Over the past week, four Canadian tech companies have been involved in acquisition deals, including Quantum Benchmark, TechX Technologies, SportSavvy, and Ackroo. Here’s the latest on Canada’s movers and shakers.
Quantum Benchmark acquired by Keysight Technologies
Kitchener-Waterloo-based quantum computing startup Quantum Benchmark has been acquired by Keysight Technologies. The financial terms of the deal were not disclosed.
Quantum Benchmark develops software solutions aimed to enable error characterization, error mitigation, error correction, and performance validation for quantum computing hardware.
Since its founding in 2017, Quantum Benchmark has forged notable partnerships with companies such as Google. In 2018, the startup first collaborated with Google to support the development of quantum computing technologies. This partnership was renewed the following year.
Keysight Technologies, which is headquartered in Silicon Valley, said the deal is aimed to strengthen Keysight’s quantum portfolio. The CEO of Quantum Benchmark, Joseph Emerson, said the acquisition will help his startup accelerate the development and delivery of its quantum solutions.
Emerson told BetaKit following the deal, Quantum Benchmark will continue to work out of its Kitchener-Waterloo office and develop its solutions with the same team.
TechX Technologies to acquire Mobilum for $16 million
Vancouver-based TechX Technologies is set to acquire Mobilum OÜ, a European startup that provides the fiat infrastructure to the cryptocurrency industry, for $16 million CAD.
The deal will provide TechX Technologies with Mobilum’s payment processing technology, as well as Mobilum’s digital wallet technology platform, which is expected to launch in the third quarter of this year. Mobilum’s CEO Wojtek Kaszycki will remain in his role.
The two companies have signed a definitive agreement for the deal. The purchase price consists of approximately 26 million common shares in the capital of publicly-listed TechX Technologies at a price of 60 cents per share. The shares will be subject to a four-month and one-day hold period.
TechX Technologies invests in emerging technologies with a focus on crypto, blockchain, artificial intelligence, and cloud technologies. In addition to Mobilum, TechX’s portfolio of companies includes Catalyx Exchange, Altsignals, Xport Digital, and Shiftinsights.
Ackroo to acquire InterActive DMS for $900,000
Hamilton, Ontario-based software startup Ackroo, which offers a platform for loyalty marketing, gift cards, payments and point-of-sale solutions, is set to acquire InterActive DMS for $900,000.
The deal represents Ackroo’s eleventh acquisition to date and the company’s first point-of-sale software purchase in the automotive sector. It consists of $600,000 on closing and an additional $300,000 in working capital, due in 90 days. The deal is expected to close on May 31.
InterActive DMS provides software for used car dealers, motorcycle dealers, boat dealers and finance companies with inventory, sales processing, collections, and management reports. Ackroo, founded in 2000, aims to provide a “one-stop-shop platform” to manage loyalty rewards programs, gift cards, and payments.
Ackroo said the acquisition is aimed to bring InterActive DMS’ software web solutions to Ackroo’s total point-of-sale business as it relates to the automotive market. Through the purchase, Ackroo will also gain InterActive DMS’ customers.
SportSavvy’s customers migrating to TeamSnap in new deal
Hamilton, Ontario-based sport management tech company SportSavvy has entered into an agreement with Colorado-headquartered TeamSnap, which will see SportSavvy’s customers migrate to the American company.
A spokesperson for TeamSnap called the deal a marketing and consulting partnership, noting SportSavvy as a company was not acquired by TeamSnap. According to TeamSnap, SportSavvy’s customers will gradually migrate to the TeamSnap platform over the next few months.
SportSavvy offers a league management system that allows amateur sports organizations to register players, schedule seasons, and communicate with team members. The company was founded in 1998.
In response to questions about SportSavvy’s continued operations, TeamSnap’s spokesperson said SportSavvy will continue to exist until the migration of their customers to TeamSnap is complete. They declined to disclose details regarding SportSavvy’s employees.
In a statement, TeamSnap said this transition supports both companies’ goals to simplify sports management, registration, and communication in the United States and Canada.
Image source Quantum Benchmark via Flickr.