- M&A advisory
- Canada
M&A advisory services in Canada
Canada's technology M&A market is active at both the tuck-in and platform levels, drawing US strategic acquirers and a growing pool of PE sponsors operating Canadian roll-up strategies in vertical SaaS, HR tech, and financial services software.
High-profile exits including Shopify-adjacent acquisitions, Hootsuite's PE ownership cycle, and Auth0-adjacent Canadian engineering talent acquisitions illustrate the range of Canadian exit paths - from US strategic to domestic PE to IPO.
Whether you've built with outside capital or bootstrapped to profitability, we bring a strong network spanning PE sponsors and strategic buyers, run a lean KPI-driven preparation process, and manage the sale end-to-end from positioning through to close.
256
Canada tech M&A deals in the last 12 months
$40M
Canada median tech M&A valuation
2.2x
Canada median tech M&A revenue multiple
$3.1B
Canada biggest tech acquisition in the last 12 months
Selling your tech company in Canada
Canadian M&A follows North American conventions with Canadian-specific overlays around the Investment Canada Act review, CCPC tax planning and the lifetime capital gains exemption for founder sellers.
Completion accounts dominate
Canadian private M&A is overwhelmingly completion-accounts based, with detailed working-capital target and adjustment mechanics. Locked-box has limited adoption compared to UK/European norms. Closing-day mechanics typically include an estimated purchase price subject to true-up 60-90 days after close.
R&W insurance is standard
Representations & Warranties insurance is standard in Canadian deals above roughly CAD 25M. Premiums (2-3% of cover) typically paid by the buyer or split. Replaces traditional escrow as the primary protection mechanism in most middle-market deals.
Investment Canada Act review
Mandatory notification (and potentially review) for investments by non-Canadians in Canadian businesses. National security review applies to investments in sensitive technology, critical minerals and critical infrastructure regardless of size. Adds 45+ days to closing where in scope.
Lifetime capital gains exemption (LCGE)
Founders disposing of Qualified Small Business Corporation shares may shelter up to ~CAD 1M+ of gains via the LCGE. Requires QSBC qualification on disposition and through specific lookback periods. The single most consequential personal tax planning item for Canadian founder exits.
Section 85 rollovers
Section 85 of the Income Tax Act allows tax-deferred transfers of property to a Canadian corporation in exchange for shares. Frequently used in pre-sale restructurings (estate freezes, founder-equity reorganisations) ahead of an exit. Materially valuable but procedurally complex.
Competition Act and HSR-equivalent
The Competition Bureau reviews transactions above pre-merger notification thresholds (transaction value > CAD 93M and target asset/revenue > CAD 100M as of 2024). Most tech deals don't trigger; large strategic and PE deals routinely do.
Recently acquired tech companies in Canada
Biggest M&A recently in Canada was a $3.1B acquisition of Xanadu Quantum Techs by Crane Harbor Acquisition in November 2025.
See all M&A deals in Canada| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Xanadu Quantum Techs | Xanadu Quantum Technologies Inc specializes in designing photonic devices and the platforms around them, including the experimentation and development of quantum computers available on the cloud with supporting software, along with quantum simulators and other related products and offerings. | Crane Harbor Acquisition | $3.1B | - | ||
Sep-25 | Telus Digital | Telus Digital is a Toronto-headquartered digital services arm of TELUS International that engineers customer experience platforms, AI chatbots, and content moderation tools for tech, gaming, fintech, and travel sectors. It operates delivery centers in Eastern Europe and Latin America, serving clients like Microsoft and EA with end-to-end solutions encompassing UX design, back-office automation, and speech analytics. Telus Digital leverages proprietary AI models for multilingual support across 20 languages. | TELUS | $2.9B | - | ||
Nov-25 | Intelerad | Intelerad Medical Systems is a Montreal-headquartered provider of enterprise imaging platforms for radiology and cardiology. Its IntelePACS supports viewing of 10 million studies monthly across 1,000 sites globally. The suite includes InteleOrchestrator for workflow automation, InteleArchive for VNA storage, and InteleHeart for cardiac analytics. Intelerad integrates AI via InteleGence with tools from Aidoc and Viz.ai. Founded in 2001, it serves US hospitals like Cleveland Clinic and teleradiology networks in Europe. | GE HealthCare | $2.3B | 8.5x | ||
Mar-26 | CPM Holdings | CPM Holdings is a global supplier of processing equipment for animal feed, oilseed processing, bioenergy, extrusion, and food industries. The company offers pelleting systems, grinders, flakers, extruders, and automation controls under brands like California Pellet Mill and Ruiya. Headquartered in Waterloo, Iowa, CPM serves customers in North America, Europe, and Asia through manufacturing sites and service centers worldwide. | Rosebank Industries | $2.1B | 2.9x | ||
May-26 | Information Services Corporation | Information Services Corp is a Canada-based provider of registry and information management services for public data and records. The company has three segments namely Registry Operations, Services and Technology Solutions. The Registries segment involves the provision of registry and information services and solutions to governments and private sector organizations. The Services segment provides products and services that utilize public records and data to provide value to customers in the financial and legal sectors. Technology Solutions provides the development, delivery and support of registry (and related) technology solutions. The company derives maximum revenue from Registry Operations segment. | Plenary Americas | $1.2B | 6.4x | ||
Jul-25 | Adastra Group | Adastra Group is a Montreal-headquartered data and technology consultancy with offices in Europe and North America. The firm implements data warehousing, business intelligence, machine learning, and RPA solutions using Snowflake, Tableau, and UiPath for clients in retail, finance, and healthcare. Adastra has delivered over 1,000 projects transforming petabyte-scale data environments. Founded in 2005, it employs 500 specialists serving Fortune 500 companies. | Carlyle Group | $784M | 3.2x | ||
Dec-25 | President's Choice Financial | President's Choice Financial is a Toronto-based digital banking provider and subsidiary of Loblaw Companies Limited that delivers fee-free chequing accounts, no-fee Mastercard credit cards with loyalty rewards integration, and insurance products tailored for Canadian consumers. PC Money Accounts support seamless transfers, bill payments, and e-Transfers while linking to the PC Optimum rewards program. | EQB | $592M | - | ||
Jan-26 | L | LiveBarn | LiveBarn is a platform delivering live and on-demand video streaming from sports facilities like ice rinks and indoor fields across North America. | GTCR | $400M | - | |
Jun-25 | CentML | - | NVIDIA | $400M | - | ||
Mar-26 | KUBRA | KUBRA is a Phoenix-headquartered provider of customer communication platforms for utilities and government agencies across the U.S. and Canada. Its solutions include electronic billing, payment portals, mobile apps, outage alerts, and interactive mapping tools. Serving clients like Duke Energy and BC Hydro, KUBRA processes transactions reaching 40% of North American households. Founded in 1997, it integrates AI for personalized notifications. | Repay Holdings | $372M | 1.6x | ||
Dec-25 | Averna | - | SPHEREA | $320M | - | ||
Apr-26 | NorthStar Earth & Space | - | Viking Acquisition Corp. I | $300M | 10x | ||
Feb-26 | Nettwerk Music Group | Nettwerk Music Group is a Vancouver-based independent record label and artist management firm founded in 1984. It represents artists like Passenger, Sarah McLachlan, and AURORA, while handling publishing, synchronization licensing, and touring for North American talent. Nettwerk operates labels in the US, UK, and Canada. | Create Music Group | $300M | - | ||
Jun-25 | eDynamic Learning | eDynamic Learning is a provider of digital curriculum for high school career and technical education courses. Vancouver, Washington-based, the company publishes over 200 standards-aligned electives in subjects like health science, business management, and digital arts. Its courses integrate with learning management systems such as Canvas, Schoology, and Blackboard, supporting asynchronous delivery for districts nationwide. Founded in 2005, eDynamic Learning holds approvals from NCAA, UCOP, and state education boards, enabling flexible deployment in blended and virtual school environments. | Pearson | $225M | - | ||
Apr-26 | PartnerStack | PartnerStack is a Toronto-headquartered partnership automation platform for B2B SaaS companies enabling affiliate, referral, reseller, and agency programs. The Y Combinator-backed software handles partner onboarding, deal registration, commission tracking, and marketplace features. PartnerStack powers ecosystems for clients including Notion, Webflow, and Semrush across North America and Europe. Founded in 2014, it processes billions in partner-generated revenue annually through integrations with Stripe and Marketo. | AppDirect | $200M | - |
Who is buying tech companies in Canada?
Valsoft, CoFoMo and Apple are the most active acquirers in Canada.
See all acquirers in Canada| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Valsoft | Valsoft Corporation is a Montreal-headquartered firm acquiring and scaling vertical market software businesses. It targets established SaaS providers in niche industries, integrating technology services to expand customer reach and operational efficiency across sectors like public safety, healthcare, and construction. | DigitalEdBids & TendersQuorum Information Technologies+2 | 10 | ||
CoFoMo | CoFoMo is a Paris-headquartered IT consultancy accelerating digital transformation with strategy, cloud migration, cybersecurity, and agile services. Operating since 2016, it delivers on-demand talent for projects with French enterprises in banking and retail using AWS, Azure, and DevOps frameworks. | AdniaVidens AnalyticsEperformance+1 | 4 | ||
Apple | Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution. | KuzuRAC7Mayday+2 | 4 | ||
ZoomerMedia | ZoomerMedia is a Toronto-headquartered multimedia company targeting audiences aged 45 and older in Canada. It manages television channels including VisionTV, a multi-faith network, alongside radio stations like CFMZ-FM Toronto and classical music outlets. The firm publishes Zoomer magazine, hosts conferences, and runs trade shows through segments covering television, radio, print, royalties, and digital properties. Founded in 2008, it reaches over four million viewers monthly via its broadcast assets. | MobileSyrupCuriocityT1tus One+1 | 4 | ||
Evergreen Services Group | Evergreen Services Group is a private equity-backed holding company of managed IT service providers operating in the United States and Canada. It invests in managed service providers specializing in cybersecurity, cloud migration, and helpdesk support, with portfolio companies serving small and medium businesses. Headquartered in New Jersey, the group supports organic growth and acquisitions through shared services in sales, marketing, and operations. | Corporate NetworksLan Solutions CorpThe ITeam | 3 | ||
Englobe | Englobe Corp is a Quebec City-headquartered engineering firm delivering soil remediation, environmental assessment, and materials testing services to clients in Canada, the northeastern US, UK, and France. Acquired by Canadian shareholders in 2021, it manages contaminated sites for industrial parks and municipalities using bioremediation and thermal treatment technologies. The company operates 30 labs and 50 offices, handling organic waste from pulp mills and mining operations under ISO 17025 accreditation. | Tetranex SolutionsBESTECHGoodkey Weedmark & Associates+1 | 3 | ||
Vitalhub | Vitalhub Corp provides technology to Health and Human Service providers, including Hospitals, Regional Health Authorities, Mental Health, Long-Term Care, Home Health, and Community and Social Services. Vitalhub solutions span the categories of Electronic Health Records (EHR), Case Management, Care Coordination, Patient Flow, Operational Visibility, and Mobile Apps. It operates in one segment for its operations related to healthcare information systems in the mental health, long-term care, community health service, and hospital sectors. Geographically, it's available in Canada, the United Kingdom, Australia, the USA, Western Asia, and the Rest of the world, and the majority of the revenue comes from the United Kingdom. | Novari HealthStrata HealthMedCurrent+1 | 3 | ||
Bouthillette Parizeau | Bouthillette Parizeau is a Montreal-headquartered engineering firm serving Canadian institutional, commercial, multi-family, and industrial building markets. The company designs mechanical, electrical, telecommunications, and security systems for new constructions and renovations. With offices across Quebec, Bouthillette Parizeau delivers integrated solutions via bpa.ca, supporting projects from hospitals to factories. | M+B Electrical Consulting EngineersEcovertThe Mitchell Partnership | 3 | ||
Deloitte Canada | Deloitte Canada is a Toronto-headquartered provider of audit, consulting, financial advisory, risk advisory, and tax services. It operates offices in Vancouver, Calgary, Montreal, Ottawa, and other cities. The firm supports clients in energy, mining, telecommunications, and public sectors with expertise in ESG reporting, M&A transactions, and technology implementations. Deloitte Canada excels in forensic investigations and supply chain optimization for North American markets. As part of the global Deloitte network founded in 1845, it serves multinational corporations and government agencies. | TjenePocketedFlow+1 | 3 | ||
CGI | CGI is a Canada-based IT-services provider with an embedded position in North America and Europe. The company is one of the major IT suppliers to different levels of government around the world. It offers a broad portfolio of services such as consulting, systems integration, application maintenance, and business process services to governments and the private sector. With offices in over 40 countries, CGI follows a balanced global delivery model with most consultants in client proximity. | Online Business SystemsMomentum technologiesCelero+1 | 3 |
Public tech companies in Canada
Shopify is Canada's largest publicly listed tech company, with a market cap of $136B.
See all public companies in Canada| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Shopify | Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital. | $104.86 | -2.2% | $136B | $131B | 10x | ||
Constellation Software | Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees. | $1971 | -45.8% | $42B | $44B | 3.6x | ||
Thomson Reuters | Thomson Reuters is a leading global provider of business information services, delivering trusted data, technology, and expertise to professionals across legal, tax, accounting, risk, compliance, and the news and media sectors. Headquartered in Toronto, Canada, the company combines deep domain knowledge with data and software solutions to help clients make informed decisions, manage complexity, and drive efficiency. Thomson Reuters serves legal and accounting/tax professionals, corporations, and governments worldwide, but around 75% of revenue is generated in the US. The company is known for flagship products such as Westlaw, UltraTax CS, and Reuters News. | $85.74 | -56.6% | $37B | $39B | 5.1x | ||
CGI | CGI is a Canada-based IT-services provider with an embedded position in North America and Europe. The company is one of the major IT suppliers to different levels of government around the world. It offers a broad portfolio of services such as consulting, systems integration, application maintenance, and business process services to governments and the private sector. With offices in over 40 countries, CGI follows a balanced global delivery model with most consultants in client proximity. | $66.10 | -38.7% | $14B | $16B | 1.4x | ||
Descartes Systems Group | Descartes Systems Group provides a software solution that allows users in the shipping industry to communicate with one another. Its core product is the Global Logistics Network, which is best understood as transaction-driven. Descartes charges clients to send/receive messages, data, and documents on the GLN. Customers typically contract for a monthly minimum over a multiyear period. The GLN platform allows Descartes to upsell additional software modules as well, typically provided via a software-as-a-service model. | $70.95 | -38.4% | $6.1B | $5.7B | 7.6x | ||
Bausch + Lomb | Bausch & Lomb is one of the largest vision care companies in the US. The firm was previously a subsidiary under parent company Bausch Health and it was spun off to become a public company in 2022. It operates in three segments: vision care, surgical, and ophthalmic pharmaceuticals. Vision care is composed of contact lenses, a market that B&L controls 10%, and ocular health products, which includes Biotrue and Lumify. Surgical includes a suite of intraocular lenses, equipment for cataract and vitreoretinal surgeries, as well as surgical instruments. Ophthalmic pharmaceuticals has a diverse lineup of products, including Xipere, Vyzulta, and Lotemax that treat different complications. With over 100 products, B&L has the largest portfolio of eye care prescriptions in the space. | $16.17 | +43.6% | $5.8B | $11B | 2.0x | ||
Open Text | Open Text Corp is engaged in the design, development, marketing, and sale of Information Management software and solutions. Its software allows clients to archive, aggregate, retrieve, and search unstructured information (such as documents, e-mail, and presentations). Its platform and services provide secure and scalable solutions for enterprises, SMBs, governments, and consumers around the world. The company's solutions are marketed and delivered on the OpenText Cloud Platform, which is a comprehensive Information Management platform consisting of six business clouds; Content Cloud, Cybersecurity Cloud, Application Automation Cloud, Business Network Cloud, IT Operations Management Cloud, and Analytics Cloud. Geographically, it derives maximum revenue from the United States. | $23.27 | -17.3% | $5.6B | $11B | 2.1x | ||
BlackBerry | BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communications for enterprises. The firm provides endpoint management and other secure communications software to enterprises, specializing in regulated industries like government and financial institutions. BlackBerry also has a sizable embedded software business primarily serving the automotive market, with some exposure to the industrial market. | $6.68 | +69.5% | $3.9B | $3.8B | 6.7x | ||
Lumine Group | Lumine Group Inc acquires, strengthens, and grows vertical market software businesses in the Communications and Media industry. The company's software solutions are designed to enable customers to boost productivity and operate more cost effectively, innovate more rapidly to address rapidly changing market needs and opportunities, grow top-line sales, improve customer service, and reduce customer churn. | $14.49 | -58.9% | $3.7B | $3.9B | 4.6x | ||
ATS | ATS Corp is a Canada-based company that provides automation systems. The company designs and builds customized automated manufacturing and testing systems for customers, and provides pre- and post-automation services. The company's products comprise conveyor systems, automated electrified monorails, tray handlers, laser systems, and other hardware and software products. The company also provides pre-automation solutions, including strategic direction and planning services, as well as aftermarket support. The company's clients come from the life sciences, food and beverage transportation, consumer products and electronics, and energy sectors. The company generates the majority of its sales from the North American and European markets. | $33.04 | +13.9% | $3.2B | $4.1B | 1.9x | ||
Kinaxis | Kinaxis Inc is a provider of cloud-based subscription software that enables its customers to improve and accelerate analysis and decision-making across their supply chain operations. The company has operations in the United States, Japan, Hong Kong, The Netherlands, South Korea, the United Kingdom, Romania, Mexico, Singapore, France, Ireland, Germany, India, and Canada. , and a majority of the revenue comes from the United States. | $106.24 | -25.6% | $2.9B | $2.6B | 4.5x | ||
5N Plus | 5N Plus Inc is a Canadian-based company producing specialty semiconductors and performance materials. It operates in two segments: Specialty Semiconductors and Performance Materials. The Specialty Semiconductors segment manufactures and sells products used in several applications such as renewable energy, space satellites, and imaging. The Performance Materials segment manufactures and sells products that are used in several applications in pharmaceutical & healthcare, industrial, and catalytic and extractive. Main products are sold as active pharmaceutical ingredients, animal feed additives, specialized chemicals, commercial-grade metals, alloys, and engineered powders. The maximum revenue is derived from the Specialty Semiconductors segment. | $31.34 | - | $2.8B | $2.9B | 6.9x | ||
POET Technologies | POET Technologies Inc is a design and development company offering high-speed optical engines, light source products, and custom optical modules to the artificial intelligence systems market and hyperscale data centers. Its integration solutions are based on the POET Optical Interposer, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer platform also solves device integration challenges across a broad range of communication, computing, and sensing applications. The company operates geographically in the United States, Canada, Singapore and China. | $14.82 | - | $2.6B | $2.1B | - | ||
Bausch Health | Bausch Health Companies Inc is a world-wide specialty pharmaceutical, consumer health, and medical device company with a focus on branded products for the gastroenterology, hepatology, neurology and dermatology markets. The company reports revenue in five segments: Salix; International; Solta Medical; Diversified Products and Bausch + Lomb. It generates maximum of its revenue from the Bausch + Lomb segment. | $5.48 | +21.6% | $2.0B | $22B | 2.1x | ||
Hydrograph Clean Power | Hydrograph Clean Power Inc is engaged in the acquisition and development of graphene and hydrogen-related products and services. The company's products include Fractal graphene and Reactive Graphene. | $5.09 | - | $1.8B | $1.7B | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Canada and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Canada.

Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.

We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.






Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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