Canadian investment firm Tectoria Venture Partners recently released its study of the technology ecosystem in Victoria, British Columbia. The study points to "a significant increase in startup activity in recent years" and more than $31.5 million of direct angel investment over the past five years. Most entrepreneurs in the region have nonetheless reported challenges to raising capital. Tectoria said these findings have convinced it to create an angel fund of $20 million to $30 million targeted to opportunities in Victoria. The firm plans to launch the fund later this year.
4 min read · 10 June 2016
Shermaine Tilley, a managing partner at CTI Life Sciences Fund, has been nominated to serve on the board of Immunovaccine Inc (TSX: IMV), a Halifax-based developer of cancer immunotherapies and infectious disease vaccines. Tilley joined CTI, a Montréal-based venture capital firm, at its inception in 2006. She was previously a senior vice president at Canadian private equity firm DRI Capital. CTI was an investor in the $127 million Series B financing raised by DalCor Pharmaceuticals in April.
6 min read · 10 June 2016
Canada's Public Sector Pension Investment Board (PSP Investments) has acquired a "significant" minority interest in Allflex Group, a European provider of animal intelligence and monitoring technologies. No financial terms were disclosed. The stake in Allflex was sold by British private equity firm BC Partners, which will remain the controlling shareholder. BC Partners acquired the company from Electra Partners for US$1.3 billion in mid-2013. Guthrie Stewart, senior vice president and global head of private investments at PSP, said the deal will increase the Montréal-based pension fund's presence in the European private equity market.
3 min read · 10 June 2016
4 min read · 10 June 2016
Fortuna Silver Mines Inc (NYSE: FSM, TSX: FVI) has agreed to acquire Goldrock Mines Corp (TSX-V: GRM), a Vancouver-based gold producer focused on the development of its Lindero gold deposit in Argentina. The deal implies an equity value of about $129 million. Goldrock's major shareholders include U.S. private equity firm Orion Mine Finance and Canadian firm Waterton Global Resource Management. They and other investors holding about 26 percent of the company's outstanding shares have agreed to support the acquisition. Fortuna, which is also Vancouver-based, said the combined entity will have two operating mines and a development project in three of the top mining jurisdictions in the Americas.
10 min read · 09 June 2016
The Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ have invested about $12 million (US$10 million) in support of Fresche Legacy's acquisition of Quadrant LLC, a U.S. provider of digital document distribution and modernization software. The previously-announced deal also saw investments from Fondaction CSN and Bank of Montreal. Fresche, a Montréal-based life-cycle modernization company, secured $7.8 million in financing from the Fonds last December.
2 min read · 09 June 2016
Members of angel network Anges Québec and Aligo Innovation have teamed up with private investors to commit $530,000 to Ovensa Inc, a Canadian biotechnology startup. Angel investor Christophe Goffoz led the financing. Founded in 2012, Aurora, Ont.-based Ovensa is focused on developing personalized treatments for cancer and neurodegenerative diseases and on preventing antibiotic resistance. The company said it will use the funds raised to advance development and commercialization of its technology, which was created at the Université du Québec à Rimouski.
3 min read · 09 June 2016
Members of angel network Anges Québec and Aligo Innovation have teamed up with private investors to commit $530,000 to Ovensa Inc, a Canadian biotechnology startup. Angel investor Christophe Goffoz led the financing. Founded in 2012, Aurora, Ont.-based Ovensa is focused on developing personalized treatments for cancer and neurodegenerative diseases and on preventing antibiotic resistance. The company said it will use the funds raised to advance development and commercialization of its technology, which was created at the Université du Québec à Rimouski.
3 min read · 09 June 2016
Montréal-based legacy management platform Fresche Legacy has acquired Quadrant LLC, a U.S. provider of application modernization, mobile development, business intelligence and document distribution solutions and services. No financial terms were disclosed for the deal, which was backed by Fondaction CSN, Fonds de solidarité FTQ and Bank of Montreal. Fresche said the deal positions it as a leading provider of value and solutions for IBM i customers. The company's buy of Quadrant follows earlier acquisitions, including looksoftware (2014) and Databorough (2013). Fonds de solidarité FTQ announced in late 2015 that it had invested $7.8 million in Fresche.
5 min read · 09 June 2016
Montréal-based legacy management platform Fresche Legacy has acquired Quadrant LLC, a U.S. provider of application modernization, mobile development, business intelligence and document distribution solutions and services. No financial terms were disclosed for the deal, which was backed by Fondaction CSN, Fonds de solidarité FTQ and Bank of Montreal. Fresche said the deal positions it as a leading provider of value and solutions for IBM i customers. The company's buy of Quadrant follows earlier acquisitions, including looksoftware (2014) and Databorough (2013). Fonds de solidarité FTQ announced in late 2015 that it had invested $7.8 million in Fresche.
5 min read · 09 June 2016
