Levio has secured a $125-million commitment from the Caisse de dépôt et placement du Québec (CDPQ) to support the Québec City-based digital consultancy firm’s acquisition strategy.
According to a report from The Globe and Mail, CDPQ is Levio’s first external investor, and is taking a minority stake in the company. Per The Globe, the funding is being provided via an equity line, from which Levio can draw as it completes more acquisitions.
The firm claims to have over 200 customers, including the Canadian Space Agency, Morgan Stanley, and Desjardins.
Founded in 2014 by president François Dion, Levio supports institutional and corporate customers in planning, managing and executing large-scale digital transformation programs. Levio’s website offers consulting services across several sectors, including insurance, financial services, telecommunications, aerospace, and healthcare.
“Digital transformation is central to the sustainability and productivity of organizations, and this partnership is perfectly in line with our investment priorities and supports the company’s growth,” Kim Thomassin, executive vice-president and head of Québec at CDPQ, said in a statement.
Levio said it plans to expand in North America following this fundraise. In addition to acquiring more firms, Levio hopes to increase its geographic footprint, improve its offering, and develop new business practices.
The company has grown significantly in its ten years, and has placed on several lists for its rapid revenue growth. Last year, Levio ranked 168th on The Globe and Mail’s Canada’s Top Growing Companies list, with 288 percent year-over-year revenue growth in 2022.
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The firm claims to have over 200 customers, including Defence Canada, the Canadian Space Agency, Desjardins, and Morgan Stanley. Levio oversees 2,000 consultants working out of 12 offices across Canada, the United States (US), France, India, and Morocco.
Acquisitions have played a key role in Levio’s growth from the beginning. The company said it has a “dozen acquisitions under its belt,” and this includes Canadian consultancies such as Montréal-based Soljit (acquired in 2023), Toronto-based Indellient (acquired in 2022), and Montréal-based Landry & Associates in (acquired in 2021).
In a statement, Dion said the firm’s last decade has been characterized by “strong, organic growth, complemented by strategic acquisitions.”
“With the arrival of CDPQ as a partner, we are looking to increase our rate of expansion to achieve our company acquisition strategy by associating with successful entrepreneurs, primarily in Canada and the US. This agreement provides us with significant financial leverage to continue building partnerships with our clients to execute large-scale digital transformations.”