Five Canadian tech companies have recently made acquisitions or have been acquired, including Sourced, Eddyfi/NDT, MCI Onehealth, District M, and Vanilla. Here’s the latest on Canada’s movers and shakers.
Sourced acquired by Amdocs
Toronto-based IT consulting firm Sourced has been acquired by American telecommunications company Amdocs for approximately $75 million in cash. The transaction, which was announced last week, closed in mid-March.
According to Amdocs, the deal will strengthen its ability to help the communications and media industry transition to the cloud by leveraging Sourced’s decades of experience “delivering cloud at scale.”
Founded in 2010, Sourced offers a cloud migration platform and advisory services to clients across North America, the Asia-Pacific Region, and Australia. The company boasts partnerships with Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
Jon Spinks, the founder and CEO of Sourced, said the company believes the combination of Amdocs’ cloud-native products and services and Sourced’s consulting and expertise will be a compelling proposition for potential customers.
Eddyfi/NDT acquires Senceive
Eddyfi/NDT, a Québec-based test and measurement tech group, has acquired United Kingdom-based Senceive, which designs and builds wireless condition monitoring technology for infrastructure. The financial terms of the deal were not disclosed.
Founded in 2020, Eddyfi/NDT focus on non-destructive testing, which includes a range of analysis techniques used to evaluate the properties of materials, components, and systems in science and tech-related industries. The company works with large engineering firms and service providers in the aerospace, energy, mining, power generation and transportation sectors.
According to Eddyfi/NDT, Senceive has joined the company as a separate entity under the same name, becoming Eddyfi/NDT’s fifth platform and business unit. The deal gives the company 10 acquisitions in the past five years. Earlier this year, Eddyfi/NDT also acquired Calgary’s Dynamic Risk.
District M completes merger with Sharethrough
Montréal adtech startup District M has completed its previously announced merger with San Francisco’s Sharethrough. The financial terms of the deal were not disclosed. Together, the newly combined companies aim to become the largest independent ad exchange.
Founded in 2013, District M offers a programmatic advertising ecosystem for advertisers and publishers. Following the merger, District M and Sharethrough will continue operating under the Sharethrough name. The combined entity will consist of over 140 employees across eight offices in Canada and the United States.
In 2019, District M raised a $12 million Series A round from Fonds de solidarité and Investissement Québec to grow its team. To date, the company says it has secured $20 million in funding.
MCI Onehealth to acquire Terrace Wellness Group
Toronto-based healthtech company MCI Onehealth has entered a letter of intent to acquire Ottawa mental health organization Terrace Wellness Group. The financial terms of the proposed deal were not disclosed.
MCI Onehealth said the transaction will advance its data and tech roadmap, and position the company to help fill the rising need for mental health and addictions care.
In Q1, MCI Onehealth generated $10 million in revenue, which the company said was driven by increased adoption of its telehealth and MCI Connect services, in addition to “continued strong performance from corporate health customers.” This total was slightly lower than the first quarter of 2020, when MCI Onehealth saw $10.4 million in revenue.
MCI Onehealth went public on the Toronto Stock Exchange at the beginning of Q1, securing $30 million. The company currently trades on the TSX under the symbol ‘MCI.’ Earlier this year, MCI Onehealth acquired Khure Health for around $13.5 million.
Vanilla acquired by Higher Logic
Montréal software startup Vanilla has been acquired by Virginia-based company Higher Logic. The financial terms of the deal were not disclosed, though Vanilla is set to operating as a Higher Logic brand.
Founded in 2009 as an open source project, Vanilla offers a community engagement platform for brands. The company’s software-as-a-service product helps brands, software and telecom companies serve their customers. Ultimately, Vanilla aims to reduce support costs while also driving brand loyalty.
Higher Logic also offers a customer engagement platform. The company’s CEO, Kevin Boyce, said Higher Logic was impressed by Vanilla’s success in the corporate market, which he said complements Higher Logic’s focus on the B2B tech firms.