Todd Korol/The Globe and Mail
A source familiar with the transaction told The Globe and Mail that Hg Capital LLP had bought the stake from existing shareholders, including founder and CEO Bryan de Lottinville and U.S. private capital giants JMI Equity and General Atlantic. Mr. de Lottinville and president Kelly Schmitt appeared before staff Wednesday dressed as unicorns to announce the deal. Companies that achieve US$1-billion valuations are called “unicorns.
Benevity, with about $100-million in annual revenue, last raised money in October, 2019, when JMI and General Atlanticin a deal valuing the company at close to US$400-million. General Atlantic, JMI and Benevity management will retain a stake with the deal. Benevity, with 650 employees, is a leading light in a Calgary tech industry that is gaining traction as city officials seek to diversify the economy. It is also the city’s second technology company to achieve a billion-dollar evaluation after US financial services giant Morgan StanleyCalgary and its economic development arm have embraced the tech and biosciences sectors among targeted paths to help rebuild an economy that has suffered through the oil patch downturn.
Source: Tech Daily Report (techdailyreport.net)