will also provide an exit for the company's existing backers, Trident Capital and Northleaf Capital Partners. Toronto-based BlueCat was founded in 2001 by Michael Hyatt and Richard Hyatt, and is led by CEO Michael Harris. It said the partnership with Madison Dearborn will help accelerate growth through product development and marketing. The acquisition is expected to close in Q2 2017.
4 min read · 23 February 2017
Enbala Power Networks, a Vancouver distributed energy resource management specialist, has secured $12 million in a Series B financing. The round was led by ABB Technology Ventures, the venture arm of European technology multinational ABB. It was joined by National Grid, GE Ventures, Chrysalix Venture Capital and Obvious Ventures. Founded in 2003, Enbala develops software that aggregates electricity demand, along with energy storage and renewable energy sources, to create a network of optimized distributed energy sources. The funds raised will help scale its solutions. Enbala's other investors include EnerTech Capital.
4 min read · 23 February 2017
Fusion Pharmaceuticals Inc, a newly-formed Canadian biopharmaceutical company, has raised about $33 million (US$25 million) in a Series A financing. The round was led by Johnson & Johnson Innovation-JJDC Inc and joined by HealthCap, TPG Biotech, Genesys Capital and FACIT. Hamilton, Ontario's Fusion is a spin-out from the Centre for Probe Development and Commercialization, located at McMaster University. Led by that organization's founder, Dr. John Valliant, Fusion is focused on developing targeted radiotherapeutics for treating cancer. It will use the funds raised to bring its lead program, FPX-01, into human clinical trials.
5 min read · 23 February 2017
Toronto HR and benefits platform Collage has raised $5 million in seed-stage financing. The announcement confirms news previously shared by the startup's Canadian investor, Diagram, which launched a $25 million debut fund in January. Founded last year by Elijah Moore, Peter Demangos and Steven Hanna, Collage has developed a cloud-based software application that helps businesses automate the administrative work involved with HR, group benefits, and payroll administration. Diagram CEO François Lafortune said his firm's focus on backing "the best insurance technology in Canada," made Collage "a natural choice for one of our first investments."
4 min read · 22 February 2017
Roadmunk, a roadmap visualization software platform, has secured $1.5 million in a seed-stage financing. The round was led by Canadian venture capital firm Golden Venture Partners and joined by Felicis Ventures and Garage Capital. Founded in 2012 by CEO Latif Nanji and CTO Tomas Benda, Toronto-based Roadmunk has built a web application that allows enterprises to create and share visual strategy roadmaps. With additional offices in Waterloo and London, United Kingdom, the startup has grown to serve more that 25,000 product managers in organizations worldwide. Roadmunk has previously received funding from BDC Capital.
3 min read · 22 February 2017
Montréal software company Sofdesk has raised $3 million in a Series A financing led by EnerTech Capital, an investor in Canadian and U.S. energy and power sectors. EnerTech was joined in the round by BDC Capital's ICE Venture Fund. As a result, EnerTech Managing Director Wally Hunter will join the company's board. Founded in 2013, Sofdesk provides technology that helps reduce soft costs for solar installation and roofing businesses and is developing solutions for the insurance and utility sectors. Led by CEO Lennie Moreno, the company plans to use the funds raised to expand and scale its platform in target markets and add to its team.
3 min read · 22 February 2017
Maple Leaf Foods Inc (MFI: TSX) has agreed to acquire Lightlife Foods Inc, a manufacturer and brand of refrigerated plant-based protein foods in the United States. Maple agreed to pay US$140 million and costs to Lightlife's current owner, Brynwood Partners, a U.S. private equity firm. Brynwood bought the Braintree, Massachusetts company from ConAgra Brands Inc in 2013. Maple Leaf, a Canadian consumer protein company, said the acquisition will give it "a leading market position and brand in the United States in a category that is outpacing growth in the broader packaged foods sector." The deal is expected to close next month.
3 min read · 21 February 2017
Canadian software company DMT Development Systems Group Inc (DMT) has raised a growth equity financing round led by Sageview Capital, a U.S. private equity firm. No financial terms were released. The deal, which gave Sageview a minority stake in the company, saw Partners Scott Stuart and Jeff Klemens take seats on the board. Founded in 1996, Winnipeg-based DMT is a developer of software that helps improve lead generation and management, information flow, and customer relations for auto manufacturers and dealers. It said the fund raised will be used to expand its product suite, hire new R&D personnel, and continue global growth.
3 min read · 21 February 2017
