Four Canadian tech companies have recently made acquisitions, including Haivision, Converge Technology Solutions, Modern Campus, and WhereiPark. Here’s the latest on Canada’s movers and shakers.
Haivision to acquire CineMassive for over $37 million CAD
Montréal-based video streaming software company Haivision has reached a definitive agreement to acquire Atlanta, Georgia’s CineMassive Displays, which offers video collaboration solutions. The deal is for about $37.2 million CAD ($30 million USD) and Haivision plans to pay half of the purchase price in cash and the other half through the issuance of common shares around 2.1 million common Haivision shares.
Founded in 2004, Haivision helps public and private clients stream secure, broadcast-quality, low-latency video. According to Haivision, the CineMassive acquisition will increase the company’s defense, government, and enterprise customer base, and accelerate its expansion into new markets.
In December, Haivision began listing on the Toronto Stock Exchange under the symbol ‘HAI,’ raising $30 million in gross proceeds through its initial public offering. In July 2020, Haivision acquired Spanish video software startup Teltoo.
Following the close of the deal, CineMassive’s Atlanta operations will become Haivision’s “showcase visualization collaboration center.” According to Haivision, CineMassive’s entire team will remain with the company post-transaction.
Converge to acquire Vicom Infinity, Infinity Systems Software
Toronto’s Converge Technology Solutions, which provides software-enabled IT and cloud services, has reached definitive agreements to acquire two American sister firms that offer software and services to IBM platforms, Vicom Infinity and Infinity Systems Software.
Under the terms of the deal, Converge is set to pay a combined total of $18.4 million CAD ($15 million USD) in cash for the two companies, financed by Converge’s recently completed bought deal public offering of common shares.
Converge was founded in 2017 to build a national platform of regionally-focused IT infrastructure firms across Canada and the United States. The highly-acquisitive firm offers a variety of digital infrastructure solutions, ranging from data analytics to cloud and cybersecurity services.
Since its launch, Converge has acquired 20 companies, including ExactlyIT and three other firms this year. The current agreement will bring that total to 22. Following the close of this deal, Vicom Infinity and Infinity Systems will join Converge’s existing United States footprint.
Modern Campus acquires Presence
Toronto-based edtech company Modern Campus has acquired Florida’s Presence, which offers a campus engagement and learning platform. The financial terms of the deal were not disclosed.
Modern Campus develops software solutions designed to help schools engage students, serving over 550 higher education customers. The company claims it has engaged more than 70 million students through its platform.
Modern Campus plans to integrate Presence into its existing platform in order to help post-secondary institutions deliver more personalized student experiences. According to Modern Campus, the deal extends its reach to over 1,400 colleges and universities across North America.
The acquisition is Modern Campus’s third in 2021. Earlier this month, Modern Campus acquired DIGARC, which offers academic catalogue and curriculum management software, and, in March, the company acquired campus map and virtual tour provider nuCloud.
Presence’s employees will join Modern Campus, and Presence’s founder and CEO Reuben Pressman will join Modern Campus’s executive team. Brian Kibby will remain CEO of Modern Campus.
WhereiPark acquires MonkeyParking
Toronto’s WhereiPark has acquired San Francisco-based parking app MonkeyParking. The financial terms of the deal were not disclosed.
Founded in 2014, WhereiPark offers a marketplace that connects users with a network of “affordable, exclusive, and secure monthly parking spots.” Although the demand for monthly parking decreased during COVID-19, the company said it expects to see “substantial growth” in the sector “as people return to offices and are hesitant to use public transit.”
Under terms of the deal, all MonkeyParking assets are now part of the WhereiPark network, and will be rebranded “in the coming months.” WhereiPark intends to add the MonkeyParking website to its existing portfolio.
WhereiPark’s portfolio also includes Rental Car Parking, Construction Parking and Garage Hop, which it acquired in 2019. According to WhereiPark, these assets give it the largest platform dedicated exclusively to monthly parking.
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