October Software and IT Monthly Newsletter

In This Edition:

  • Highlights from September

  • Public Market Dashboard

  • The Whitehorn Matrix

  • Cryptocurrency as an Alternative Asset Class

  • Financing

  • Mergers and Acquisitions

 

Highlights from September

Sep. 2 - A US federal judge ruled that Google can keep its Chrome browser following an antitrust case, but barred the company from exclusive contracts. 

Sep. 5 - Wealthsimple experienced a security breach on August 30 where personal information of ~30,000 clients including SIN numbers were accessed via a compromised software package from a third-party provider.

Sep. 9 - Bell Canada launches Bell Cyber that will offer AI-powered cybersecurity solutions.

Sep. 15 - The US claims a framework deal has been achieved for the ownership of TikTok US following trade talks between the U.S. and China in Spain.  

Sep. 29 - Shopify announces partnership with OpenAI to roll out in-app shopping for ChatGPT users.

 

Public Market Dashboard - Year-to-Date Returns

 

The Whitehorn Matrix

Check out our Matrix for the latest and greatest in tech: 

 

Cryptocurrency as an Alternative Asset Class

In the past decade, cryptocurrencies have exponentially evolved from speculative, too-good-to-be-true experiments to a recognized asset class. The number of investment portfolio managers that are recommending crypto as part of one’s portfolio has increased substantially as well. As per CoinMarketCap, the total crypto market cap was US$4.02T on September 30, 2025, with Bitcoin (BTC) representing US$2.3T or 57% of the total market cap.

 

Asset Class by Market Cap

We compare crypto to other tradditional asset classes below (USD trillions):

Top Five Crypto by Market Cap (USD trillions)

The chart below illustrates the performance of a $10,000 investment made on January 1, 2020 through September 24, 2025, across the following asset classes: Bitcoin, Gold, the S&P 500 Composite Index, and the S&P/TSX Composite Index.

We at Whitehorn predict the cryptocurrency asset class will remain going forward, with the increase in institutional inflows and more favourable regulations leading to its overall market cap increasing over the next decade. It is undeniable crypto is a recognized asset class on its own today that offers diversification to traditional portfolios. Investors should expose their respective portfolios to crypto based on their respective risk appetite. 

Financing

Below we summarized a few recent tech financing transactions:

 
 
 

Mergers and Acquisitions

Application Software:         

Sep. 15 – Toronto based Gocxm acquires Whitby, ON based MobileXCo. Acquisition of mobile-first shopper engagement and brand activation company to extend end-to-end platform and to enhance consumer research expertise.

Sep. 16 – Horsham, PA based dlivrd Technologies acquires Vancouver based Omnicart. Acquisition of restaurant industry platform provider with CRM and automation offerings to fast track growth of its off-premise technology.

Sep. 23 – Calgary based AbaData acquires Medicine Hat, AB based HUDU Pipelines. Acquisition of specialized provider of pipeline integrity and field operations software to strengthen platform offering with complementary capabilities and to accelerate growth into U.S. and global markets.

 

IT Consulting & Services:

Sep. 2 – TELUS (TSX:T) acquires TELUS International (Cda). US$539MM acquisition of outstanding shares not owned in IT services and customer services provider operating under the TELUS Digital name.

Sep. 3 – Chicago based Lyra Technology Group acquires Alberta companies LAN Solutions, Corporate Networks, and the ITeam. Acquisition of managed IT service providers with a combined workforce of 80 professionals throughout Alberta to expand national presence by subsidiary of Evergeen.

Sep. 8 – Maumee, OH based Aktion Associates acquires Toronto based Dektek practice. Acquisition of the Deltek practice from AMR Group to expand capabilities and to deepen offerings into architecture, engineering and consulting firms.

Sep. 9 – Accenture (NYSE:AC) acquires Toronto based IAMConcepts. Acquisition of company specializing in identity and access management services to bolster cybersecurity solutions across key infrastructure industries.

Sep. 19 – Northern Ireland based Kainos acquires Halifax based Davis Pierrynowski. Acquisition of digital partner consultant with 120 personnel operating in NS and ON to double workforce and to enhance modern transformations to the public and healthcare sectors.

Sep. 23 – Montreal based Cofomo acquires Quebec City based Videns. Acquisition of applied AI expertise company offering designs and tailor-made solutions to strengthen AI position and to expand innovation capacity.

Sep. 23 – Portsmouth, NH based Blue Mantis acquires Toronto based Coreio. Acquisition of IT services firm specializing in ServiceNow consulting, infrastructure and operations (I&O) and managed services to expand ServiceNow midmarket segment and to expand Canadian footprint.

Sep. 30 – Toronto based Volaris Group acquires Orem, UT based Alpine Testing Solutions. Acquisition of psychometric consulting and test security services for credentialing and licensure programs provider.


Data Processing & Outsourced Services:         

Sep. 5 – Vancouver based Klue acquires San Francisco based Ignition. Acquisition of AI-powered go-to-market platform provider for product marketing cycle management to enhance AI capabilities and accelerate product development.

Sep. 10 – Miami based OpenEvidence acquires Toronto based Amaro. Acquisition of AI-native advertising company backed by Google Ventures and Greycroft to accelerate growth and further expand offerings for clinicians.

Sep. 16 – Montreal based O2 Commerce acquires Whitefish, MT based ZaneRay. Merger between data-driven commerce partner and digital design and development agency for product brands to form integrated e-commerce agency called Datmos.

Sep. 17 – HIVE Digital Technologies (TSXV:HIVE) acquires Toronto based data centre. Acquisition of 7.2MW data centre in Toronto through its subsidiary BUZZ High Performance Computing to upgrade facility to Tier 3 standards and to expand Canadian footprint.

Sep. 18 – Denver based Cologix acquires Markham based TOR4. Acquisition of hyperscale data centre to reinforce Canadian market presence and to support further growth from inference AI and cloud workloads.  

Sep. 25 – Indian company Crisil acquires Toronto based McKinsey PriceMetrix. Acquisition of performance benchmarking and data-driven insights provider for the wealth management industry to scale wealth management services and extend sector benchmarking capabilities.

Sep. 29 – UAE based 31 Concept acquires Winnipeg based Xynthor AI Software. Acquisition of AI-native data loss prevention solutions provider to strengthen deep packet intelligence, corporate security, and data sovereignty offerings.


Systems Software:

Sep. 15 – New York based SecurityScorecard acquires Toronto based HyperComply. Acquisition of risk management platform provider for supply chain including automated monitoring for vendor data breaches to integrate offerings and enhance customer experience.

Sep. 19 – Toronto based Volaris Group acquires Romanian company Bit Soft. Acquisition of integrated solutions provider for hotels, restaurants and hospitality chains including POS systems and property management systems to deepen market footprint and to pursue new geographic expansion opportunities.

Sep. 22 – Montreal based Valsoft acquires Quorum Information Technologies (TSXV:QIS). $60MM acquisition of enterprise software solutions provider for automotive dealerships and OEMs for 1.5x Revenue and 8x EBITDA.


Internet Services & Infrastructure:

Sep. 11 – Tampa based Appspace acquires Kitchener based Igloo Software. Acquisition of modern intranet provider to strengthen position in employee communications and intranet solutions.

Sep. 15 – Vancouver based Monaghan Capital Fund (TSXV:EIRE.P) acquires HARE. Acquisition of digital payment platform provider including gift cards and other flexible payment solutions.

 Sep. 16 – Toronto based GreenSlate acquires Vancouver based Circus. Acquisition of company specializing in streamlining and digitizing critical production management workflows to strengthen industry position and to increase Canadian market presence.

 Sep. 18 – Grand Rapids, MI based RaiseRight acquires Toronto based FlipGive. Acquisition of digital fundraising platform provider assisting community groups in raising money through everyday spending to expand Canadian market and to enhance offerings.

Sep. 26 – NameSilo Technologies (CSE:URL) acquires Thornhill, ON based CommerceHQ. Acquisition of advanced website builder with integrated ecommerce capabilities to enhance bundled offerings.

Sep. 29 – Credo Technology Group Holding (NASDAQ:CRDO) acquires Ottawa based Hyperlume. Acquisition of developer of Micro-LED based optical interconnect technology for chip-to-chip communication to expand portfolio of connectivity solutions. 

Sep. 29 – Intellistake Technologies (CSE:ISTK) acquires Singularity Venture Hub. Acquisition of digital asset firm specializing in incubation, treasury management, and web3 advisory to strengthen decentralized AI support.