Along with our friends at National Bank and Fasken, BetaKit took some tech locals out for an evening of theatre this weekend to see The Master Plan.
A theatrical dramatization of the emphatic failure to build a smart city in Toronto (based on Josh O’Kane’s book Sideways: The City Google Couldn’t Buy), the production was a wonderful display of art’s power to present historical events in a new light. It was also a fun reminder that tech could benefit from laughing at itself more often.
While ostensibly a story about 12 acres on Toronto’s waterfront, I promise it has national relevance. The play features two main thematic sources of tension: American vs. Canadian expectations of how deals get done, and Canadians’ comfort with hidden power vs. its open display.
Both are topical in a week when our Prime Minister announced his intention to resign while the US President-Elect threatened Canadian sovereignty with “economic force.”
The 51st State dilemma has prompted all sorts of responses. Our outgoing PM has been on a US media tour reminding Americans this is all a distraction from forthcoming tariffs (essayist Stephen Marche agrees and goes further). Former PM Jean Chrétien, on his 91st birthday, was inspired to rally the troops, calling for leaders “showing that spine and toughness.”
Here’s my attempt. The current moment requires Canada to find new approaches to solve old problems. Doing so requires both optimism and national unity on the issues that truly matter. I am troubled by those I’ve seen willing to entertain the chaotic ramblings of a foreign leader over the national interest.
BetaKit’s Town Hall series last year was prompted by the unsavoury socioeconomic conditions driving some entrepreneurs to consider leaving the country. But the conversation was for those willing to stay and solve our nation’s problems. To do the hard work.
To those open to trading our sovereignty for a tax break or dinner date at Mar-a-Lago: you can leave. Canada is for builders. Not cowards.
Douglas Soltys
Editor-in-chief
What lies ahead for global markets in 2025?
As the macro landscape continues to evolve and new market dynamics unfold, corporates and investors must understand the trends driving capital allocation, sector shifts and emerging opportunities to position themselves for success. There is growing optimism in the market, but critical questions remain about the impact of tariffs and trade policies, long-term risks to the USD, and how to interpret the economic narratives and structural shifts likely to define the immediate future.
TOP STORIES OF THE WEEK
1Password builds on B2B growth with acquisition of UK-based Trelica
Toronto-based password management company 1Password has acquired United Kingdom software-as-a-service startup Trelica to expand the capabilities of its Extended Access Management platform.
1Password co-CEO Jeff Shiner described Trelica as “a pioneer in modern SaaS access management.” In an interview with BetaKit, Shiner claimed that Trelica represents 1Password’s largest-ever acquisition by company revenue, but declined to share exact figures.
Carbon6 to be acquired by US-based SPS Commerce for $301 million CAD to grow e-commerce merchant toolkit
Toronto-based Carbon6 Technologies, whose core business model included acquiring numerous other companies, is now the one being bought.
The e-commerce software aggregator is set to be acquired by Minneapolis-based retail supply chain solutions company SPS Commerce for $210 million USD ($301 million CAD), roughly 40 percent of which is SPS Commerce stock.
Humi acquired by Australian HR software company Employment Hero
Toronto-based Humi has been acquired by fellow HR software company Employment Hero, as the embattled Australian company looks to gain a foothold in Canada.
In a statement, Humi said the deal is “estimated to be worth north of $100 million CAD.” However, sources close to the company indicated to BetaKit that the acquisition was worth $155 million CAD.
In an interview with BetaKit, Humi co-founder and CEO Kevin Kliman declined to disclose the exact purchase price, but said the combined company plans to retain all of its current employees and materially grow its presence in Canada.
Cohere launches customizable enterprise AI workspace platform North
Toronto-based generative artificial intelligence startup Cohere has launched an early access program for North, its new AI workspace platform that serves as an answer to Microsoft Copilot and Google Vertex AI.
The new platform is launching alongside a counterpart for financial services called North for Banking, which Cohere developed in collaboration with RBC. North for Banking will integrate Cohere and RBC’s proprietary foundation models to accelerate the development of generative AI solutions at RBC, according to Cohere.
Shakepay bolsters regulatory standing with CIRO membership
Shakepay is now the first crypto platform in Québec to be certified as an investment dealer with the Canadian Investment Regulatory Organization (CIRO), clearing a regulatory hurdle that will hold the company’s cryptocurrency trading platform to a higher standard.
Customers using the crypto platform will now be afforded CIRO protections, including compliance oversight and capital adequacy.
BBTV rebrands to RHEI, launches new AI training licensing platform for creator content
Vancouver-based media tech firm BBTV Holdings, which went private in early 2024, has rebranded to RHEI and launched a new data monetization platform called RHEI Data Pro.
The new platform is meant to help digital content creators, like YouTubers, license out their existing content for training artificial intelligence models. The company claims that every 1,000 hours of licensed content can earn creators up to $100,000 from multiple licensing transactions, while still retaining full ownership rights.
D-Wave CEO says Nvidia CEO Jensen Huang is “dead wrong” about quantum computing
D-Wave Quantum suffered a significant hit to its stock price alongside other publicly listed quantum computing companies after the founder and CEO of chip giant Nvidia, Jensen Huang, said that quantum computers are about 20 years away from being “very useful.”
In response, D-Wave CEO Alan Baratz took to LinkedIn to say that Huang has a “misunderstanding of quantum,” adding that he is “dead wrong” about D-Wave.
“We are not 30 years out, we’re not 20 years out, we’re not 15 years out. We are today,” Baratz said on a CNBC appearance.
FEATURED STORIES FROM OUR PARTNERS
Atlantic Canada is positioned to capitalize on the global tilt toward hardware innovation, says Talis Apud-Martinez, Associate Director of the Emera ideaHUB at Dalhousie University, pointing to the region’s unique labour conditions, research environment, and proximity to industry.
“We are seeing a lot of really interesting hard tech emerge from this region,” Apud-Martinez said. “It’s an important time for Canadians to see that, whether you’re an investor or a founder, it’s worth looking at the opportunity out here.” Read more about the growth of deep tech in Atlantic Canada.
Weekly Canadian Deals & Dollars
- VIC – COAST launches new oceantech-focused accelator
- VAN – Aspect Biosystems raises $165M CAD Series B round
- VAN – Gumloops secures $24.5M CAD Series A, relocates to US
- VAN – Broadsight appoints Steve Lowry as CEO
- TOR – OXcan secures $16M CAD Series round
- OTT – Shopify acquires Shop.ca domain from Emerge
- MTL – Carebook strikes deal to go private
- MTL – Lexop acquired by California-based Eltropy
The BetaKit Podcast
The BetaKit Podcast — The biggest tech questions of 2025
“I’m sure if there’s one takeaway here is that we can all trust Enron to solve the world’s energy problems.”
“With a mere human-sized egg.”
A cleantech crisis? The end of VCCI? The rise of centaurs? FinTech IPOs? Quantum leaps? BetaKit reporters Madison McLauchlan and Josh Scott join to review 2024’s biggest tech questions before offering a fresh set for 2025.
THE BETAKIT QUIZ
The BetaKit Quiz — This week: Trudeau’s final bow, Bench’s bounceback, 1Password vs. shadow IT
Think you’re on top of Canadian tech and innovation news? Time to prove it. Test your knowledge of Canadian tech news with The BetaKit Quiz for Jan. 10, 2024.
Secure up to $100K for your startup.
Women founders: This is your chance to secure up to $100K for your startup at DMZ’s Women Innovation Summit this March. Gain access to pitch advisory sessions, marketing opportunities, exclusive programming and so much more at Canada’s biggest celebration of women in tech.
Apply to pitch your startup by January 19.
Feature image by Dahlia Katz courtesy Crow’s Theatre.