CIBC Tech & Innovation Market Update – April 2021

Welcome to the official newsletter of CIBC’s Tech & Innovation Capital Markets group

A curated monthly report to keep our readers abreast on relevant and recent developments within the Canadian tech ecosystem.


Canadian technology sector performance and valuation

 
EV / NTM revenue multiples 1 LTM sector price performance 1

Source: FactSet and Pitchbook; as at April 30, 2021; in C$ unless otherwise noted.
1 Please refer to the back page for technology group constituents.

 

Canadian Venture Capital market update 2

$1.1MM

(vs. $654M in March-21)
Aggregate deal value

38

(vs. 38 in March-21)
Number of deals

$38M

(vs. $20M in March-21)
Avg. deal value

Ontario

($805M / 17)
Most active province by count ($ / #)

 

Software

(89.1% of funds raised)
Most active sector(s)

 

Noteworthy Canadian deals

Company Size Sub-sector Lead investors
Vena Solutions US$300M Software  Vista Equity Partners
Loopio US$200M Software Sumeru Equity Partners
Clio US$110M Software T. Rowe Price
Tasktop Group US$100M Software Sumeru Equity Partners
 

T&I @ CIBC

Deal announcement – CIBC Global Investment Banking

Kneat – $20 million equity financing
Kneat focuses on digitizing and automating Validation processes for Life Sciences.

Thinkific – $160 million Initial Public Offering
Thinkific is a powerful, all-in-one SaaS platform for creating and selling online courses.

Deal announcement – CIBC Innovation Banking

Yaletown Partners Inc. – Capital Call Line of Credit
Yaletown invests in technology companies that are driving climate-resilient growth and enabling enterprise clients to make better decisions that lead to the consumption of fewer resources.

 

Canadian Technology Constituents

High-Growth Canadian SaaS – Ceridian, Descartes, Docebo, Kinaxis, Lightspeed, Shopify

Large Cap Canadian Tech – Altus, Blackberry, CGI, Constellation Software, Enghouse, Evertz Technologies, Nuvei, OpenText, Real Matters

Mid Cap Canadian Tech – Absolute Software, Calian, Celestica, Computer Modelling Group, Dye & Durham, Farmers Edge, Sierra Wireless

Small Cap Canadian Tech – Alithya, Baylin, BBTV, Blackline Safety, Converge Technologies, Mindbeacon, Optiva, Patriot One, Kneat, Pivotree, Quarterhill, TECSYS, Terago, Sangoma, Sylogist, Vecima, Vitalhub

RELATED INSIGHTS: Tech & Innovation Market Update

Your feedback matters to us!

Please fill out the form below to share your feedback to the CIBC Capital Markets Insights team.
If you would like to provide further details, please feel free to contact us.