Two Canadian operators of online marketplaces have made acquisitions to fuel their growth.
Québec City-based Freelance.ca, an online marketplace for Canadian freelancers, has acquired Montréal-based Workhoppers for an undisclosed amount, while Toronto-based automotive marketplace Trader Corporation has acquired Collateral Management Solutions (CMS).
“Acquiring Workhoppers was a strategic decision driven by our commitment to the Canadian freelance scene, but also to growth and market leadership.”
Simon Gravel
In a statement, Freelance.ca said its acquisition of Workhoppers is aimed at strengthening its position in the Canadian market while expanding its services for freelancers and businesses.
Founded in 2012, Workhoppers offers a platform for flexible work and project placement. Freelance.ca plans to integrate Workhoppers into its own operations, and the deal is aimed at generating 100 new projects on the platform daily by the end of 2024, as well as expanding the pool of skilled freelancers on the platform.
“Acquiring Workhoppers was a strategic decision driven by our commitment to the Canadian freelance scene, but also to growth and market leadership. We recognized the synergy between our two companies and the potential to accelerate our growth,” Simon Gravel, CEO of Freelance.ca, said in a statement.
Freelance.ca connects businesses with freelance professionals on projects spanning a wide range of industries, including design, technology, finance, insurance, language, marketing, and research, among others.
On June 24, Trader Corporation announced it had acquired CMS from the Teranet group of companies. The financial terms of the transaction were not disclosed.
CMS provides lien and registration services, recovery services, and insolvency management solutions to Canadian lenders. The deal is expected to improve Trader’s FinTech offering, specifically as it relates to Dealertrack Canada, Trader’s automotive finance subsidiary, which it acquired in 2022.
Dealertrack is one of three brands operated by Trader, alongside AutoTrader.ca and AutoSync. The service connects car shoppers with lenders and offers auto financing solutions to lenders and dealers in the automotive, commercial, and recreational industries.
Founded in 1991, Teranet provides registry services, property intelligence, and data solutions to the real estate, financial services, government, utilities, and legal sectors. The company originally acquired CMS from London, United Kingdom-based financial services software firm Finastra in 2018.
“Dealertrack’s capabilities, combined with the exceptional CMS talent that leads, operates, and manages this division, will ensure the business continues to provide exceptional value,” Elgin Farewell, CEO at Teranet, said in a statement.
Following the deal, Teranet employees currently working on CMS will join the Dealertrack Canada team.
Feature image courtesy Freelance.ca.