Versature Corp, a Canadian phone solutions provider, has secured $1.15 million in funding. BDC Capital's Growth & Transition Capital provided $750,000 in subordinated debt, enabling an additional $400,000 in credit from the Royal Bank of Canada. Founded in 2003, Ottawa-based Versature provides cloud-based voice-over-Internet-protocol phone and communication solutions to businesses across Canada. It said the funds raised will support the company's continued growth by helping to expand its marketing and sales operations and target new strategic markets.
4 min read · 31 May 2016
Great Plains Energy Inc (NYSE: GXP), the parent of regulated power utility Kansas City Power & Light, has agreed to acquire Westar Energy Inc (NYSE: WR) for US$8.6 billion in cash and stock. Great Plains Energy said the acquisition, which is expected to close in the spring of 2017, will create a leading electric utility in the Midwestern United States with over 1.5 million customers in Kansas and Missouri, and nearly 13,000 megawatts of generation capacity. As part of the deal's financing terms, the company secured a US$750 million preferred convertible equity commitment from the Ontario Municipal Employees Retirement System (OMERS).
10 min read · 31 May 2016
EnerTech Capital has appointed Edward Jackson to the firm's advisory board. Jackson has served as a senior capital markets executive for about 30 years. Prior to his retirement at the end of 2015, he was managing director and co-head, investment funds, at RBC Capital Markets. EnerTech, an investor in energy and power sectors, has offices in Calgary, Toronto, Montréal and in the United States.
3 min read · 30 May 2016
Quintillion Subsea Holdings LLC recently acquired the assets of Arctic Fibre, the Canadian developer of a telecommunications network between Asia and Europe via Canadian and Alaskan Arctic waters. No financial terms were released. Quintillion, which is majority-owned by U.S. private equity firm Cooper Investment Partners, said the acquisition of Toronto-based Arctic Fibre will result in the construction of the submarine fibre optic cable system over three phases. Once built, Quintillion will own and operate the network.
2 min read · 30 May 2016
Eddyfi Technologies has acquired Silverwing Group, a Swansea, U.K.-based developer and manufacturer of non-destructive testing (NDT) products to inspect storage tanks, vessels and piping for corrosion. No financial terms were disclosed. Québec City-based Eddyfi, also a manufacturer of NDT products, said the deal strengthens its position in the oil and gas industry, and adds to its brands portfolio. The company now serves customers in more than 65 countries in such industries as nuclear, power generation, energy and aerospace. Silverwing has been backed by British investor NVM Private Equity since 2012.
4 min read · 30 May 2016
While high-profile software financings in Canada have recently grabbed headlines, a major surge of investment in life sciences startups has mostly gone unnoticed. Fueled by improved fundraising and exit trends, venture investment in biotech, pharmaceuticals, medical diagnostics and other life sciences sectors has gained traction since 2010. Dollar flows more than doubled over this period, reaching $523 million invested in 2015. That’s the largest VC deployment to life sciences in nearly a decade.
3 min read · 29 May 2016
Already through early 2016, more than two dozen life-sciences financings have collected $302 million, an amount that approaches or exceeds four of the past six years
3 min read · 27 May 2016
Spectrum 28 Capital has partnered with the University of Waterloo in launching a $2 million venture capital fund. Beginning this June, the Waterloo Engineering - Spectrum 28 Student Venture Program will provide students with early-stage venture support through classes and mentorship, as well as an ability to compete for seed funding. The initiative was the idea of Lyon Wong, who graduated from the university's engineering program in 2003 and went on to found Spectrum 28, a Menlo Park-based venture capital firm, in 2015. Wong was previously a partner at Lightspeed Venture Partners.
3 min read · 27 May 2016
Spectrum 28 Capital has partnered with the University of Waterloo in launching a $2 million venture capital fund. Beginning this June, the Waterloo Engineering - Spectrum 28 Student Venture Program will provide students with early-stage venture support through classes and mentorship, as well as an ability to compete for seed funding. The initiative was the idea of Lyon Wong, who graduated from the university's engineering program in 2003 and went on to found Spectrum 28, a Menlo Park-based venture capital firm, in 2015. Wong was previously a partner at Lightspeed Venture Partners.
3 min read · 27 May 2016
Canadian smart materials and photonics company Metamaterial Technologies Inc (MTI) has bought Rolith Inc, a provider of nanostructured coatings and devices based in Pleasanton, California. The deal's financial terms were not disclosed. Halifax-based MTI said the acquisition is strategic and will accelerate its ability to develop large-scale optical metamaterial products for aerospace, defense, healthcare and energy industries. Founded in 2011, MTI has raised venture capital funding from Innovacorp, First Angel Network, and other investors. Rolith has been backed by VTB Capital and Asahi Glass Co.
3 min read · 27 May 2016
