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In June, US players helped finance 5 private deals which totaled $69 million in new capital. Proofpoint’s acquisition of Fortiva was the lone US-led M&A deal, and one of the two transactions involving a Canadian software developer.
Details of June’s cross border activity are listed below.
U.S. Activity in Canada
First Coverage Inc., a Toronto company that develops software solutions geared towards the institutional investment community, raised $9 million in Series B funding from Boston’s Commonwealth Capital Ventures and GrandBanks Capital.
California’s Astellas Venture Management was one of the investors participating in Inimex Pharmaceuticals’ $22 million Series B Funding. The Vancouver-based biotech company is developing medicines that selectively modulate immune responses.
Gemin X Pharmaceuticals, Inc, a Montreal-based pharmaceutical company developing novel treatments from cancer, raised $38 million in a C Round financing. The round was led by Caxton Advantage Life Sciences Fund and Caxton Global (CA), and included participation from other US funds including Sanderling Ventures (CA), H.I.G. Ventures (FL), CDP/Vantaga Point (CA), ProQuest Investments (NJ) and Merlin BioMed Group (NY).
Georgia’s General Atlantic LLC has made an equity investment in Trow Global, a privately-owned engineering and consulting firm operating out of Brampton.
Cross Border M&A
California’s Proofpoint Inc., developer of unified email security and data loss prevention solutions, acquired Fortiva, a Toronto-based provider of on-demand email archiving solutions.