Kirk Falconer
Intermedia has acquired Telax, a Toronto-based cloud contact-centre-as-a-service (CCaaS) software provider. No financial terms were disclosed. Founded in 1997 by CEO Mario Perez, Telax partners exclusively with communications service providers. Intermedia, a Sunnyvale, California-based communications-as-a-service software company, said the deal gives it omni-channel CCaaS capabilities. Intermedia was acquired in 2017 by U.S. private equity firm Madison Dearborn Partners (MDP). The sellers included Oak Hill Capital Partners.
Braslyn Ltd has agreed to acquire the minority-held common shares of Callidus Capital Corp, a Toronto-based provider of specialty lending solutions. Braslyn, an existing investor, offered to buy shares not held by it, Catalyst Capital Group and Catalyst affiliates for $0.75 per unit. Catalyst, a Canadian private equity firm and owner of a 72.2 percent interest in Callidus, has agreed to vote in favour. The transaction, which would take Callidus private, is expected to be completed in the fourth quarter. Braslyn is an affiliate of Bahamian private investment firm Tavistock Group.
Nudge Rewards, a Toronto-based frontline employee engagement app, has raised about $12.4 million (US$9.3 million) in its latest financing, bringing total funding to more than $20 million (US$15 million). The round was led by U.S. late-stage venture capital firm Jump Capital, with participation from existing investors BDC Capital, Brightspark, Generation Ventures and Standup Ventures. Founded in 2012 by CEO Lindsey Goodchild, CTO Dessy Daskalov and CCO Jordan Ekers, Nudge provides mobile solutions to retail, restaurant and hospitality brands to help improve frontline employee engagement and performance. The company will use the funds raised for growth and to add to its data science team.
Scaleworks, a U.S. software-as-a-service venture equity firm, has acquired Nextopia, a Toronto-based provider of e-commerce site search, navigation and merchandising solutions. No financial terms were disclosed. Founded in 1999 by CEO Sanjay Arora, Nextopia has served more than 2,000 internet retailers, helping them increase sales and improve the customer experience. Arora will be replaced by Peter Messana, CEO of U.S.-based SearchSpring, a Scaleworks portfolio company. There are no current plans to merge the two businesses. Nextopia is the second acquisition of Scaleworks' second fund, which raised US$80 million earlier this year.
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has agreed to invest in the International Language Academy of Canada (ILAC), a Toronto-based English language school. No financial terms were released for the deal, which is expected to close in the third quarter. Established in 1997, ILAC provides specialized English courses to about 20,000 students annually from more than 100 countries. Led by Co-founders and Co-Presidents Jonathan Kolber and Ilan Cohen, it operates from nine campuses in Toronto and Vancouver. ONCAP Managing Partner Mark Gordon said his firm will support ILAC's continued growth, both organically and through acquisitions.
Canada Pension Plan Investment Board (CPPIB) has closed its acquisition of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR), from SNC-Lavalin Group Inc (TSX: SNC). The deal, announced earlier this month, is valued at $3.25 billion. Of the total, $3 billion is payable on closing, with the rest to be paid over 10 years if certain financial targets are met. CPPIB first invested in 407 ETR in 2010, acquiring a 40 percent holding. The acquisition from SNC Lavalin increases the interest to 50.01 percent. SNC-Lavalin originally agreed to sell the 10.01 percent stake to OMERS Infrastructure. CPPIB exercised its right of first refusal when the agreement was cancelled in May.
Bespoke Capital Acquisition Corp (BCAC) has closed its initial public offering (IPO) on the Toronto Stock Exchange, raising US$350 million. The proceeds will increase to US$402 million if the IPO's greenshoe option is exercised in full. The underwriters are Canaccord Genuity Corp and Citigroup Global Markets Canada Inc. BCAC, a newly-formed special purpose acquisition corporation (SPAC), is focused on acquiring one or more businesses in the cannabis industry. The London, U.K.-based SPAC is sponsored by Bespoke Sponsor Capital LP, which is controlled by U.K. private equity firm Bespoke Capital Partners. Its directors include Bespoke Founders Rob Berner and Mark Harms.
Lightspeed POS (TSX: LSPD) has priced its previously announced offering of subordinate voting shares on behalf of selling shareholders. Underwriters have agreed to buy about 5.4 million shares for $35 per unit, generating proceeds of about $189 million. The amount increases to about $217 million if the greenshoe option is exercised in full. The selling shareholders include Lightspeed Founder and CEO Dax Dasilva, Caisse de dépôt et placement du Québec and Inovia Capital. Lightspeed, a Montréal-based retail and restaurant point-of-sale and e-commerce platform, closed its initial public offering (IPO) in Canada earlier this year, raising $276 million. The IPO valued the company at $1.5 billion.
Caisse de dépôt et placement du Québec (CDPQ) said Daniel Fournier, chairman and CEO of Ivanhoé Cambridge, the pension system's real estate investment arm, will retire in October. Fournier has headed Ivanhoé's operations and investment activity since 2010. During this time, he led the consolidation of CDPQ's real estate affiliates and oversaw deal volume of nearly $100 billion. Fournier will be replaced as CEO by Nathalie Palladitcheff. She joined Ivanhoé in 2015 as executive vice president and CFO and was last year appointed president. Montréal-based Ivanhoé holds $65 billion in assets and interests in more than 1,000 buildings.
Telus Health has acquired Toronto-based Akira Health and Right Health, together a provider of virtual and in-person healthcare technology. No financial terms were released for the deal, which will see Akira and Right Health continue to operate under their existing brand. Founded in 2015, Akira was acquired two years later by Right Health, a portfolio company of Canadian healthcare technology venture capital firm iGan Partners. Akira-Right Health is led by Co-founders and Co-CEOs John Mozas and Dan Pawliw. Telus Health is the digital health solutions and technology affiliate of Canadian telecommunications company Telus Corp (TSX: T).