Vancouver’s ProShop ERP, a leading provider of enterprise resource planning (ERP) software for manufacturers, has secured a significant $32 million investment from Mainsail Partners, a growth equity firm. ProShop ERP’s web-based platform aims to help manufacturers transition from paper-based workflows to a more efficient digital environment. It specifically caters to regulated industries such as defense, aerospace, and healthcare.
Meanwhile, Constellation Software’s Perseus operating group has made a substantial deal by acquiring Optimal Blue for $700 million. Optimal Blue offers data services to the mortgage industry, and this acquisition positions Constellation Software to potentially become the largest mortgage services provider in the United States.
Another noteworthy acquisition is the Bow River Capital’s acquisition of Vitruvi Software, a Canadian construction-tech company specializing in geospatial information system (GIS)-based software for construction project management. Denver-based Bow River Capital’s alternative asset management expertise aligns well with Vitruvi’s innovative software solutions.
In other news, the Federal Trade Commission (FTC) has decided to suspend its administrative challenge against Microsoft’s potential acquisition of Activision Blizzard for $68.7 billion. Although the acquisition has not been finalized yet, the FTC could refile the challenge while Microsoft continues negotiations with the UK’s Competition and Markets Authority (CMA).
Additionally, Victoria-based Checkfront, a booking software provider for the tourism industry, is merging with Australian company Rezdy. Both companies will continue to operate independently, and there are no plans to merge their brands. The merger aims to strengthen their presence in the highly competitive tourism software market.
User engagement on Threads, a microblogging app under Meta Platforms, has been falling consistently, leading to pressure on the parent company to introduce new features and enhance the app’s user experience.
The SaaS industry has witnessed significant funding activity, with two major Canadian tech ecosystems experiencing a resurgence in venture funding in the second quarter of 2023. Toronto’s tech startups raised a cumulative $1 billion in Q2, while British Columbia’s tech startups raised $639.6 million during the same period.
Digital World Acquisition Corp., the company responsible for taking former President Donald Trump’s social media platform public, saw a surge in its shares by over 50% after settling fraud charges with the Securities and Exchange Commission for $18 million.
Meanwhile, Othersphere, a Victoria-based cleantech startup, has successfully closed over $3 million CAD in seed financing. The company aims to develop a location optimization platform for sustainable commodities, helping stakeholders identify optimal sites for building zero- and low-emission production assets, such as clean hydrogen.
Lastly, Netflix has confirmed its foray into live sports with the announcement of a celebrity golf tournament coming to the streaming platform in November. This marks Netflix’s first venture into live sports programming, exploring new avenues beyond their traditional offerings.
Toronto-based Metafold 3D, a company focused on streamlining the design and 3D printing of complex parts for manufacturers, has raised $2.35 million CAD ($1.78 million USD) in seed funding. Metafold’s software targets sportswear and biopharmaceutical companies, aiming to simplify the additive manufacturing process.
These developments signify the continuous growth and evolution of the global tech industry, with investments, acquisitions, and new ventures shaping the future of various sectors.
