Today in acquisitions: AbCellera, Mogo, Carebook, WELL Health

Mogo MogoSpend

Over the past week, four Canadian tech companies have made acquisitions, including AbCellera, Mogo, Carebook, and WELL Health Technologies. Here’s the latest on Canada’s movers and shakers.

AbCellera acquires Trianni for $90 million USD

Vancouver-based biotech startup AbCellera, which is developing an antibody discovery tech company, has acquired San Francisco-based Trianni for $90 million USD.

The deal comes seven months after AbCellera’s $144 million Series B round.

AbCellera said the deal with Trianni marks its fourth and largest strategic technology addition to date. The acquisition is intended to deepen AbCellera’s technology stack, with a suite of genetically engineered mice for generating panels of human antibodies with drug-like properties.

Trianni has developed a genetic engineering technology for developing “humanized mice.” The flagship Trianni Mouse product was designed to maximize immune responses, increase antibody diversity, and preserve the natural maturation of human antibodies in rodents.

Founded in 2012, AbCellera is a biotech company with a drug discovery platform that searches and analyzes immune systems to find antibodies that can be used to prevent and treat disease. The acquisition comes seven months after AbCellera closed a $144 million Series B funding round.

AbCellera also recently added to its board of directors, including American billionaire entrepreneur and VC Peter Thiel and John Montalbano, principal of Tower Beach Capital Ltd. According to The Globe and Mail, the startup is anticipated to file on the Nasdaq via an initial public offering.

Mogo acquires Carta Worldwide for $24.2 million

Mogo, a Vancouver-based digital challenger bank, has acquired Carta, another Canadian FinTech company, for $24.2 million CAD.

The acquisition allows Mogo to enter the global digital payments market, which the startup claims is worth $2.5 trillion. Mogo plans to use Carta’s payment processing engine in order to enhance its own digital wallet capabilities, including the development of the company’s upcoming peer-to-peer payment solution.

As part of the deal, Carta’s senior management, board members, and outside shareholders, representing more than 60 percent of each class of Carta’s outstanding securities, have entered into voting and support agreements with Mogo.

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“With the sale earlier this year of our consumer instalment loan portfolio, along with the recent launch of our MogoSpend account, referral partnerships and upcoming launch of our P2P payments platform, the Carta transaction further positions Mogo for accelerating revenue growth in 2021,” said Greg Feller, president and CFO of Mogo.

This year, Mogo launched a prepaid Visa-based digital spending account that encourages sustainable spending and offers automatic carbon offsetting.

Carebook to acquire Novus Health for $15 million

Montréal-based Carebook Technologies, which offers a digital pharmacy platform, has entered into a letter of intent to acquire Novus Health for up to $15 million.

The deal would mark Carebook’s first entry into the insurance tech market.

Of the $15 million, $5 million would consist of cash on closing and $6 million would consist of common shares. The deal would also comprise a 2021 revenue-based performance earn-out for Carebook of up to a maximum of $4 million.

Novus Health offers health navigation programs and integrated health and wellness management solutions for insurers, financial institutions, and employers. The deal, if closed, would mark Carebook’s first entry into the insurance technology market.

Carebook, based in Vancouver, offers products that are designed to help consumers book health assessments, screenings, and surveys, and also offers medication adherence services and a remote vital signs scan.

Last month, Carebook listed on the TSX Venture Exchange through a reverse takeover of Pike Mountain Minerals, which was funded by a $21 million private placement.

WELL Health makes majority stake investment in Circle Medica

Vancouver-based WELL Health Technologies has made a $14.3 million USD investment in Silicon Valley-based telemedicine startup Circle Medical Technologies.

The deal grants WELL a majority stake (58 percent) in Circle Medical. Circle Medical’s existing shareholders will continue to own the outstanding minority stake and will be responsible for the ongoing operation of the business.

WELL’s investment is intended to help Circle Medical scale its growth. The deal with Circle Medical is also aimed to expand WELL’s reach into the telehealth and physical clinic market in the United States.

WELL, which consolidates digital assets in the healthcare sector, has been active in Canada over the last year, acquiring a number of technology startups, and making equity investments in many others.

Image source Mogo.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast