Each week we provide an overview of insider trading, investing in local businesses and news from public companies.
The insurer assigns its benefits to the dealers
Beneva this week announced the sale of its SSQ Dealer Services division to Sym-Tech, a subsidiary of American group Amynta, for an undisclosed sum. SSQ Dealer Services has been providing auto insurance and warranties to Quebec dealers for more than 20 years. Beneva nevertheless remained the insurer of the portfolios ceded to Sym-Tech.
Ottawa relies on Teralys
The federal government will entrust up to $350 million to four Canadian venture capital fund managers, including Teralys Capital, Minister Mary Ng (photo) recently indicated. The investment is part of the Venture Capital Catalyst Initiative, whose funding was renewed last year. Founded in 2009, Teralys is a “fund of funds” managing $2 billion through more than 80 funds invested in more than 800 companies.
Levio buys in Ontario
Quebec computer company Levio has acquired Ontario company Inellient for an undisclosed sum. This is Levio’s tenth acquisition since it was founded by François Dion in 2013. Levio specializes in “digital transformation” solutions and employs approximately 1,000 people across offices in Canada, the United States, India and Morocco.
BDC donates $400 million to clean tech
The Business Development Bank of Canada (BDC) this week pledged to invest $400 million in a second fund focused on clean technology. It follows BDC’s first fund in this sector, which launched in 2018 with a $600 million endowment. To date, BDC has invested in about 50 clean technology companies, including GHGSat, AddÉnergie (Flo), NanoXplore, Flyscan and Quebec-based Effenco. However, the latter has been insolvent since the spring.
New President at Lightspeed
Lightspeed has a new president in Jean-David Saint-Martin (photo). The latter joined the Montreal-based company in 2019 during the acquisition of Chronogolf, a fledgling company he co-founded in 2013. Jean Paul Chauvet remains CEO of Lightspeed, a position he has held since Dax Dasilva resigned in February. Lightspeed has had a tough week in the stock market, with shares shedding more than 18% on Thursday after the company lowered its financial guidance for the next few months.
Bell enters venture capital
Media giant Bell Canada announced last week that it had set up a venture capital-focused subsidiary, repeating a strategy pursued by several other major firms in recent years. To date, Bell Venture Capital has invested in around fifteen companies and funds including Grandé Studios in Quebec.
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