Six Canadian tech companies have recently made acquisitions or have been acquired, including Khure Health, TechX Technologies, Nolk, WorldReach Software, BuzzBuzzHome, and Zorbit’s Math. Here’s the latest on Canada’s movers and shakers.
MCI Onehealth acquires Khure Health
Toronto-based healthtech MCI Onehealth Technologies has acquired Toronto’s Khure Health for up to $13.5 million CAD.
Khure provides a precision medicine platform that enables physicians to rapidly screen and identify patients with rare diseases and facilitate more personalized treatment through the use of clinical data. According to MCI, the strategic acquisition will enhance the company’s data analytics offering, and the purchase price is based on the achievement of certain revenue milestones by Khure.
MCI went public on the Toronto Stock Exchange in January, raising $30 million CAD. MCI owns 25 medical clinics across Ontario and Alberta and offers several software products. MCI claims to serve over 850,000 patients and 250 corporate customers per year through its clinics and telehealth offerings.
In April, MCI invested $250,000 in Acorn Biolabs. The company’s strategy remains focused on acquiring tech and health services “that complement the company’s current roadmap.”
TechX Technologies to acquire XPort Digital
Vancouver’s TechX Technologies has reached a definitive agreement to acquire Hong Kong-based cryptocurrency service startup XPort Digital for a total of $5 million CAD.
TechX is a Canadian Securities Exchange-listed company focused on emerging technologies, including crypto, blockchain, AI, and cloud tech.
“With the explosion of exchanges and new tokens popping up daily and the lack of fiat to crypto on-ramping services, it’s a great opportunity for XPort and TechX,” said TechX’s CEO, Peter Green.
According to Green, “XPort’s fiat-to-crypto on ramping offers the quickest and easiest solution for consumers to buy Bitcoin, Ethereum and other cryptocurrencies without setting up an account.” Following the close of the transaction, Aaron Carter will remain as XPort’s CEO.
Nolk acquires Wolf and Grizzly
Kitchener retail brand Wolf and Grizzly has been acquired by Quebec-based “digital-first brand architects” Nolk. The financial terms of the deal were not disclosed.
To date, Velocity graduate Wolf and Grizzly has funded the construction of its compact and lightweight outdoor equipment through crowdfunding campaigns on Kickstarter. Under the Nolk umbrella, the company aims to expand its product line and bring its adventure gear offerings to more customers.
“Nolk and Wolf and Grizzly’s shared commitment to exceptional product design and uncompromising customer care make them an ideal match,” said Wolf and Grizzly founder George Rizkalla. Founded in 2017 and headquartered in St-Bruno-de-Montarville, Quebec, Nolk acquires and supports direct-to-consumer brands. Following the acquisition, Wolf and Grizzly’s COO Thomas Kousholt is joining Nolk as its new COO.
WorldReach Software acquired by Entrust
Ottawa startup WorldReach Software has been purchased by Minnesota-based digital security and credential issuance company Entrust. The financial terms of the transaction were not disclosed.
As part of the deal, WorldReach’s 30 employees and its founder and CEO Gordon Wilson have joined Entrust. Wilson will continue to lead WorldReach as an Entrust business, serving as Entrust’s global lead for seamless travel, borders, and immigration.
Founded in 1998, WorldReach’s software aims to ensure traveller safety and security through its digital travel, immigration, border management, passport issuance, and identity verification services. The company’s customers include governments from Canada, the United Kingdom, Ireland, Denmark, Bermuda, and the Cayman Islands.
“We see tremendous opportunity to leverage digital identity and encryption technology in innovative ways to make the experience of travel, border crossing, immigration and other citizen services more secure, safe and seamless,” said Wilson.
BuzzBuzzHome bought by Zonda
California-based real estate company Zonda has acquired Toronto property tech startup BuzzBuzzHome. The financial terms of the transaction were not disclosed. Zonda said the deal will function as a “launch pad” for its expansion into Canada’s “residential new home online listing space.”
Founded in 2009, BuzzBuzzHome provides supply-side and demand-side services in the new home development market. Zonda aims to become “a leading provider of residential real estate information focusing on the new home market.” Last month, Zonda also acquired Vancouver-based Urban Analytics, enhancing its data capabilities in the urban and multi-family markets.
“Becoming part of Zonda is a critical step in BuzzBuzzHome’s progression,” said Matthew Slutsky, BuzzBuzzHome’s co-founder. “With Zonda’s and Urban Analytics’ industry-leading platforms and strong client bases, we will give our existing customers access to resources and a comprehensive solution that they wouldn’t have previously had.”
Zorbit’s Math acquired by Carnegie Learning
Pittsburgh edtech Carnegie Learning has acquired Newfoundland and Labrador e-learning company Zorbit’s Math. The financial terms of the deal were not disclosed.
Founded in 2014, Zorbit’s Math is a game-based learning platform for kindergarten to grade three students. Through the acquisition, Carnegie Learning aims to expand its portfolio of supplemental math and reading edtech solutions for K-12 students.
According to the companies, the deal will introduce Zorbit’s Math to a wider United States audience and give Zorbit’s Canadian customers access to Carnegie Learning’s full suite of products.
Image source Unsplash. Photo by National Cancer Institute.
