In this bi-weekly column, we provide an overview of insider transactions and investments in Quebec companies.
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A $70 million contract for the Quebec multinational
IT company CGI has been awarded a $70 million (C$97 million) contract by the US State Department’s Bureau of Consular Affairs. CGI will use artificial intelligence to speed up the processing of visa applications in several countries in the Asia-Pacific region, including Australia, Japan and South Korea. Each year, CGI facilitates the processing of more than 15 million U.S. passports and more than four million visas in 70 countries.
Sold cold rental to British
Photo from Montoni website
Laval air conditioning, cooling and heating rental company Loue Froid recently became part of the British group Ashtead, better known as Sunbelt Rentals. Loue Froid was in business for over 45 years and was owned by Luc Despatie. The company employs approximately 75 people and has offices in Ontario and Alberta.
QuoteMachine raises $3.7 million
Photo from QuoteMachine website
Young Montreal startup QuoteMachine just closed a funding round that allowed it to raise $3.7 million in California funding. Founded in 2018, QuoteMachine sells software that makes it easier to sell expensive items like furniture, bikes and jewelry. In the last six months, the company has more than doubled its workforce and handled $40 million in product sales per month.
You buy Velan
Suzanne Blanchet, former manager of Cascades and administrator of Velan since 2021. Photo from LinkedIn
Two Velan directors have purchased shares in the Quebec industrial valve maker in recent days. Suzanne Blanchet and Dahra Granovsky each purchased them for almost $18,000. Velan shares have fallen more than 45% in recent weeks as French authorities refused to sell them to Texas-based Flowserve.
Exterra raises $2.1 million
In particular, Exterra wants to process mining tailings from the Thetford Mines region. Photo from Exterra website
Quebec’s Ministry of Economy and Propulia Capital, Geneviève Biron’s investment firm, have invested $2.1 million in Exterra Carbon Solutions. Founded in 2021, the company has developed technology to convert CO2 into rock using mining residues. Exterra recently partnered with Deep Sky, the young company co-founded by Frédéric Lalonde (Hopper), and is seeking further agreements with major greenhouse gas emitters in Quebec.
An SME from Saguenay was sold to Americans
Photo from Eugène Allard’s Packaging and Maintenance Products Facebook page
Eugène Allard Packaging and Maintenance Products, a Saguenay distributor founded in 1933, recently accepted a purchase offer from the American group Imperial Dade. He has made several acquisitions in Quebec in recent years.