Calgary-based industrial safety technology firm Blackline Safety plans to delist from the Toronto Stock Exchange (TSX) and transition to a private company thanks to an agreement with an affiliate of Silicon Valley’s Francisco Partners Management.
The definitive agreement values Blackline at up to $850 million CAD. Francisco Partners has agreed to acquire all issued and outstanding shares in Blackline—for up to $9.50 each, including $9 in cash and an additional $0.50 per share—provided that the company hits $145 million in annualized recurring revenue by Oct. 31, 2027.
Blackline got its start as a consumer-focused GPS company and has since evolved into a global leader in industrial safety tech.
Those $9 and $9.50 figures represent 28 percent and 35 percent premiums, respectively, compared to the average price of Blackline’s stock on the TSX over the past 20 days. Blackline’s board and a special committee have recommended the transaction, which remains subject to shareholder approval and is expected to close during the second quarter of 2026.
“As Blackline transitions to a private company, this new partnership with Francisco Partners provides the financial strength, sector expertise, and shared vision to continue our growth and strengthen our technology leadership,” Blackline chair and CEO Cody Slater said in a release.
Founded in 2004, Blackline got its start as a consumer-focused global positioning system (GPS) company. Since then, Blackline has evolved into a global leader in industrial safety tech.
Blackline develops, manufactures, and sells software, wearables, and hardware designed to monitor employee safety. With its tech and live monitoring, Blackline aims to help industrial workers and their employers quickly spot hazards and respond to incidents like gas leaks, falls, and health events.
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Blackline initially went public in 2009 on the TSX Venture Exchange (TSXV), and in 2021, it graduated from the TSXV to the larger, more senior TSX. Today, Blackline has over 4,000 customers across industries like energy, public safety, transportation, and utilities.
In a release, Francisco Partners principal Mac Fountain and partner Christine Wang said, “Blackline has built a leading platform in connected worker safety, combining hardware, software, and data to protect industrial workers in some of the most demanding environments in the world.”
“We look forward to partnering with Cody and the leadership team to continue driving product innovation and expanding Blackline’s reach as demand for connected worker safety technology grows across enterprises worldwide,” Fountain and Wang added.
Blackline’s largest shareholder, Daryl Katz’s DAK Capital, has already agreed to exchange all of its shares in the company for stock in the buyer. DAK president Brad Gilewich, the Lowy Family Group, and Slater have also entered into agreements to roll over their equity.
CORRECTION (04/07/26): This story previously indicated that the financial figures were USD, when they were in fact CAD. BetaKit regrets the error.
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Feature image courtesy Blackline Safety.