CIBC Tech & Innovation Market Update – April 2024

Canadian technology sector performance and valuation

Source: FactSet and Pitchbook as at March 31, 2024; in C$ unless otherwise noted. 
1 Please refer to the end of the document for technology group constituents.

Canadian venture capital market monthly recap

March 2024

Aggregate deal value

(vs. $321M in Feb-24)²
YTD: $825M
(vs. $1.14B YTD-23)³

Number of deals

(vs. 43 in Feb-24)
YTD: 106
(vs. 254 YTD-23)

Avg. deal value

(vs. $16M in Feb-24)²
YTD: $14M
(vs. $8M YTD-23)³

Most active province by value ($ / #)

($74M / 17)
YTD: Quebec
($431M / 20)

Most active province by count ($ / #)

($74M / 17)
YTD: Ontario
($289M / 56)

Most active sector

(92% of funds raised)
YTD: Software

2 16 deals in Mar-24 and 23 deals in Feb-24 with no announced values are omitted from deal values.
3 46 deals in YTD-24 and 111 deals in YTD-23 with no announced values are omitted from deal values. 

Noteworthy Canadian deals

Company Size Financing round Sub-sector Lead investors
Parallel Studios US$35M Capital Raise Entertainment Software VanEck / Solana Ventures / The Spartan Group
Borderless AI US$27M Funding Round AI for HR Susquehanna / Aglaé Ventures


Deal activity


US$6.3 Billion
Take-Private Acquisition
CIBC Capital Markets acted as Financial Adviser to CDPQ

Nuvei - US$6.3B Take-Private Acquisition by Advent International, Philip Fayer, Novacap and CDPQ

CIBC Capital Markets acted as financial adviser to CDPQ on the Canadian-based payment company Nuvei’s take-private acquisition by Advent International, one of the largest global private equity investors, with support from Phillip Fayer, Novacap Management Inc. and CDPQ.

Battery Ventures

C$150 Million
Acquisition of TrueContext Inc.
CIBC Capital Markets acted as Financial Adviser to Battery Ventures

Battery Ventures – Acquisition of TrueContext Inc.

TrueContext Inc. entered into a definitive agreement to be acquired by Battery Ventures for a total transaction value of ~C$150M. CIBC Capital Markets acted as the exclusive financial adviser to Battery Ventures.


Growth Capital Financing
CIBC Innovation Banking acted as Sole Provider

Skedda - Growth Capital Financing

CIBC Innovation Banking provided growth capital financing to Skedda, a leading global space management and scheduling platform focused on serving employees in today’s hybrid work environment. The funding will drive product innovation and further fuel Skedda’s global expansion.


Growth Capital Financing
CIBC Innovation Banking acted as Sole Provider

Swoogo – Growth Capital Financing

CIBC Innovation Banking provided growth financing to Swoogo, a leading provider of event management software for in person, digital and hybrid events. Swoogo will use the funding to solidify their position and offering for enterprise event management, helping organizers run events at scale.

In The News @ CIBC

Robert Rosen, Managing Director at CIBC Innovation Banking’s Toronto office provides his expertise on capital call lines of credits.

Learn more

Technology & Innovation in‘sites’ with CIBC Equity Research

T&I 'Bits and Bytes'

Iphenomenon – The DOJ vs. Apple

The latest in a recent string of antitrust lawsuits from the Federal Trade Commission (FTC) and Department Of Justice (DOJ) targets smartphone maker and tech giant Apple. The Justice Department, joined by 16 state and district attorneys general, filed a civil antitrust lawsuit last week which alleges the company engaged in antitrust activities in the smartphone market, bringing about higher prices and reduced innovation. The lawsuit has been long anticipated, after years of regulatory scrutiny around Apple’s suite of devices and services. However, the case is likely to carry on for years before any resolution is reached and any implications for consumers become clear, which is likely why Apple’s shares have already almost recovered from a slight drop on March 21 when the suit was filed.

Tick-tock, TikTok – App faces threats from North American governments

In March, the U.S. House of Representatives overwhelmingly passed a bill that would see social media app TikTok’s Chinese parent, ByteDance, forced to divest the U.S. assets of the business or face a nationwide ban. Just one year ago, TikTok CEO Shou Zi Chew testified before Congress regarding the app’s connection to the Chinese government, maintaining that the data from its U.S. users is stored in the U.S. and the Chinese government has no access or control of the app. However, in light of the upcoming U.S. election, intelligence officials have been warning House and Senate party members about user data access by the Chinese government and how TikTok could be used to interfere in the upcoming presidential election. In Canada, the federal government has launched a national security review of the app.

Gatekeepers gate – The EU hands Apple a €1.84B fine

The European Commission fined Apple €1.84 billion in early March for preventing competition from music streaming rivals through its App Store. The penalty appears to be intended to be overly punitive: the total amount comprises a basic penalty of €40 million plus a large lump-sum amount of €1.8 billion meant to deter Apple from repeating the same or similar infringement. The oversized fine could be a precursor for what’s to come; the EU’s Digital Markets Act (DMA) came into effect on March 6. The DMA targets big tech companies that “gatekeep” and prevent competition. Potential fines under the act are significant—up to 20% of annual global revenue for repeat violations.

Recent technology news

In an era of global chip shortages and rising geopolitical tension, the largest chipmaker is beginning to shake under the pressure to meet global demand. Based in Taiwan, TSMC is looking to expand operations into the US and European markets. Not only is there a talent scarcity to contend with but also the differences in work cultures between Asian and Western countries in an industry where output means everything.

Read the full article at CNN.

In the debate of integrating AI into the workplace, its advocates espouse that the technology will create new job opportunities while its opponents are concerned about the amount of jobs that will become obsolete. Economists have studied the rate of job loss due to automation and the rate of job creation from technology (augmentation). Their findings suggest that over the last four decades – automation is far outpacing augmentation.

Read the full article at MIT News.

The pioneer of social media, Facebook, has just turned 20. While the popularity of Facebook is being challenged by other competitors like TikTok, it still remains very relevant in modern times. Recent Pew data shows that the Facebook is still used by 68% of American. A.W. Ohlheiser of Vox, reviews Facebook’s checkered history.

Read the full article at Vox.

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Tech & Innovation Key Contacts

Roman Dubczak
Deputy Chair
Susan Rimmer
Managing Director And Head, Global Corporate & Investment Banking
Kevin Li
Managing Director and Head, Global Investment Banking

Global Investment Banking

Kathy Butler
Vice Chair and Head of CIBC Capital Markets – B.C.
Colin Ryan
Managing Director, Head of Technology & Innovation, Global Investment Banking
Adam Noily
Managing Director, Head of U.S. Technology & Innovation, Global Investment Banking
Daniel Lee
Managing Director, Technology & Innovation, Global Investment Banking
Emilie Bissonnette
Managing Director, Global Investment Banking
Rob Magwood
Managing Director, Equity Capital Markets
Frazer Wong
Executive Director, Technology & Innovation, Global Investment Banking

Innovation Banking

Mark Usher
Executive Managing Director, Innovation Banking
Paul McKinlay
Vice-President and Head of U.S. Origination, Innovation Banking
Amy Olah
Managing Director and Head of Canadian Origination, Innovation Banking

Canadian Technology Constituents

High-Growth Canadian SaaS
  • Ceridian
  • Copperleaf
  • Coveo
  • Descartes
  • Docebo
  • Kinaxis
  • Lightspeed
  • Shopify
  • Thinkific
Large Cap Canadian Tech
  • Altus
  • Blackberry
  • Celestica
  • CGI
  • Constellation Software
  • Converge Technologies
  • Dye and Durham
  • Enghouse
  • Evertz Technologies
  • Nuvei
  • OpenText
  • Softchoice
  • Well Health
Mid Cap Canadian Tech
  • Calian
  • Computer Modelling Group
  • D2L
  • Kneat
  • Payfare
  • Real Matters
  • Tiny
  • Vecima
Small Cap Canadian Tech
  • Alithya
  • Baylin Tech
  • BBTV
  • Blackline Safety
  • Optiva
  • Pivotree
  • Quarterhill
  • Sangoma
  • Sylogist
  • Terago
  • VerticalScope
  • Vitalhub
  • Voxtur

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