Four Canadian technology companies recently made acquisitions, including Haivision, Converge Technology Solutions, Modern Campus and WhereiPark. Here is the latest news on movers and shakers in Canada.
Haivision acquires CineMassive for over C $ 37 million
Montreal-based video streaming software company Haivision has entered into a definitive agreement to acquire Atlanta, Georgia’s CineMassive Displays, which offers video collaboration solutions. The deal is for approximately C $ 37.2 million (US $ 30 million) and Haivision plans to pay half of the purchase price in cash and the other half through the issuance of common shares of approximately 2.1 million common shares of Haivision.
Founded in 2004, Haivision helps public and private customers deliver secure, broadcast-quality, low-latency video. According to Haivision, the acquisition of CineMassive will increase the company’s defense, government and corporate customer base, and accelerate its expansion into new markets.
In December, Haivision began listing on the Toronto Stock Exchange under the symbol “HAI”, raising gross proceeds of $ 30 million from its initial public offering. In July 2020, Haivision acquired Spanish video software startup Teltoo.
After the deal closes, CineMassive’s Atlanta operations will become Haivision’s “storefront visualization collaboration hub.” According to Haivision, the entire CineMassive team will remain with the company after the transaction.
Converge to acquire Vicom Infinity, Infinity Systems Software
Converge Technology Solutions of Toronto, which provides software-based computing and cloud services, has entered into definitive agreements to acquire two US sister companies that provide software and services to IBM platforms, Vicom Infinity and Infinity Systems Software.
Under the terms of the deal, Converge is expected to pay a combined total of C $ 18.4 million (US $ 15 million) in cash to the two companies, funded by the recent common share takeover bid. concluded by Converge.
Converge was founded in 2017 to create a national platform of regional IT infrastructure companies across Canada and the United States. The high-purchasing company 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 companies this year. The current deal will bring that total to 22. After this deal closes, Vicom Infinity and Infinity Systems will join Converge’s current footprint in the United States.
Modern Campus acquires a presence
Toronto-based cutting-edge technology company Modern Campus has acquired Florida’s Presence, which provides a platform for engagement and learning on campus. Financial terms of the transaction were not disclosed.
Modern Campus develops software solutions designed to help schools engage students, serving more than 550 higher education clients. The company claims to have engaged more than 70 million students through its platform.
Modern Campus plans to integrate Presence with its existing platform to help post-secondary institutions deliver more personalized student experiences. According to Modern Campus, the agreement extends its reach to more than 1,400 colleges and universities across North America.
This is Modern Campus’ third acquisition in 2021. Earlier this month, Modern Campus acquired DIGARC, which offers software for managing catalogs and academic programs, and in March the company acquired the campus map and virtual tour provider nuCloud.
Presence employees will join Modern Campus, and Presence Founder and CEO Reuben Pressman will join the Modern Campus leadership team. Brian Kibby will remain CEO of Modern Campus.
WhereiPark acquires MonkeyParking
WhereiPark of Toronto has acquired MonkeyParking, the San Francisco-based parking app. Financial terms of the transaction were not disclosed.
Founded in 2014, WhereiPark offers a marketplace that connects users to a network of “affordable, exclusive and secure monthly parking spaces”. Although demand for monthly parking has declined during COVID-19, the company said it expects “substantial growth” in the industry “as people return to the office and are reluctant to use public transportation. “.
Under the terms of the agreement, all of the MonkeyParking assets are now part of the WhereiPark network and will be renamed “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.
Photo by John Matychuk on Unsplash