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Bank of Montreal
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Globe says Vendasta IPO being led by CIBC, rivals

2021-03-18 08:41 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Thursday edition that Vendasta Technologies has filed a preliminary prospectus to go public on the Toronto Stock Exchange. The Globe's Sean Silcoff writes that Vendasta sells digital tools such as marketing automation, customer relationship management and billing software for companies that serve small businesses. Chief executive officer Brendan King said: "Our vision is to be the operating system of choice for channel partners and [small and medium-sized businesses]. We are here to democratize technology for SMBs and let them compete with the big players." Its offering is being led by CIBC World Markets, National Bank Financial and TD Securities. Other underwriters are Bank of Montreal, Canaccord Genuity, Desjardins and Paradigm Capital. An unnamed source said the company is looking to raise about $100-million in the offering. The company's top shareholders are Vancouver venture capital firm Vanedge Group, with a 31-per-cent interest prior to the IPO, and Business Development Bank of Canada's venture-capital group, with 29 per cent. According to its prospectus, Vendasta earned $42.6-million in revenue last year, rising 23 per cent in each of the previous two years.

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