Software and Technology Monthly Newsletter

In This Edition:

  • April 2025 in Review

  • Public Market Dashboard

  • A look at the Liberal Tech Platform

  • Mergers and Acquisitions

 

April 2025 In Review

April 2 - The City of Calgary launched Calgary’s Innovation Strategy, a 10-year roadmap designed to organize tech and innovation ecosystems to create jobs and economic activity.

April 14 - NVIDIA to produce up to US$500B in AI infrastructure in the U.S. via various manufacturing partnerships over the next four years in response to potential tariffs on offshore chip manufacturing.

April 15 - The U.S. introduced new restrictions on the export of NVIDIA's H20 AI chips to China, which is estimated to cost the company US$5.5B. The H20 chips were specifically designed to accommodate prior U.S. export controls to China.

April 17 - Kinaxis launched a tariff response offering that helps companies simulate tariff exposure, run strategic scenarios to make informed decisions. 

April 30 - Meta Platforms to launch a standalone AI app to compete directly with ChatGPT, which will run on its Llama AI model.

 

Public Market Dashboard - March Year-to-Date Returns

 

1.    The WST Index consists of publicly traded Canadian software and technology companies tracked by Whitehorn to represent the Canadian software and technology sector.

 
 

The Liberal Tech Platform

The Canadian Liberal party secured victory in the 45th general election held on April 28, 2025. Below, we summarize key software and tech highlights from the Liberal party’s platform: 

 

Finaincing

Below we summarized a few recent tech financing transactions:

 

Tech Private Equity Fund Raising

Notable financing transactions involving software and tech private equity include:

 

Mergers and Acquisitions

Application Software:         

Apr 11 – Enghouse Systems (TSX:ENGH) acquires Lithuanian company Trafi. Acquisition of transportation network and trip planning software company offering a white label app as well as real time data mapping tools.

 

IT Consulting & Services:

Apr 22 – Toronto based Elbows Out acquires Toronto based GreenFresh Marketing. Acquisition of digital marketing firm primarily serving the consumer packaged goods industry to enhance field execution and digital marketing expertise.

 

Data Processing & Outsourced Services:         

Apr 1 – Vancouver based Carrier Connect Data Solutions (TSXV:CCDS) acquires Australian company Nexion Group’s data centre. AUD$2.5MM acquisition of Tier II/III data centre within an 8,000 sq ft facility servicing the Asia Pacific region.

Apr 2 – Toronto based WBM Capital acquires New York based Wappier. Acquisition of AI-powered business optimization solutions provider that transforms unstructured consumer data into digital consumer twins using large quantitative models.

Apr 8 – Toronto based Arcadea Group acquires Australian company Phoenix by Agdata Holdings. Acquisition of farm management software by Agdata Holdings allowing producers to manage operations efficiently by integrating data from production to financials.

Apr 15 – Toronto based PTAG acquires Houston based Construct-X. Acquisition of advanced work packaging and digital project execution organization via data-driven insights and tech-driven solutions to offer integrated suite of solutions to client base.

 

Systems Software:

Apr 2 – Toronto based Kensington Capital Partners acquires Ottawa based Venture capital business of One9. Acquisition of venture capital business from defence tech firm to establish its own defence tech VC platform.

Apr 10 – VitalHub (TSX:VHI) acquires UK based Induction Healthcare Group. Cash acquisition of software solutions provider transforming care delivery and patient journey via its products, Zesty and Attend Anywhere to complement asset portfolio.

 

Internet Services & Infrastructure:

Apr 2 – Austin, TX based Digital Brands Group acquires Vancouver based Open Daily Technologies. Acquisition of virtual shopping solutions provider to enhance online retail experiences and further drive consumer engagement.

Apr 3 – New York based Open Deal dba Republic acquires Toronto based The INX Digital Company (OTCQB:INXDF). US$60MM acquisition of regulated trading platforms provider for digital securities and cryptocurrencies to strengthen position in the blockchain investment space.

Apr 9 – Swiss company CosmoBlue Media acquires Toronto based Cineplex Store. Acquisition of the movie streaming platform Cineplex Store from Cineplex Entertainment with over 10,000 titles offered to rebrand and expand offerings.

Apr 9 – Toronto based Wealthsimple acquires San Francisco based Plenty. Acquisition of wealth management platform provider assisting couples navigate financial decisions to complement product expansion.

Apr 22 – Toronto based FundThrough acquires New York based Ampla. Acquisition of invoicing platform and financing solutions provider to enhance technology and to integrate new invoicing software partners.