https://betakit.com/us-private-equity-fi...llion-cad/
Given it's a controlling stake I'd call this basically an exit. Combined with the Magnet news that's two high profile exits in a couple weeks for KW tech. Combined with how well some other startups (Faire, Apply Board, Arctic Wolf) are doing I feel like local tech is having a pretty phenomenal year. The labour market for tech is going to get really tight with all the hiring (Google playing a big role here too).
Quote:United States-based private equity firm Luminate Capital Partners is set to acquire a controlling stake in Axonify for $313 million CAD ($250 million USD).
A spokesperson for Axonify confirmed the controlling stake and size of the investment to BetaKit, adding that it gives the startup a valuation of $438 million CAD ($350 million USD).
Axonify, which provides communications and training software to frontline employees, said the new investment will help the Kitchener-Waterloo-based startup accelerate product innovation and pursue “other key growth initiatives.” The transaction, which is designed to fuel Axonify’s “next phase of growth,” is expected to close in the second quarter of 2021, pending customary approvals and closing conditions.
Given it's a controlling stake I'd call this basically an exit. Combined with the Magnet news that's two high profile exits in a couple weeks for KW tech. Combined with how well some other startups (Faire, Apply Board, Arctic Wolf) are doing I feel like local tech is having a pretty phenomenal year. The labour market for tech is going to get really tight with all the hiring (Google playing a big role here too).