CPE News Brief(8.18.2022) – Golden Opportunities Fund and Westcap MBO II Investment LP have invested in Chrysalis Software Inc., formerly, iQmetrix Global Ltd.
Westcap Mgt. Ltd. is the fund manager for both Golden and the MBO II Fund.
Vancouver based Chrysalis, an ecosystem of networked companies that develop Software as a Service (SaaS) solutions, consists of iQmetrix Software Development Corp., Ready and Shiftlab.
photo credit: iQmetrix
News Release
GOLDEN OPPORTUNITIES ANNOUNCES NEW INNOVATION INVESTMENT IN IQMETRIX
SASKATOON, SK, Aug. 18, 2022 /CNW/ – Golden Opportunities Fund (“Golden”), is pleased to announce its newest innovation investment in Chrysalis Software Inc. (formerly, iQmetrix Global Ltd.). The transaction was completed in syndication with Westcap MBO II Investment LP (the “MBO II Fund”). Westcap Mgt. Ltd. (“Westcap”) is the fund manager for both Golden and the MBO II Fund.
Chrysalis, an ecosystem of networked companies that develop Software as a Service (SaaS) solutions, has been in operation for over three decades with over 400 employees. The founders have a strong track record of success with technology infrastructure they innovated in 1991 to originally support iQmetrix Software Development Corp. (“iQmetrix”) – their flagship company.
Westcap has a successful history of investing with these founders starting in 2007, with Golden’s management buyout of Jump.ca, and reoccurring in 2018, with Golden’s investment in Retail Innovation Labs Inc., a private company doing business as Cova. Cova is now the #1 cannabis dispensary point-of-sale system in North America used by more than 1,800 retail locations.
“We are pleased to be chosen to partner again with this strong and experienced management team that has a proven track record of success in the innovation sector. They continue to generate shareholder value in previous companies and are well-positioned with significant growth potential”, says Jamie Schwitzer, Chief Investment Officer at Westcap. “This investment complements the strategic focus that Westcap has continuing to invest in innovation as a key pillar and high-growth economic sector.”
Built on a culture of high collaboration and innovation, all of the companies within the collective Chrysalis ecosystem have built strong brands and reputations, each one being disruptive in its respective industry:
iQmetrix: North America’s leading provider of software for the telecom industry with solutions that powered $16.4 billion in sales last year, used by 300,000 telecom retail professionals across over 1,000 clients.
Ready: a dynamic Connected Dining Platform for restaurants, stadiums, and hotels which facilitates contactless transactions, allowing guests to order and pay at their seat, or remotely on their way to the venue.
Shiftlab: a high-growth performance-based scheduling platform designed for retailers to utilize AI-based technology that offers workforce scheduling designed to maximize performance and employee engagement while reducing labour costs.
“We continue to choose Westcap as our financial partner due to the strategic value they add as a capital partner”, says Christopher Krywulak, Founder of Chrysalis. “With this funding, directed at two targeted acquisitions with additional strategic platforms, Chrysalis will be a worldwide technology company operating in over 25 countries.”
About Golden Opportunities Fund Inc.
Founded over 20 years ago, Golden is the first and longest-standing Provincial Retail Venture Capital (RVC) Fund in Saskatchewan. Golden makes strategic investments in high-growth sectors of the economy to maximize shareholder value.
About Westcap Mgt. Ltd.
Golden and the MBO II Fund are both funds managed by Westcap, a leading private equity and venture capital fund manager having raised and completed over $1 billion in transactions to date. Westcap has an uncompromising vision to build long-term value for investors by supporting visionary management teams in their growth and succession strategies.
SOURCE Golden Opportunities Fund Inc.
For further information: Grant Kook, President and CEO, Westcap Mgt. Ltd., Suite 601, 409 3rd Ave South, Saskatoon, SK, Tel: (306) 652-5557; Wanda Hunchak, Executive Vice President, Westcap Mgt. Ltd., Suite 601, 409 3rd Ave South, Saskatoon, SK, Tel: (306) 652-5557