SASKATOON, SK – 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.”
This past year, MDT posted its best operating performance since being part of the Limited Partnership. MDT’s brand has grown rapidly over the last few years due to its reputation for industry-leading design, performance-enhancing products and exceptional customer service. Westcap invested in MDT in 2018 and the opportune exit occurred in 2022 achieving very successful rate of return metrics. The Company’s management team led the bid for MDT and will continue to lead the business.
“MDT has executed exceptionally well on its strategy and grown significantly during our time invested in the Company,” said Grant Kook, President and CEO of Westcap. “We enjoyed being involved and working alongside the management team over this time, are very pleased with the results achieved for MDT and our investors and wish the entire MDT team ongoing success. ”
About Westcap Mgt. Ltd.
Founded over three decades ago, Westcap is a leading private equity and venture capital fund manager having completed transactions in more than 200 growth companies. Westcap has managed in excess of a billion dollars of assets across a broad range of investment funds through its years and has an uncompromising vision to build long-term value for investors.
For further information, please contact:
Grant Kook, President and CEO
Westcap MBO Investment GP Inc.
Suite 601 , 409 3 rd Ave South
Saskatoon, SK
Tel: (306) 652-5557
Rob Connoly, Officer
Westcap MBO Investment GP Inc.
Suite 601 , 409 3 rd Ave South
Saskatoon, SK
Tel: (306) 652-5557
