📈 Canada Deal Flow News – 2025-11-11

Today’s mood: Fewer headline multiples, but big cheques and cross-border buyers are still circling.

🇨🇦 National Deal Watch

Schwab’s $660M all-cash buyout of Forge Global ($45/share) sets a hard comp for private markets fintechs—if you’re building secondary trading, investor data, or custody, this is your new benchmark for scale and stickiness. Big incumbents are paying up to own alternative asset access. Read more

FE fundinfo snapped up UK analytics shop Contengo (terms undisclosed), reinforcing that niche data engines in wealthtech and SaaS are hot targets for strategic rollups—even without headline multiples, IP and integration readiness are under the microscope. Read more

🍁 Ontario & Québec Investments

Digitail, with a growing Toronto hub, closed $23M USD Series B and doubled its Canadian client base. International SaaS players see Canada as a growth lever—healthy multiples likely. Read more

AtkinsRéalis Group (Montreal) is expanding south with its acquisition of Michigan’s C2AE. No price or multiple, but cross-border M&A remains a live exit path for professional services—even when headline numbers are hush-hush. Read more

Deepspatial Inc. (Toronto) hired new auditors to clear its financial backlog and lift a cease trade order. No capital event, but a classic reminder: clean, audited numbers are your ticket to any credible deal. Read more

Chickapea (Collingwood) secured $4.25M for a product refresh and expansion—proof that CPG innovation tied to margin gains can still unlock capital. Read more

Lab4 and Xena Intelligence split $310K in SAAS NORTH pitch prizes—not a financing round, but early validation and non-dilutive capital can boost your next term sheet. Read more

Owner takeaway: Keep your books tight, watch for cross-border buyer appetite, and treat strategic partnerships as potential deal set-ups. Thin details? Track for follow-up disclosures—timing is everything.

🌲 Western Canada Watch

Clio just hit a $5B USD valuation with a $500M Series G and vLex acquisition—rare public price tag for Canadian SaaS. Equity plus $350M in debt signals investors are betting on both growth and integration. Read more

Tourmaline is shopping 2,600 Alberta gas wells, aiming for a billion-dollar-plus sale. Asset sales like this set the tone for energy multiples—watch for signals on value and capital recycling. Read more

🌊 Surf, Turf and Arctic

CoLab (St. John’s) raised $72M USD Series C for AI-powered engineering tools. No valuation, but the investor mix and round size show B2B AI SaaS with real workflow impact is still hot. Read more

Clow’s Red and White general store in P.E.I. changed hands after 30 years—no price, but a classic founder-led rural exit. In small markets, relationships and timing beat auction drama; don’t expect frothy multiples without a wider buyer pool. Read more

Nova Scotia Power’s Q3 profits halved to $13M after a cyberattack—a live case of how operational shocks can gut cash flow and reset valuation multiples overnight. Read more

NordSpace is prepping Newfoundland’s first rocket launch and joining the Global Spaceport Alliance. No capital raise yet, but expansion moves like this often tee up future funding or M&A—watch if the mission lands. Read more

Bottom line: In smaller markets, exits hinge on timing and relationships; operational shocks can halve value; and forward bets—like space launches—could spark future deal flow.

🌐 Cross-Border Connections

Davies, with BC Partners’ backing, is acquiring SCM Insurance Services—Canada’s top claims processor. No price, but sponsor-led buyouts for B2B platforms with recurring revenue are still drawing global buyers. Read more

Canadian startups met with the Consul General in Dubai—no deals yet, but early international relationship-building often tees up future partnerships or capital. Read more

Wrap-up: The cross-border playbook is alive—whether you’re building for sponsor-backed exit, locking in infrastructure contracts, or laying groundwork abroad. Are you prepping to be the next comp, or watching from the sidelines?

---

Forward this brief to your team or investor group, and if you want a second opinion on valuation, a comp check, or a service-provider intro, reply here or email the DealFlowCanada team—always confidential, always founder-first.