Deals roundup includes financing and purchase deals in tech and healthcare ranging from $50 million to $126 million
McCarthy Tétrault was involved in a $70 million healthcare sector deal this week, while Goodmans played a role in a $50 million growth equity funding in the technology sector. Other deals in the technology industry included U.K. group Halma acquiring underwater robot firm Deep Trekker for $60 million and OSF Digital announcing a $126-million funding.
McCarthy Tétrault counsels in Dialogue Health’s $70 million acquisition of U.K.-based Tictrac
Dialogue Health Technologies Inc., a virtual healthcare and wellness platform announced on April 13 the acquisition of London-based Tictrac Ltd. for up to $70 million.
McCarthy Tétrault LLP acted as legal advisor to Dialogue Health Technologies. Armstrong Teasdale LLP served as legal counsel to Tictrac.
As a provider of global health and wellness platform, Tictrac supports employers and insurance partners.
"We're thrilled to add Tictrac's innovative technology, deep expertise, and proven methodology to Dialogue," said Dialogue Health Technologies CEO Cherif Habib. "This acquisition is our largest to date and contributes directly to the ambitious growth objectives we laid out in our IPO plan a year ago. Tictrac allows us to strengthen our Integrated Health Platform™ with a highly engaging new service, while also gaining exposure to attractive international markets with strong health and wellness potential."
"We're excited to join Dialogue and to bring our digital well-being and market-leading health engagement together with their diagnosis and treatment capabilities," said Tictrac co-founder and CEO Martín Blinder. "We look forward to collaborating with their team and customers to bring our wellness solutions to Canada and to ultimately drive better health outcomes everywhere."
The transaction is expected to close within 30 days.
Goodmans acts for U.S. tech firm Shipfusion in $50-million growth equity funding
On April 13, U.S.-based eCommerce fulfillment and technology solutions provider Shipfusion announced a $50 million growth equity funding from Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, an alternative investment management firm.
Goodmans LLP and Cascadia Capital acted as advisors to Shipfusion on this transaction.
The investment came just in time for Shipfusion’s acceleration of growth and global expansion, with a goal to reach more customers through the addition of strategic warehouse locations and advanced technology enhancement to the company’s existing platform.
"eCommerce merchants need powerful technology to integrate their sales channels and inventory management systems, combined with meticulous warehouse execution that allows for flexibility and customization," says Brandon Luft, Shipfusion's CEO and Co-Founder. "In building out our own proprietary software as well as our own strategic warehouse network throughout North America, Shipfusion has been in a position to execute on both fronts, creating an unrivalled fulfillment experience."
"Shipfusion solves fundamental pain points for the eCommerce shipping and fulfillment industry, in a fast-growing but deeply fragmented market," says Leon Chen, Managing Partner at Kayne Partners. "Shipfusion has cemented itself as a critical solution for small and mid-sized retailers needing to navigate a quickly evolving and highly complex landscape. We are extremely excited to partner with the company and leverage the resources of Kayne Partners to grow the business into a clear market leader."
As part of this round of financing, Leon Chen of Kayne Partners will join the Company's Board of Directors.
OSF Digital secures $126 million in funding
OSF Digital, a global independent commerce and digital transformation partner, secured a $126 million investment via a Series C funding led by Sunstone Partners and participated by existing investors Delta-v Capital and Salesforce Ventures.
According to a press release by OSF Digital, the funding will go towards expansion of service capability, sales and marketing, and additional mergers and acquisitions.
"This significant growth investment led by Sunstone Partners will help bolster OSF's leading position within the global digital commerce market," said Gerard Szatvanyi, CEO of OSF Digital. "Sunstone strongly believes that a company's people are the key to success – and they are committed to growing and developing people as they grow a company, which is aligned with OSF's values."
"We believe in OSF's mission of digital commerce-led transformations for some of the leading brands across the world and are very excited to partner with OSF in their next phase of growth," said Arneek Multani, Managing Director, Sunstone Partners.
Prior to this investment, OSF Digital had record-setting sales in 2021. The company has also completed over ten acquisitions over the past three years.
Underwater robot firm Deep Trekker to sell to UK tech group Halma for $60 million
Deep Trekker, a manufacturer of remotely operated underwater robots, was acquired by U.K.-based health, safety, and environmental technology firm Halma for approximately $60 million.
Deep Trekker’s underwater robots are used for inspection, surveying, analysis, and maintenance in sectors such as aquaculture, renewable energy, and ocean science and research.
Deep Trekker will be part of Halma's Environmental & Analysis sector upon completion of the deal.
Andrew Williams, Group Chief Executive of Halma, said, "Deep Trekker is an exciting addition to Halma, which is highly aligned with our purpose, both in terms of helping to ensure a cleaner environment, and in improving the safety of underwater inspections. It offers new opportunities for growth in a number of markets, driven by increasing health, safety and environmental regulation, and global efforts to address climate change, waste and pollution."
