Cloud & SaaS Acquisitions in Canada

HEALWELL AI Inc. entered into an agreement to acquire 100% of Intrahealth Systems Limited, a SaaS-based electronic health record (EHR) platform operating across Canada, Australia, and New Zealand. The deal values Intrahealth at approximately $24.2 million in consideration (cash plus HEALWELL shares, with an additional deferred amount), and is intended to integrate HEALWELL’s AI tools into Intrahealth’s EHR to create an AI-powered next-generation EHR offering. Intrahealth is being acquired from WELL Health Technologies Corp., which previously acquired Intrahealth in 2021.

An affiliate of STG has entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of MediaValet Inc. for C$1.71 per share in cash. The transaction values MediaValet at approximately C$80 million and is expected to close in Q1 2024 subject to shareholder, court, and regulatory approvals.

AMCS has acquired FigBytes, a sustainability and ESG reporting software provider, for an undisclosed amount. The deal expands AMCS’s cloud-based EHSQ/ESG capabilities and strengthens its ESG market presence, combining AMCS’s European footprint with FigBytes’s strong North American presence.

HRSoft, a cloud-based compensation lifecycle management software provider, has acquired CompTrak, a compensation management solution provider headquartered in Toronto, Canada. The deal expands HRSoft’s capabilities in compensation management, adding CompTrak’s expertise with large financial services and Fortune 500 customers and strengthening compliance, automation/integration, and analytics functionality.

Ryan, a global tax services and software provider, acquired The Funding Portal Inc. (Fundingportal), a grants discovery and screening platform and SaaS provider. The deal expands Ryan’s government funding and grants offerings and broadens its client portfolio across North America and beyond.

Nasdaq, Inc. entered into an agreement to acquire Metrio, a privately held ESG data collection, analytics, and reporting software provider. Nasdaq will integrate Metrio’s SaaS platform into its IR & ESG services portfolio and plans to maintain Metrio’s headquarters in Montreal. Financial terms were not disclosed and the deal was expected to close by mid-June 2022.

Portage CyberTech Inc., a majority-owned subsidiary of Converge Technology Solutions Corp., acquired 1CRM Systems Corp., a SaaS-based CRM and business management software provider headquartered in Victoria, Canada. The purchase price included $3 million in cash at closing plus up to $2 million in earn-out payments over two years based on milestone achievement.

PSG, together with its portfolio company ShieldCo, acquired Traction Guest, a cloud-based visitor management and workforce security software provider. The deal expands ShieldCo (backed by PSG V) and is intended to accelerate product innovation and growth in the workplace safety and visitor management market.

ScalePad received a significant, non-control equity investment from Integrity Growth Partners (IGP), marking the first outside capital raised by ScalePad since its founding. The partnership is intended to accelerate ScalePad’s growth while allowing the company to remain independent and founder-led.

ABC Financial, a Thoma Bravo portfolio company providing fitness industry software and services, has acquired Trainerize, a Vancouver-based mobile fitness solution for personal training and member engagement. The deal expands ABC’s SaaS offering with a mobile-first platform that supports workouts, virtual training, nutrition planning, and lifestyle coaching for clubs, trainers, and members. Trainerize’s team will join ABC, and the product will be sold both as an add-on module for ABC clients and as a stand-alone solution.

Uplight announced that it has acquired Ecotagious, a SaaS-based energy insights platform company that uses machine learning and smart meter disaggregation to help utilities drive customer energy savings. The acquisition expands Uplight’s suite of customer-centric energy action solutions for the utility industry and strengthens its capabilities in personalized, appliance-level energy insights.

Nexonia and Tallie announced a merger, effective immediately, combining their time and expense management offerings into a larger independent expense management platform. The combined business will provide SaaS financial management software with configurable integrations and customer support, operating from offices in Canada and the United States.

Lighthouse Equity Partners, a Vancouver-based private equity firm, acquired AdPerfect, a Vancouver, British Columbia-based SaaS platform for self-serve web-based classified advertising solutions for publishing groups. Progress Partners advised AdPerfect on the transaction and represented the company in the sale.