NowVertical, Emerge Commerce file base shelf prospectuses to fund acquisition plans

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NowVertical most recently entered a deal to acquire CoreBI.

Two Canadian, TSX Venture Exchange-listed tech companies, NowVertical Group and Emerge Commerce, have recently filed for a base shelf prospectus.

NowVertical and Emerge both obtained receipts from the securities commissions to offer common shares, debt securities, warrants, subscription receipts, and units during 25-month periods.

Toronto-based data analytics SaaS firm NowVertical is looking to raise up to $65 million CAD during the time its shelf prospectus is effective. According to the company, the funds raised would be predominantly used for fuelling its acquisition strategy.

Most recently, NowVertical entered into an agreement to acquire CoreBI, which operates in the business intelligence and data science space. This marks NowVertical’s seventh acquisition since its inception in 2017.

A spokesperson for NowVertical told BetaKit that CoreBI will be integrated into the company, retaining all of its staff based in Buenos Aires. Once the deal is completed, NowVertical intends to further establish its platform in South America with new offices in Argentina, Colombia, and Chile.

The acquisitive NowVertical also bought Halifax-based marketing software startup Affinio in October for $9 million CAD in cash and shares. Its previous acquisitions include Allegient Defense, DocAuthority, and Intergra Data & Analytics Solutions Corp.

On January 6, the firm made several changes to its senior leadership team with the appointment of Sasha Grujicic as its first chief operating officer and Teri Anderson replacing John Adamovich (who is retiring) as chief financial officer. Altaf Bahora, chief technology officer, stepped down from his position and the company told BetaKit it has no plans for a replacement at this time.

A prominent acquirer and operator of e-commerce brands, Emerge’s base shelf prospectus allows the company to raise up to $100 million CAD. In its filing, the company stated the offering would provide it with “financial flexibility and efficient access to Canadian capital markets … to pursue its growth and acquisition initiatives.”

Founded in 2016 and headquartered in Toronto, Emerge manages a network of e-commerce sites that provide limited-time offers on golf, groceries, essentials, ‘staycations,’ and experiences. Its portfolio includes Canadian brands such as UnderPar.com, JustGolfStuff.ca, WagJag.com, and BeRightBack.ca.

The startup made a string of acquisitions last year, snapping up WholeSalePet.com, Carnivore Club, Battlbox, and truLocal. In previous years, it also acquired public capital pool company Aumento.

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a journalism student at Ryerson University and a staff writer for BetaKit. Follow her on Twitter @charlizealcaraz

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