Vanedge Capital, BDC, CBGF backed Vendasta files for IPO on TSX

CPE News (3/16/2021) – Vendasta Technologies Inc. has filed a preliminary prospectus for a proposed initial public offering (IPO).

This offering is being underwritten by CIBC World Markets Inc., TD Securities Inc. and National Bank Financial Inc. (as joint bookrunners) and BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Desjardins Securities Inc. and Paradigm Capital Inc.

Vendasta Technologies has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “VND.”

Saskatoon, Saskatchewan based Vendasta Technologies provides channel partners with an end-to-end platform to scale and a curated marketplace of products and services to sell, both of which are tightly integrated into an operating system that its delivers for SMBs.

For the year ended December 31, 2020, Vendasta reported $42.6 million in revenues, $23.5 million in gross profit, $16.6 million in operating loss, and $14.8 million in net loss (net of $1.5 million government assistance).

As of December 31, 2020, Vendasta had approximately 445 full-time employees, with 34.8% in research and development.

Vendasta Technologies has been backed Vanedge Capital and BDC, which will remain as the principal shareholders with over 10% of outstanding shares following the closing of the IPO.

Canadian Business Growth Fund (CBGF) invested in Vendasta as part of $25 million round of financing in July 2019.

photo credit: Vendasta Technologies