R|T: The Retail Times – Ecobee’s new owner

The Retail Times is a weekly newsletter covering retail tech news from Canada and around the globe.

Subscribe to R|T using the form at the bottom of this page to ensure you don’t miss out on the most important retail tech news every week!

Ecobee to be acquired by US-based Generac for $770 million (BETAKIT)

Generac Holdings is set to acquire Toronto smart thermostat startup Ecobee for up to $770 million USD. In an interview with BetaKit, Ecobee founder and CEO Stuart Lombard said the startup agreed to the deal given the two companies’ shared mission and the chance to leverage Generac’s energy products and global presence.


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Sneaker maker Allbirds jumps in public market debut (WALL STREET JOURNAL)

The company went public selling its environmentally friendly approach to making shoes.

Coveo latest Canadian tech company to file for TSX IPO (BETAKIT)

Québec City-based artificial intelligence-powered retail tech startup Coveo has joined a growing list of Canadian tech companies that have filed to go public on the Toronto Stock Exchange (TSX).

Meanwhile, citing “adverse and challenging” market conditions, Montréal-based ad exchange Sharethrough has postponed its TSX IPO plans.

SoftBank-backed Indian logistics startup Delhivery files for $1 billion IPO (TECHCRUNCH)

The startup, which was valued at over $3 billion four months ago, is hoping to list at a valuation of over $6 billion in the public market, Indian newspaper Economic Times reported earlier this week.

E Automotive makes Toronto Stock Exchange debut (BETAKIT)

The auto retailer also plans to use the proceeds from the IPO to bolster its acquisition strategy.

Poland’s Allegro buys Czech online retailer Mall for $1 bln (REUTERS)

The deal comes amid intensifying competition in Central Europe, with Amazon (AMZN.O) launching its Prime service last month in Poland and Sea Ltd’s (SE.N) Shopee entering the country in September.

Why Trulioo’s Steve Munford thinks “we don’t need more unicorns” (BETAKIT)

Speaking with BetaKit ahead of his talk at SAAS NORTH, Steve Munford shared what he thinks is the right approach to growth for Canadian tech founders.

Lightspeed posts record revenues in second quarter of fiscal 2022 (BETAKIT)

Lightspeed announced total revenues of $133.2 million USD for its second quarter 2022, an increase of 193 percent year-over-year, a record high for the company despite a recent short seller’s report criticizing the company ahead of its earnings call.

Shopify’s latest features eye $4 trillion international market (MODERN RETAIL)

Shopify is targeting international growth by making it easier for merchants to sell globally from a single storefront.

US proptech Opendoor plots Canadian hiring expansion, aims to add 100 engineers (BETAKIT)

These engineers will be tasked with working on the financial platforms, pricing systems, and tech infrastructure that support Opendoor’s operations.

Zillow says it’s closing homebuying business, cutting 25% of workforce; earnings miss estimates (CNBC)

The announcement was attached to Zillow’s third-quarter earnings report. The company’s revenue and earnings missed analysts’ estimates.

Back for second cohort, Ryerson Venture Zone in Brampton expands program beyond healthcare into smart mobility (BETAKIT)

Speaking with BetaKit, Usha Srinivasan, the Executive Director of RVZ, explained how the expansion came to be, how RVZ differs from other incubators and accelerators, and what the program looks for in startup applicants.

Amazon reinstates Canadian retailers after mass suspension tied to new shipping policy (THE GLOBE AND MAIL)

Many Canadian retailers were blindsided last week, when they received e-mails saying that their stores were suspended, in part or fully.

Hootsuite plans to IPO before Christmas, raise $200 million on TSX (BETAKIT)

BetaKit has learned that Hootsuite is finalizing its preparations to go public on the Toronto Stock Exchange before the end of the year. Sources told BetaKit that Hootsuite is looking to raise $200 million CAD capital through an IPO to make additional acquisitions in the social commerce and customer care space.

Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling in-depth Canadian tech stories and breaking news. His coverage is more complete than his moustache.

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