Toronto’s tech sector once again swept venture funding records away in the first quarter of 2022, according to a new report from briefed.in. Despite a seemingly favourable start to the year, there are signs Toronto’s roaring tech sector may cool off in the coming quarters. The city’s previous venture funding record, which totalled $1.7 billion, was set in Q2 2021. Shopify is in talks to buy tech startup Deliverr in a deal, which could value San Francisco-based Deliverr at more than US$2 billion. At the same time, Amazon announced a new program will allow Prime members to buy products on platforms that aren’t Amazon.com, but using their Amazon account details. Importantly, those products will then be delivered like Amazon products, with a commitment to two-day delivery. The move will put Amazon at odds with the likes of Shopify, which provides software to merchants to run online stories, and delivery companies like FedEx and UPS. Shares of Didi Global dropped 17% in premarket trading on Monday, after the China ride-share group over the weekend announced a 12% drop in fourth-quarter revenue from a year earlier and plans to vote on a delisting from the New York Stock Exchange. Walt Disney stock heads for 17-month low as Florida, streaming troubles weigh. Netflix stock slid 27% premarket and dragged down Disney, Roku, and Warner Bros, after the Company’s first subscriber decline in years. Snap reported a jump in users for the first three months of the year but warned global problems such the war in Ukraine weighed on demand for its digital advertising, and it forecast a weaker second quarter than expected. Shares fell 10% in after-hours trading. Musk to explore potential tender offer for Twitter, has US$46.5 billion in committed financing for deal. Crypto stocks perform worse than cryptocurrencies, according to data from CoinMarketCap FactSet.
Canadian Technology Capital Markets & Company News
Toronto venture funding continued to reach new heights in Q1 2022.
Toronto’s tech sector once again swept venture funding records away in the first quarter of 2022, according to a new report from briefed.in. Despite a seemingly favourable start to the year, there are signs Toronto’s roaring tech sector may cool off in the coming quarters. In Q1 2022, Toronto tech startups raised a collective $1.87 billion through 58 deals. Total investment increased 54 percent compared to last quarter and 59 percent year-over-year. The city’s previous venture funding record, which totalled $1.7 billion, was set in Q2 2021. https://bit.ly/3xNFp9S
Cycle Capital, Demeter announce new $244.5 million cleantech fund.
Just ahead of Earth Day, Cycle Capital and Demeter announced the first close for a new $244.5 million Circular Innovation Fund (CIF). CIF plans to invest in circular, sustainable, and profitable growth-stage solutions from North America, Europe, and Asia. The fund is particularly interested in solutions that contribute to climate change mitigation and circular use of resources across various sectors, including new materials, packaging, recycling and waste, logistics, eco-efficient processes, and design. https://bit.ly/3v4esNh
Vetster raises US$30 million in Series B, partners with investor Pet Meds.
Toronto-based pet tech startup Vetster has secured US$30 million in what it said was an oversubscribed Series B round. The investment was led by Kensington Capital Partners, as well as existing investors Whitecap Venture Partners and Brightspark Ventures. PetMed Express also participated in the round, committing $5 million to Vetster along with a strategic partnership. https://bit.ly/3MpEoZC
Microprinting tech firm VueReal closes US$14.4 million Series B round.
Waterloo-headquartered VueReal has secured US$14.4 million in what the microprinting tech firm described as an oversubscribed Series B round. The financing was led by cleantech investor Cycle Capital, with participation from Japanese multinational electronics company TDK and Mexico-based glass manufacturer Vitro. https://bit.ly/3xMum0G
Brim co-founder raises $10 million for new “smart card” startup Savvii.
FinTech startup Savvii Group Inc. has secured $10 million in seed funding that closed at the end of the last quarter. The financing came from a financial investment firm, which the startup refused to disclose. Founded by finance veteran and Brim Financial co-founder Marcius Bansavatar, Savvii will offer an AI-powered suite of customizable solutions that allows users to take an active role in their financial health, including smart saving and spending. The startup touts its tech as a way to “remove barriers to financial fluency.” Savvii said it’s set to launch in the last half of this year, though has been vague on the details of its product. Brim raised $25 million in Series B financing last March, and partnered with Canadian Western Bank in the following month to give the latter’s clients access to Brim’s suite of consumer credit cards and integrated digital banking platform. https://bit.ly/3Lcs9z8
Canvass Analytics secures $5.7 million from federal government to double Toronto workforce.
Toronto-based artificial intelligence company Canvass Analytics has received a $5.7 million grant from the Government of Canada through the Jobs and Growth Fund. The Jobs and Growth Fund is a $700-million federal program created to support regional job creation and position local economies for long-term growth. The investment was given through FedDev Ontario, and will help Canvass in creating 45 new jobs in Toronto. Founded in 2016 by CEO Humera Malik, Canvass’ artificial intelligence (AI)-driven software is used by large industrial companies in the automotive, chemicals, energy, food and beverage, and metals and mining sectors. The no-code platform allows manufacturers to monitor and predict future output to help engineers optimize their processes, as well as reduce water consumption and carbon emissions. Data on Canvass’ platform comes from different assets that are running the plant operations, including motors, bearings, pumps, and generators within the manufacturing ecosystem. https://bit.ly/3v8ITSs
Shopify (SHOP-TSX, SHOP-NYSE) is in talks to buy tech startup Deliverr.
Shopify Inc. is in talks to buy technology startup Deliverr, according to people familiar with the matter, a move that would help the Canadian e-commerce company expand in fulfillment services. A deal could value San Francisco-based Deliverr at more than US$2 billion, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and discussions could fall apart, the people added. A representative for Shopify declined to comment. Representatives for Deliverr didn’t immediately respond to requests for comment. Closely held Deliverr helps merchants on Amazon.com Inc., EBay Inc. and other online marketplaces get products to consumers in two days or less, according to its website. Fast-shipping has become a must-have service for retailers, as the booming online shopping market became increasingly competitive during the pandemic. Deliverr uses analysts to predict where people might be interested in buying art supplies, makeup, shampoo and other goods. Then it uses that information to position items in its warehousing network to achieve swift delivery. If talks are successful, it would be Shopify’s largest-ever deal, according to data compiled by Bloomberg, and complement the company’s subscription-based software that allows anyone to set up an online store. Shopify fell 13% to US$525 in New York trading Wednesday and is now down 62% this year, giving the Ottawa-based company a market value of about US$66 billion. In November, Deliverr raised US$250 million in a funding round led by Tiger Global at a valuation of US$2 billion, a statement showed. Existing investors including 8VC, Activant, GLP, Brookfield Technology Partners and Coatue also participated. https://bloom.bg/3xMqzjK
Global Markets: IPOs, Venture Capital, M&A
Crypto firm Blockchain.com is planning IPO as soon as this year.
Cryptocurrency startup Blockchain.com is interviewing banks for an initial public offering that could take place as soon as this year, according to people familiar with the matter. An IPO might not happen until next year and the company’s plans could change, said the people, who asked not to be identified because the discussions were private. Blockchain.com, a rival to cryptocurrency exchange Coinbase Global Inc., said in March that it was valued at about US$14 billion in a funding round. That financing was led by Lightspeed Venture Partners with major participation from Baillie Gifford & Co., Blockchain.com said. The Bloomberg Galaxy Crypto Index has fallen 19% this year, compared with 6.5% for the S&P 500. Coinbase continues to expand after going public through a direct listing last April, though its shares have lost about 60% of their value since their debut trades. Other crypto firms are angling for public markets, including Binance.US whose chief executive officer has said in September that he foresees an IPO in two or three years. Founded in 2011, Blockchain.com allows users to buy and store digital tokens such as Bitcoin and is led by Chief Executive Officer Peter Smith. https://bloom.bg/3Mt0l9U
Spotify rival Deezer strikes SPAC deal valuing it at about US$1.1 billion.
French music streaming service Deezer is merging with a special-purpose acquisition company and aiming to go public at a €1.05 billion, or about US$1.13 billion, valuation, the companies said. The Paris-based competitor to Spotify Technology and other music streamers has 9.6 million subscribers and generated revenue of €400 million in 2021, Deezer said in a statement. The music streaming service offers listeners a catalog of more than 90 million songs, as well as podcasts, audio books and radio channels. https://on.wsj.com/3v5vDOx
Didi Global tumbles 17% after earnings, plans for shareholder meeting to discuss U.S. de-listing.
Shares of Didi Global dropped 17% in premarket trading on Monday, after the China ride-share group over the weekend announced a 12% drop in fourth-quarter revenue from a year earlier and plans to vote on a delisting from the New York Stock Exchange. The company, which is facing a cybersecurity probe in Japan, said that it won’t pursue a listing in any other country until the U.S. delisting is complete. Didi said it will hold a extraordinary shareholder meeting on May 23 to vote on exiting the U.S. exchange. https://on.mktw.net/36CJum1
Musk to explore potential tender offer for Twitter, has US$46.5 billion in committed financing for deal.
Elon Musk is exploring whether to commence a tender offer for Twitter, according to a new securities filing. In an updated filing published Thursday, Musk said that given the lack of response from Twitter’s board, he is now exploring a tender offer to purchase some or all shares of the company directly from its stockholders. The filing says Musk has received commitments for US$46.5 billion to help finance the potential deal. Musk has secured about US$25.5 billion in debt financing through Morgan Stanley Senior Funding and other firms, and he said he has committed about US$21 billion in equity financing. https://cnb.cx/3v95ajb
Big buyout groups rule out writing equity cheque for Musk’s US$43 billion Twitter bid.
Elon Musk’s US$43 billion bid to take Twitter private is struggling to draw interest from several large institutions with the financial firepower to pull off such a large leveraged buyout in part due to concerns over whether the social media group can become more profitable. Blackstone Group, Vista Equity Partners and Brookfield Asset Management are among some of the biggest private equity industry groups who have decided against providing an equity cheque for a buyout, people familiar with their thinking told the Financial Times. https://on.ft.com/3K8icl7
Elon Musk’s Boring Company raises US$675 million.
The Boring Company, Tesla CEO Elon Musk’s startup that builds underground tunnels to address traffic congestion in major cities, said it has raised US$675 million. The new funding round, led by Vy Capital and Sequoia Capital, has boosted the startup’s valuation to US$5.675 billion, it said. Other investors in the round include Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth, as well as strategic investors from the real estate sector such as Brookfield, Lennar, Tishman Speyer and Dacra. The startup said it would use the newly raised capital to significantly increase hiring in order to scale up its existing projects while also accelerating research and development for future projects. https://bit.ly/3Lcsf9Y
Walt Disney stock heads for 17-month low as Florida, streaming troubles weigh.
Shares of Walt Disney Co. slumped 2.3% in afternoon trading, putting them on track for the lowest close in 17 months, after Florida lawmakers reportedly approved a bill to end a special tax district allowing the media and entertainment giant to govern the land housing its theme parks. Also weighing on Disney’s stock is continued investor disdain for streaming video providers, in the wake of Netflix Inc.’s very disappointing first-quarter results. Disney’s stock, which slumped 5.6% on Wednesday as Netflix shares plunged 35.1% after its results, is headed for the lowest close since Nov. 2, 2020. It has tumbled 21.4% year to date, while the Dow Jones Industrial Average has slipped 3.9%. https://bit.ly/3K9h0hs
Netflix stock slides 27% premarket and drags Disney, Roku, and Warner Bros.
Netflix Inc. shares slumped 27% in premarket trade Wednesday after its first-quarter earnings showed the streaming giant losing customers for the first time since it was in its infancy, pulling rival streamers lower with it. Walt Disney Co. slid 5.1%, while Roku Inc. was down 6.8%. Warner Bros. Discovery Inc. was down 3.9%. Even Amazon.com Inc. , home to Prime Video, was down 0.7%. China’s Iqiyi Inc. was down 2.5%. The dual dangers of dwindling subscribers and deepening stock losses led Netflix executives to consider a crackdown on password sharing, and Co-Chief Executive Reed Hastings even went so far as to say that the company could offer a lower-priced subscription tier that includes commercials, a move he has resisted for years. https://bit.ly/3rHM1Tm
Bill Ackman’s Pershing Square has potentially lost US$400 million on paper after buying Netflix stock in January.
Bill Ackman’s Pershing Square may be down US$400 million after buying Netflix stock in January. The hedge fund’s stake, valued at US$1.1 billion three months ago, is now worth about US$700 million. Netflix expects its global paid subscriber base to shrink by 2 million users this quarter. Bill Ackman has potentially racked up a US$400 million unrealized loss on the Netflix bet he made only three months ago. Netflix shares tumbled as much as 37% on Wednesday, after the video- streaming service reported a slowdown in revenue growth last quarter, and forecasted its subscriber base would shrink by 2 million users to below 220 million this quarter. https://bit.ly/3L7kMZS
Snap warns on second quarter as economic headwinds rise.
Snap reported a jump in users for the first three months of the year but warned global problems such the war in Ukraine weighed on demand for its digital advertising, and it forecast a weaker second quarter than expected. Shares fell 10% in after-hours trading. The photo-messaging app reported US$1.06 billion in revenue for the three months ended in March, a 38% increase from the year-ago period, but lower than the US$1.07 billion forecast by analysts polled by Refinitiv. Daily active users increased 18% to 332 million. The Santa Monica, Calif.-based company reported a wider net loss of US$360 million this quarter, compared to US$287 million in the prior year. “The first quarter of 2022 proved more challenging than we had expected,” CEO Evan Spiegel said in prepared remarks. A pause in advertising following Russia’s invasion of Ukraine dented revenue. Snap has also been grappling with Apple’s iOS privacy changes, which have made it more difficult for advertisers to track performance of their ads on social media apps like Snapchat. “The impact from the ongoing platform policy changes was compounded by macroeconomic challenges, which are now the primary headwinds to client demand,” said Chief Business Officer Jeremi Gorman. Snap executives said advertisers have been using an alternative tool it has rolled out to deliver insights on ad performance. For the second quarter, Snap expects year-over-year revenue growth to be between 20% and 25% in the second quarter of this year, versus 28% forecast by analysts. “The macro headwinds we observed in Q1, including supply chain disruptions, labor shortages, inflationary pressures, and the impact of rising interest rates on the overall economic environment remain challenges as we enter Q2,” Spiegel said in his remarks. https://bit.ly/3vz1yWy
Digital World Acquisition could plummet 78% as regulatory scrutiny means it will likely never merge with Trump’s Truth Social media platform, short seller says.
Kerrisdale is short shares of Digital World and expects the stock to fall to US$10, representing potential downside of 78% from Wednesday’s levels. That view is driven by Kerrisdale’s belief that DWAC will fail to complete its merger with Truth Social, combined with the fact that poor execution at Truth Social puts into question its ability to successfully launch an alternative social media platform. “DWAC’s stock has much further to fall given the demonstrably misleading statements in DWAC’s registration statement, the status of TMTG’s operations at the time the merger agreement was executed, the cast of characters seeking to consummate that merger and those individuals’ flagrant disregard for SEC rules and regulations,” Kerrisdale said. https://bit.ly/3LcOwEW
Zendesk is working with adviser Qatalyst on potential sale.
Zendesk Inc., a software company that became a takeover target during a failed purchase of SurveyMonkey’s parent, is exploring a potential sale, according to people familiar with the matter. The San Francisco-based company has brought on a new adviser, Qatalyst Partners, and has reached out to potential buyers including software companies and private equity firms, said the people, who asked to not be identified because the situation is private. A final decision hasn’t been made and Zendesk could opt to remain independent, the people added. A representative for Qatalyst couldn’t be reached for comment. A spokesperson for Zendesk declined to comment. Zendesk rose 6.3% to US$129.29 at 10:46 a.m. in New York trading Tuesday, giving the company a market value of about US$15.8 billion. Zendesk had put itself in play after trying to buy SurveyMonkey parent Momentive Global Inc. Zendesk nixed that takeover in February after shareholders in both software companies questioned the merits of the deal. Zendesk said in a statement that month that it had received an unsolicited proposal from private equity firms that valued it at US$127 to US$132 a share, without disclosing the names of the bidders. Bloomberg News reported the consortium included Hellman & Friedman, Advent International Corp. and Permira. https://bloom.bg/3Mobc58
Crypto stocks perform worse than cryptocurrencies.
The cryptocurrency market has been in selloff mode recently even as hundreds of millions of people now trade bitcoin, ether and other digital assets. Bitcoin is down 11% this year. Ether is down 16%. As of Monday, the entire crypto market had fallen about 19%, though prices were off their year lows, according to data from CoinMarketCap. Stocks of publicly traded, crypto-focused companies, however, are doing worse, falling as much as 60% so far this year, according to FactSet. https://on.wsj.com/3LaUS7s
Global smartphone shipments fall 11% due to adverse headwinds.
Worldwide smartphone shipments fell 11% amid unfavorable economic conditions and sluggish seasonal demand in the first quarter of 2022. Samsung led the market with a 24% share, up from 19% in Q4 2021 as the vendor revamped its 2022 portfolio. Apple came second, with a solid Q1 thanks to the growing demand for its iPhone 13 series. Xiaomi stayed in third place due to the stellar performance of its Redmi Note series. OPPO (including OnePlus) and vivo completed the top five with 10% and 8% shares. https://bit.ly/3EEEKc1
Amazon is working on a mysterious AR smart home product, according to job listings.
Amazon might be the next big tech company to get into augmented reality, as the company is hiring for a “new-to-world smart-home product” that uses “XR” technology in some fashion, according to job listings reported on by Protocol. https://bit.ly/3EzXPMB
WhatsApp Business working on subscription plan with up to 10 linked devices.
After announcing Reactions, Communities, group polls, and more, WhatsApp is now working on a subscription plan for its business app. With that, the company will bring exclusive features for those who rely on WhatsApp to work. As spotted by WABetaInfo, the company is working on this new subscription plan for its business app. The publication says there’s a redesigned interface for the “Linked Devices” section exclusive for WhatsApp Business accounts. https://bit.ly/3MsozB9
Media, Streaming, Gaming & Sports Betting
CNN’s new streaming service is shutting down just weeks after its pricey launch, ‘a combination of the wrong strategy and wrong capital allocation’.
At the end of March, CNN launched a paid subscription streaming service: CNN+. Three weeks later, new parent company Warner Bros. Discovery is shuttering the service. CNN+ has fewer than 10,000 viewers at any given time, CNBC reported last week. CNN’s new paid streaming service, CNN+, is shuttering after just a few weeks of life. The news was first reported by Variety, which cited multiple anonymous sources. Warner Bros. Discovery, which acquired CNN along with other former WarnerMedia assets in a $43 billion merger that closed April 8, confirmed the move with a statement from Chris Licht, chairman and CEO of CNN Worldwide. The service will stop streaming April 30, the company said. https://bit.ly/3MqzawI
Netflix blames 100 million users without paid accounts for revenue and subscriber drop.
In a note to shareholders, Netflix reports that its revenue growth has “slowed considerably”. This news comes after losing 200,000 subscribers last quarter and potentially two million this current quarter. The streaming giant is navigating fierce competition with other services as well as having over 40% of its user base being unpaid subscribers. https://bit.ly/3Ov4Eni
Netflix continues foray into iOS gaming with ‘Exploding Kittens’ app and series.
Netflix has been continuing to expand into the gaming sphere for a while. Announced today, the streaming giant and card game Exploding Kittens are collaborating on a mobile game and animated TV series. Exploding Kittens – The Game is “an exclusive version of the beloved mobile game” and will launch next month. https://bit.ly/3K7yTNm
Adtech, Privacy & Regulatory
Pricey AI apps drive up cloud-computing spending.
Corporate spending on cloud computing is rising at double-digit rates, as chief information officers and other tech leaders adopt advanced capabilities such as artificial intelligence that cost more than run-of-the-mill business applications, new market data shows. On top of the inherent costs of the technologies themselves, typically purchased as subscriptions, many of these applications tend to eat up computing power, adding to cloud-usage bills, industry analysts said. https://on.wsj.com/3OGdu1A
Amazon to let third-party retailers use logistics and delivery network.
Amazon announced a new program will allow Prime members to buy products on platforms that aren’t Amazon.com, but using their Amazon account details. Importantly, those products will then be delivered like Amazon products, with a commitment to two-day delivery. The feature will soon be rolled out to some hand-picked merchants in the United States— initially only those who have goods stored in Amazon’s fulfillment network—but with a goal to expand it to those off Amazon. It’s a significant move for Amazon as it signals an intention to become the delivery company for any merchant, not just those who sell products on Amazon’s site. The move will put it at odds with the likes of Shopify, which provides software to merchants to run online stories, and delivery companies like FedEx and UPS. https://bit.ly/3EGHJR9
The pandemic was supposed to push all shopping online.
It didn’t. Just like working and watching movies at home, shopping at home was a faster, safer and easier alternative to trekking to an actual store. Companies like Amazon.com, PayPal Holdings, Shopify and Wayfair and others notched record profits, as their stock prices hit all-time highs in 2020 or 2021. But hold off on those obituaries. Even as pandemic restrictions end, and many people continue working and watching movies at home, stores are mounting a comeback. E-commerce companies that were counting on a broad secular shift are now facing slowdowns, and the prospect of expensive investments in bricks-and-mortar retailing while speeding up delivery times. https://on.wsj.com/3rLkeRI
Fintech, Blockchain & Cryptocurrency
Stripe partners with Twitter on crypto payouts for creators.
Payment processing giant Stripe said on Friday that it is adding support for businesses to pay users in cryptocurrency, with Twitter signing on as its first partner. Through the partnership, a select group of creators will be able to use Stripe’s Connect product to receive earnings in crypto when they use Twitter features such as Ticketed Spaces and Super Follows. Crypto payments will initially be in USDC, a stablecoin pegged to the value of the U.S. dollar, on Polygon, a protocol built on the Ethereum blockchain. Creators who wish to receive payments in USDC can either hold their balance on the Polygon network or move the tokens to Ethereum to exchange for another token. Stripe said that it plans to add support for additional cryptocurrencies and blockchains in the future. The startup also plans to expand its global payments and treasury network to support crypto payouts in 120 countries by the end of the year. The move is the latest initiative from Stripe to expand its support for crypto, four years after it abandoned support for Bitcoin payments. Just last month, Stripe announced new features that allow crypto companies to use its software to convert fiat currency into crypto, and vice versa, among other tools, with crypto companies such as FTX and FTX US signing on as initial clients. https://bit.ly/38g1q6i
Michael Saylor says MicroStrategy stock is essentially serving as a spot bitcoin ETF as investors wait for the first one to be approved.
Stock in MicroStrategy, the enterprise software company that’s accumulated billions of dollars worth of bitcoin, essentially doubles as the first spot bitcoin exchange-traded fund in the US, CEO Michael Saylor told CNBC. “We’re kind of like your nonexistent spot ETF,” CNBC, in a report published Thursday, quoted Saylor as saying on the sidelines of the Bitcoin 2022 conference in Miami earlier this month. Investors are still waiting for the Securities and Exchange Commission to greenlight numerous applications from companies seeking to launch a spot bitcoin ETF, which would track the cryptocurrency itself. The agency has approved bitcoin futures ETFs which gives exposure to bitcoin through futures contracts that speculate on how the price of bitcoin will move. https://bit.ly/3Kl24gp
Coinbase launches NFT marketplace in hopes of appealing to crypto and mainstream users.
It might be a good morning — or perhaps “gm” — for the hundreds of thousands of NFT community members who will now get another marketplace to trade their digital collectibles. Six months ago, Coinbase, the largest crypto exchange in the U.S. by volume, announced that it was launching an NFT marketplace, but provided few details as to when it would actually arrive. Fast-forward to today: “Coinbase NFT” launched its beta mode with collections of NFTs on the Ethereum blockchain. https://tcrn.ch/3MmzAEf
China’s chip output shrinks as lockdowns hurt production.
China’s quarterly production of semiconductors shrunk for the first time since early 2019 as consumer electronics demand softened and Covid-triggered lockdowns in regions including Shanghai disrupted output. Output of integrated circuits dropped 4.2% in the first three months of the year as chipmakers reported a steeper decline in March, according to data from the National Bureau of Statistics. It was the worst quarterly performance since the first quarter of 2019 when the country’s chip output slumped 8.7%. https://bloom.bg/3K8pZiG
Best Buy to launch home pick-up recycling service that includes appliances with laptops and smaller items.
Best Buy Co. Inc. said Wednesday it’s launching a home pick-up recycling service and will come to customers’ home to pick up old tech to be recycled, from laptops to bigger appliances such as washing machines. “Just a click away, anyone in the U.S. can now request pickup and recycling for old electronics, keeping tech, including appliances, out of landfills and giving it a second life,” the company said in a statement. The service will remove up to two large products such as TVs or appliances, as well as smaller products, like laptops, cameras, cords, gaming consoles and more. It will be priced at US$199.99 with loyalty members entitled to a 20% discount. Shares were not yet active premarket, but are down 18% in the last 12 months, while the S&P 500 has gained 7%. https://bit.ly/3K8IIKY
Sophic Capital Client Insights
Sophic Client (SEB-TSXV, SEBFF-OTCQB) – Meet the management team.
Smart Employee Benefits (SEB) is a technology company focused on insurance technology solutions. With over 370,000 plan members under administration, each generating an average of $45 annually (well below the $250 industry amount) – plus 160,000 plan members currently being onboarded and a significant pipeline of opportunities, SEB is well positioned for rapid organic growth. The business can appear complex – but in this interview, the CEO and COO simplify it so you can see the upside potential. https://bit.ly/3MmGDwE
Sophic Client Jasper PIM (JPIM-CA) – Putting product data pieces together.
Bad product data has widespread consequences throughout eCommerce businesses – lost revenue, weakened brand strength, bad decisions, and frustrated customers. Management of product data is crucial for enterprises selling via multiple eCommerce channels. Jasper Commerce product information management solutions minimize these issues for businesses of all sizes. https://bit.ly/3OqI3br
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