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Cross Border Activity - July 2007

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While it was a light month in terms of cross-boarder M&A deals, several U.S. venture capital firms announced financing for Canadian companies.  Most notably were two Vancouver-based website companies that received funding from financiers south of the 49th.  Details of July’s U.S. activity in Canada are listed below.    

 

 

  • Tira Wireless, a provider of technology and services for the mobile market based in Toronto and San Mateo California, received $5 million in Series D financing from Lehman Brothers Venture Partners, Brightspark Ventures, Flagship Ventures and Export Development Canada.
     
  • GlobalServe Inc., a New York-based provider of Global Information Technology, Supply Chain and IT Life Cycle Management closed a US$3 million venture loan from MMV Financial Inc.
     
  • Weblo, a Montreal-based company that allows users to buy virtual domain      names raised $3.3 million in Series B financing from VantagePoint Venture Partners. VantagePoint has offices located in California, New York and Montreal.
     
  • Ohio-based MWOE Solar Inc. secured $7 million in Series A financing.  The investment was led by Emerald Technology Ventures who has offices in Montreal and Switzerland as well as NGP Energy Technology Partners based out of Washington D.C.
     
  • Quebec-based Simpler Networks Corp., provider of technology for the automation of copper distribution frames received US$9 million in new Series C funding.  U.S. Venture Capital firms Highland Capital Partners and Kodiak Venture Partner led the deal along with Canadian V.C. firm BCE Capital and Solidarity Fund QFL.
     
  • Vancouver-based online advertising startup Adzilla Inc. raised US$10 million in Series A funding from American financiers Alloy Ventures and Norwest Venture Partners.
     
  • NowPublic.com, a Vancouver-based news site received $10.6 million in Series A venture capital funding. The deal was led by New York-based venture capital firm Rho Ventures and includes its Montreal-based affiliate, Rho Canada.  Also, Toronto-based Brightspark Ventures and Growthworks Capital in Vancouver co-lead the funding.
          

Cross Border M&A
 

  • Montreal biotechnology company, Caprion Proteomics (a unit of Thallion Pharmaceuticals Inc. (TSX: TLN)) has been sold to the U.S. private equity firm Great Point Partners (GPP).  GPP will hold an 80 per cent stake in Caprion Proteomics while Thallion Pharmaceuticals Inc. will retain the remaining 20 per cent.  Terms of the deal were not disclosed.
     
  • B.C.-based private equity investment firm Tricor Pacific Capital Inc. has acquired CPI Card Group, the largest U.S. provider of secure financial plastic card products.  Terms of the deal were not disclosed.
     
  • Mitel Networks Corporation and Delaware-based Inter-Tel Incorporated (Nasdaq: INTL) announced that they have entered into a merger agreement.    The Ottawa-based communications provider will purchase Inter-Tel Inc. for US$25.60 per Inter-Tel share in cash, resulting in a total acquisition cost of approximately US$723 million.
     
  • Alberta-based SMART Technologies Inc. announced that New York private equity group, Apax Partners, will take a significant minority position in the company.  Details of the transaction were not disclosed.