Canada's technology sector was responsible for 7.1 percent of domestic economic output last year, greater than that of the finance and insurance industry, according to a new report. The State of Canada's Tech Sector 2016, based on research from the Brookfield Institute for Innovation + Entrepreneurship at Ryerson University, said the technology sector in Canada was comprised of 71,000 companies and contributed $117 billion to gross domestic product in 2015. It was also the largest private investor in research and development, accounting for $9.1 billion in spending.
4 min read · 25 July 2016
Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan (OTPP) have agreed to acquire Banco Santander SA's interest in Cubico Sustainable Investments Ltd, a London-based renewable energy business. No financial terms were disclosed for the deal, which will see OTPP and PSP share joint ownership of the company on a 50:50 basis. Cubico, launched in May 2015 by OTPP and PSP in partnership with Santander, has recently increased its portfolio to include 22 wind, solar and water infrastructure assets in eight countries. Its 2016 acquisitions include ten U.K. solar projects and two Brazilian wind farm complexes.
4 min read · 22 July 2016
The Caisse de dépôt et placement du Québec has provided a $59.5 million term loan financing to the New Richmond wind farm in Gaspésie. The wind farm, which is operated by TransAlta Renewables Inc, has a capacity of 67.8 megawatts generated by 33 wind turbines. The Montréal-based pension fund manager has financed three other wind farm projects in Québec and has interests in wind power assets in Canada, the United States and the United Kingdom.
2 min read · 22 July 2016
Shareholders of Kahala Brands Ltd have approved the company's acquisition by MTY Food Group Inc (TSX: MTY), a Montréal-based quick-service restaurant franchisor and operator. The deal, announced earlier this year, reflects a total consideration of US$300 million. Scottsdale, Arizona-based Kahala has been a portfolio company of Canadian private equity firms Serruya Private Equity and Delavaco Group since August 2013.
3 min read · 22 July 2016
Covage SAS, an affiliate of Axia NetMedia Corp (TSX: AXX), has submitted an offer to acquire Tutor Group, a fibre network owner and operator in France. No financial terms were disclosed for the deal, which is expected to close in the fall. Calgary-based Axia, an owner, operator and seller of services over fibre optic communications infrastructure, expects its own acquisition by Swiss private equity firm Partners Group to close on or about July 29, 2016. That deal, announced in March, will see Partners Group take the company private for $272 million.
5 min read · 22 July 2016
Canadian music performing rights nonprofit SOCAN has bought Audiam, a New York-based streaming mechanical royalty collection agency. No financial terms were disclosed. Toronto-based SOCAN said the acquisition strengthens its ability to license digital services and royalty payments for songwriters, composers and music publishers in Canada and the United States. Founded in 2013, Audiam raised financing primarily from angel investors. Earlier this year, SOCAN acquired MediaNet, a U.S. business-to-business music technology provider.
5 min read · 21 July 2016
RioCan Real Estate Investment Trust (TSX: REI.UN) has agreed to acquire Canada Pension Plan Investment Board's 50 percent interest in four properties for $352 million. The deal is expected to close this month. The properties, which are currently co-owned, are retail centres located in British Columbia, Alberta and Ontario. RioCan also reported on other recent acquisitions, including a joint buy with Tricon Capital Group of The Shops of Summerhill, a retail asset in Toronto. Announced in June, the deal reflects a purchase price of $42 million.
6 min read · 21 July 2016
The Public Sector Pension Investment Board (PSP Investments) reported net assets of $116.8 billion at the end of fiscal 2016, up from the previous $112 billion. The portfolio generated a 1 percent return in this period, exceeding the benchmark return, while the five-year annualized return was 8.9 percent, also exceeding the benchmark. André Bourbonnais, appointed president and CEO of PSP in early 2015, said strong performance in most of the pension fund's private-market asset classes in fiscal 2016 was offset by negative returns generated by public markets. He said PSP is pursuing strategic changes "with a view to enhance the construction of our portfolio."
8 min read · 21 July 2016
Trim, a San Francisco-based personal finance chatbot, has secured US$2.2 million in a seed-stage financing. U.S. venture capital firm Eniac Ventures led the round and was joined by Canadian firm Version One Ventures, Core Innovation Capital and Sound Ventures. Launched last year, Trim's chatbot technology helps consumers organize their finances via customized alerts, queries and updates. It also helps users manage subscriptions. In a blog post, Version One said Trim is its first financial technology deal. Version One is currently investing from its second seed fund, which raised $35 million in late 2014.
2 min read · 21 July 2016
San Francisco-based mobile rewards network Kiip has raised US$12 million in a Series C financing. The round, which brings Kiip's total funding to over US$30 million, was led by U.S. venture capital firm North Atlantic Capital. It was joined by new and existing investors, including Canada's Relay Ventures, which led the company's Series B round in July 2012. Kiip was founded in 2010 by CEO Brian Wong, a Canadian entrepreneur and charter member of the C100, a Silicon Valley nonprofit that supports Canadian startups. Wong said Kiip's Series C round "is representative of our continued execution towards leading the moments marketing revolution."
4 min read · 21 July 2016
