TORONTO: CVCA - Canada’s Venture Capital & Private Equity Association is pleased to announce that Summerhill Venture Partners, Brightspark Ventures and BDC Venture Capital are the recipients of CVCA’s 2011 ‘Deal of the Year Award’ for the venture capital category.
Established in 1998, the purpose of the CVCA’s ‘Deal of the Year Award’ competition is to promote, highlight and celebrate the achievements of CVCA members who have had outstanding investment successes. The selection process focuses on members with the most significant investment returns during the last twelve months ending June 30, 2011. The CVCA celebrates “Deal of the Year’ awards in both venture capital and private equity.
“It is my pleasure to announce that Summerhill, Brightspark and BDC have won this year’s venture capital category award for their joint investment in Radian6 Technologies Inc.”, said Richard Kinlough, Chairman of CVCA’s Awards Committee and Managing Director, Group Head, CIT Corporate Finance, Canada, “In April 2007 Summerhill led the initial $4.0MM institutional round syndicate, which was followed by a secondary round of $5.MM in December 2008. In May 2011 Salesforce.com (NYSE:CRM) acquired Radian6, and the institutional investors Summerhill, Brightspark and BDC received a combined $205.0MM. The investment generated an internal rate of return (IRR) of 142% and a multiple of 22.8 times original investment.”
The honour was accepted by Joe Catalfamo of Summerhill, Sophie Forest of Brightspark and Glenn Egan of BDC, at the CVCA’s AGM Dinner in Toronto on Wednesday, September 21, 2011. “Radian6 is a tremendous venture success measured on a global scale and the largest acquisition in the history of Salesforce.com. The credit deservingly goes to a special management team, many of whom I’ve had the privilege of previously backing”, said Joe Catalfamo, a Managing Partner with Summerhill”.
Sophie Forest, Managing Partner at Brightspark Ventures said “Brightspark’s investment in Radian6’s amazing team validated our model of early stage investment in Canada and returned more than the totality of our VC Fund. This is our second CVCA deal of the year award in five years and we are working hard to keep repeating this achievement. “
"BDC is proud to have supported Radian6 from a pre-revenue seed stage start-up to become a significant and sustainable anchor high-tech company in Atlantic Canada" said Glenn Egan, Managing Partner.
About Radian6 Technologies
Radian6 Technologies, Inc. provides social media monitoring and analysis solutions for marketing, communications, public relations, and customer support professionals. Its automated solution enables companies / users to monitor and analyze various social media tools, such as blogs, forums, wikis, and microblogging services to allow them to track real-time conversations regarding their product and brand. The company was founded in 2006 and is based in Fredericton, Canada. www.radian6.com
About the Investors
Summerhill Venture Partners is an early stage, thesis driven venture capital firm focused on unique white space and converged opportunities within the wireless, digital media, and software sectors along the Northeast corridor. Summerhill currently manages a US$175 million fund from offices in Toronto and Boston. www.summerhillvp.com
Brightspark Ventures is a venture capital firm that specializes in seed/start up, and early stage financing. It invests in Internet and software companies with a focus on communications software, social media, content and mobile. Brightspark currently manages funds for a total of C$130 million with offices in Montreal and Toronto. www.brightspark.com
BDC Venture Capital is part of the Business Development Bank of Canada (BDC). With almost 1,900 employees and more than 100 business centres across the country, BDC offers financing, subordinate financing, venture capital and consulting services to 29,000 small and medium-sized companies and Canadian entrepreneurs. www.bdc.ca
Message From CVCA’s President
"I'd like to congratulate our Venture Capital ‘Deal of the Year’ Award winners tonight, who clearly enhanced the value of their investee company through strong governance, innovation and a longer- term perspective that built sustainable value," said Gregory Smith, President of the CVCA and Managing Partner of Brookfield Financial. ‘The winners are clear examples of how Venture Capital backed companies support a stronger and more productive Canadian economy and contribute to overall job creation”.
The CVCA - Canada’s Venture Capital & Private Equity Association, was founded in 1974 and is the association that represents Canada’s venture capital and private equity industry. Its over 1800 members are firms and organizations which manage the majority of Canada’s pools of capital designated to be committed to venture capital and private equity investments. The CVCA fosters professional development, networking, communication, research and education within the venture capital and private equity sector and represents the industry in public policy matters. www.cvca.ca