Each week, we provide an overview of insider trading, investments in local businesses and news from listed companies.
The insurer cedes its services to the dealers
Beneva announced this week the sale of its SSQ Dealer Services division to Sym-Tech, a subsidiary of the American group Amynta, for an unspecified sum. For more than 20 years, SSQ Dealer Services has offered automobile insurance and warranties to Quebec dealerships. 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” that manages $2 billion invested in more than 800 companies through more than 80 funds.
Levio buys in Ontario
The computer firm Levio of Quebec has acquired the Ontario company Inellient for an unknown sum. This is Levio’s tenth acquisition since it was founded by François Dion in 2013. Specialized in “digital transformation” solutions, Levio has approximately 1,000 employees in offices located in Canada, the United States, India and in Morocco.
BDC is donating $400 million to clean technologies
The Business Development Bank of Canada (BDC) pledged this week to invest $400 million in a second fund focused on clean technologies. It follows BDC’s first fund in this sector, which was launched in 2018 with an endowment of $600 million. So far, the BDC has invested in about 50 clean technology companies, including Quebec-based GHGSat, AddÉnergie (Flo), NanoXplore, Flyscan and Effenco. The latter, however, has been insolvent since the spring.
New President at Lightspeed
Lightspeed has a new president in the person of Jean-David Saint-Martin (photo). The latter joined the Montreal company in 2019, during the acquisition of Chronogolf, a young company he co-founded in 2013. Jean Paul Chauvet remains CEO of Lightspeed, a position he has held since the resignation of Dax Dasilva, in February. Lightspeed had a rough week on the stock market, its stock losing more than 18% on Thursday after the company lowered its financial forecast for the next few months.
Bell goes into venture capital
Media giant Bell Canada revealed last week that it has created a subsidiary specializing in venture capital, replicating a strategy adopted by several other large companies in recent years. So far, Bell Venture Capital has invested in some fifteen companies and funds, including Quebec’s Grandé Studios.