CPE News (5.4.2023) – Bell Canada has entered into an agreement to acquire FX Innovation. Financial terms were not disclosed.
Founded by Georges Riachy and Guillaume Bazinet, Montréal based FX Innovation is a provider of cloud-focussed managed and professional services and workflow automation solutions for business clients.
FX Innovation has been backed by Caisse de dépôt et placement du Québec (CDPQ) which is the largest shareholder in FX Innovation.
Upon closing of the acquisition, FX Innovation will continue to operate independently and led by Bazinet.
The transaction is subject to regulatory approvals and is expected to close in the second or third quarter of 2023.
photo credit: FX Innovation
News Release
Bell to acquire cloud-services leader FX Innovation to accelerate the digital transformation of Canadian businesses
FX Innovation to join Bell group of companies to strengthen Bell’s cloud managed and professional services practice
MONTRÉAL, May 4, 2023 /CNW/ – Bell today announced that it has entered into an agreement to acquire FX Innovation, a Montréal-based provider of cloud-focussed managed and professional services and workflow automation solutions for business clients.
This agreement leverages the strengths of the two companies to help businesses realize their digital transformation ambitions with integrated multi-cloud solutions. FX Innovation’s expertise in cloud managed and professional services, combined with Bell’s national scale, resources and world-class fibre and 5G networks, will deliver end-to-end solutions to help enterprises innovate and grow their business. Together, this agreement will enable both Bell and FX Innovation to scale their businesses, driving services growth while delivering even greater value for their clients.
“We’re genuinely excited that FX Innovation will join the Bell group of companies. This really is an instance where the result is greater than the sum of its parts. FX Innovation’s depth in cloud services will complement the strengths within Bell Business Market’s Advanced Products and Services team, and together, we will enable customers to accelerate their digital transformation through cloud adoption and management, backed by Canada’s best network.”
– John Watson, Group President, Business Markets, Customer Experience & AI, Bell
FX Innovation is a leader in providing businesses with end-to-end multi-cloud services, IT workflow automation solutions and cloud consulting services. It has deep expertise with ServiceNow, integrating the application within business environments in Canada and internationally. In addition, FX Innovation offers bilingual services for customers to manage their public and hybrid cloud environments with the world’s most capable cloud providers, including Amazon Web Services (AWS), Google Cloud and Microsoft Azure. Like Bell, FX Innovation is headquartered in Montréal, Québec, and is a strong supporter of technical skills development in Canada.
“We are very excited about this important announcement, and to partner with a fellow Québec-based company to advance cloud services for organizations in Canada and beyond. By joining forces with Bell, we will accelerate our journey to become a global player, enable companies to realize their digital transformation initiatives, and ultimately generate a positive impact for our economy.”
– Guillaume Bazinet, Co-Founder and CEO, FX Innovation
“CDPQ has supported Montréal-based FX Innovation on its strategic expansion plan since 2018, allowing the company to generate growth and refine its service offering. The transaction announced today will enable FX Innovation to continue growing alongside a local player that has the necessary resources and desire to take the company even further.”
– Kim Thomassin, Executive Vice-President and Head of Québec, CDPQ
Upon the acquisition close, FX Innovation will continue to operate independently under the leadership of the current co-founder and CEO Guillaume Bazinet. The transaction is subject to regulatory approvals and is expected to close in the second or third quarter of 2023.
About Bell
Bell is Canada’s largest communications company,1 providing advanced broadband wireless, TV, Internet, media and business communication services throughout the country. Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. To learn more, please visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities with a commitment to the highest environmental, social and governance (ESG) standards. This includes the Bell Let’s Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let’s Talk Day and significant Bell funding of community care and access, research and workplace leadership initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.
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1 Based on total revenue and total combined customer connections
Media inquiries
Ellen Murphy
ellen.murphy@bell.ca
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Richard Bengian
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Caution Concerning Forward-Looking Statements
Certain statements made in this news release are forward-looking statements, including statements relating to the proposed acquisition of FX Innovation by Bell, certain benefits expected to result from the acquisition, Bell’s business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. All such forward-looking statements are made pursuant to the “safe harbor” provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe Bell’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, Bell does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. The completion of the proposed acquisition is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, regulatory approvals. Accordingly, there can be no assurance that the proposed acquisition will occur, or that it will occur on the terms and conditions contemplated in this news release. The proposed acquisition could be modified, restructured or terminated. There can also be no assurance that the benefits expected to result from the proposed acquisition will be realized. For additional information on assumptions and risks underlying certain of our forward-looking statements made in this news release, please consult BCE Inc.’s (BCE) 2022 Annual MD&A dated March 2, 2023, BCE’s 2023 First Quarter MD&A dated May 3, 2023 and BCE’s news release dated May 4, 2023 announcing its financial results for the first quarter of 2023, filed or to be filed by BCE with the Canadian provincial securities regulatory authorities (available at Sedar.com) and with the U.S. Securities and Exchange Commission (available at SEC.gov). These documents are available or to be made available at BCE.ca.
SOURCE Bell Canada