Canadian technology M&A took a pause in May after a run of big deals every month since January.
$112 million in announced value across 22 transactions is second only to January as the lowest month (January was $109m). We happen to know that some of the deals in this list (Wurldtech for instance) will likely be announced in the quarterly filings by their public company buyer. When it is announced, we will re-visit the month and add on what we find in the public domain.
The only sizable announced deal in May was PNI Digital (formerly known as Photochannel Networks) being sold to Staples fro $75m CAD. Fixmo sold to Good Technologies after an intellectual property battle, but deal terms were not announced.
On the financing front, the announced $154m in financings is about the average of the first four months of 2014 ($165m per month). A couple of Toronto based companies raised significant growth rounds. Top Hat Monicle closed $11m and Shop.ca added an impressive $31m to its coffers.
But the big story of the month was the massive funding on the Rock. St. John’s Verafin raised a whopping $60m from Spectrum Equity Partners. Not only is this a big funding anywhere in Canada by our count, it is the fourth largest of a private technology company in the past 18 months behind Hootsuite ($171m), Xplornet Communications ($148m) and Shopify ($106m).
Please send us any publicly disclosed transactions that did not make our list. We aim to update and submit the quarterly and year end amounts for all of the M&A and private fundings into the private and public technology companies in Canada.