This turned out better than expected.
A couple months ago Vendasta, the Saskatoon-based emerging technology juggernaut, announced plans to conduct an IPO with an eye to raising $100 million to finance its on-going growth.
But this week it went one better. It hit the trail in pursuit of a public listing at a time when investor appetite for new technology companies was dropping so it went the private route instead. Vendasta put the IPO on hold because it raised even more money – nearly $120 million – through a series of private investors including a New York fund which gives it the best of both worlds….more capital in its treasury without all the compliance costs of being listed on an exchange.
The company, which has enjoyed strong venture capital support, had previously set a record by raising $40 million in fresh equity. This latest deal is three times larger.
Vendasta now has 500 employees, mostly in Saskatchewan, making it a giant in this province’s technology sector as it has grown its software platform designed to help smaller businesses build a commercial presence online.