www.lexpert.ca 7
Tech IPOs have "all been on fire," he
adds. Although the volume in Canada has
been lower than in the
U.S., core IPOs in the
past couple of years have
included: Docebo, a so-
ware-as-a-service learning
management system; Dye
& Durham, a legal tech-
nolog y company that's up
500 per cent since its IPO
in July; and Lightspeed
POS Inc. and Nuvei Corp.
Institutional sources of
capital include Business
Development Bank of Canada Capital and
Silicon Valley Bank in Canada. Banks are
active, and for startups in Quebec the BDC,
Fonds Solidarité and Desjardins Capital are
all common funders, says Chevrette. "Most
of the investments come from labour-spon-
sored firms, private equity investors and
venture capital."
Notably, though, Chevrette has seen a
resurgence in Canadian technolog y IPOs.
Starting in 2016, he says, with Stingray
Digital and later Lightspeed and Nuvei,
"the IPO market was opened to Canadian
tech companies which haven't been active in
the past 10 years.
"One of the big things in Canada in the
last two, three years is really the opening of
an IPO market," he notes. An IPO market
will permit more late-stage financing
for privately owned companies and tech
companies and will give an easier path to
funding for small tech companies that are
going public sooner than later.
"So, this is a very positive development;
[IPOs were] one of the aspects in the
"CORPORATIONS ARE GOING TO ENGAGE
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YOUR HEALTH BENEFITS ARE GOING TO
GO ONLINE; YOU'RE NOT GOING TO GO
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Jamie Firsten
GOODMANS LLP
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