After a strong March, April was a pretty tepid month for software exits in Canada. Highlights:
- 11 deals announced (15 last month)
- 2 deals had a disclosed value, the largest of those being $ 14M.
- 3 of the companies were in Toronto, 2 in Ottawa, the rest were distributed
- 2 of the 11 companies were VC-backed, the rest were either bootstrapped or had not raised any institutional funding
- 5 of the buyers were Canadian, 3 were from the US, the rest were distributed
- 5 of the buyers were public
- Median time to exit: 15 years (11 years for last months’ deals)
- Shortest time to exit: 5 years (although there was one stealth company that may have been younger
- Longest time to exit: 37 years!
- All of the buyers were strategic. No private equity deals this month. Same as last month.
All in all, a pretty underwhelming month.
It was nice to see Toronto’s Wattpad show up as an acquirer having bought stealth company Anirobo.
As always, I report on these each month. If you’re interested in seeing the underlying data, I keep it here.