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JMI promotes two and hires anotherJMI Equity has promoted Maggie Schmitt to principal, finance and Tyler Duke to vice president. Also, the growth equity firm hired Meredith Keller as director, portfolio talent. Prior to joining JMI, Schmitt was an auditor for Deloitte & Touche in its audit and enterprise risk services practice while Duke was an investment banking analyst in the technology, media and telecommunications group at Bank of America Merrill Lynch. And, previously, Keller worked at Bespoke Partners where she was director of research.
JMI, HarbourVest to sell Intelex to Industrial Scientific for $770 mlnIntelex Technologies, a Toronto-based provider of software solutions for environment, health, safety and quality (EHSQ) programs, has agreed to be acquired by Industrial Scientific for about $770 million (US$570 million). The sellers are JMI Equity and HarbourVest Partners. JMI, a U.S. growth equity firm, four years ago led a $160 million financing of Intelex. The deal is expected to close by Q3 2019, after which Intelex will operate as a stand-alone unit of Industrial Scientific. Based in Pittsburgh, Pennsylvania, Industrial Scientific is a gas detection management and safety solutions affiliate of Fortive Corp (NYSE: FTV). Industrial Scientific and Intelex said the acquisition is the largest in the history of EHSQ pureplay vendors.
Canada's VC market sees eye-popping $1.4 bln invested in Q1Venture capital (VC) investment in Canadian technology companies sustained a rapid pace in Q1 2019, with $1.4 billion deployed, marking the most active first quarter in dollar terms in nearly two decades, according to final data released by Refinitiv. The strong dollar flows went to fewer financing rounds, with 120 deals done between January and March, down 10 percent from the same time in 2018. Late-stage companies accounted for 35 percent of total rounds in Q1 2019, the largest share ever recorded. Information technology sectors remained the main recipient of VC investing in the first quarter, securing $821 million.
Canadian VC begins 2019 with heft as top Q1 deals raise $667 mlnAfter nine straight years of growth, Canada’s venture capital market showed no signs of slowing down in early 2019. The top 10 first-quarter VC financings drew $667 million from VC funds. While that’s down 28 percent from the $923 million raised by the top 10 deals a year earlier, it exceeds first-quarter results in other recent years. The estimate is based on PE Hub Canada’s list of the largest rounds announced from January through March, supplemented by preliminary data from Refinitiv. It suggests that despite increasing market uncertainty, trends in early 2019 reflect many of the same factors that drove soaring Canadian VC investment activity last year.
- Workfront amasses about $280 mln
Workfront, a modern work management platform, has secured about $280 million in funding. The investors were W Capital Partners, Susquehanna Growth Equity and AB Private Credit Investors. Existing backers Openview, Greenspring and JMI Equity will remain significant investors in the company. As part of the investment, Blake Heston, a managing director at W Capital and Martin Angert, a director at Susquehanna Growth Equity, will join Workfront's Board of Directors. Goldman Sachs was placement agent while Goodwin served as legal counsel to Workfront.
Venture-backed PointClickCare acquires QuickMARPointClickCare Technologies has acquired QuickMAR, an Eagle, Idaho-based medication management software company. No financial terms were disclosed. PointClickCare, a Toronto-based cloud software platform for the long-term post-acute-care and senior living sectors, said the deal expands its health and wellness portfolio and provides customers with more medication management solutions. Last year, PointClickCare raised $187 million /canada/2018/02/dragoneer-invests-additional-186-mln-pointclickcare/ (US$146 million) from U.S. growth equity firm Dragoneer Investment Group, which acquired shares from other existing investors. The company is also backed by U.S. growth equity firm JMI Equity.
- Lytics raises $35 mln
Lytics said Feb. 21 that it raised $35 million in a Series C round of financing led by JMI Equity. Also participating were current investors Comcast Ventures, Two Sigma Ventures, Rembrandt Venture Partners and Voyager Capital. Lytics, of Portland, Oregon, provides a customer data platform for marketers.
- Canadian VC climbs to 18-year high in 2018 as top deals raise $1.4 bln
Canada’s venture capital market broke records in 2018, its ninth straight year of growth. The milestones included the most financings sized $100 million or more – ever. That made the market’s top 10 VC financings especially cash-intensive. In all, they drew $1.4 billion from investors, up 17 percent from the $1.2 billion raised by the top 10 deals in 2017. The number is based on PE Hub Canada’s list of the largest financings announced in 2018, supplemented by preliminary data from Refinitiv. It points to the considerable influence of late-stage rounds in technology investment activity, which reached a total of $4.3 billion last year, a nearly two-decade high.