Solido acquisition proves investment thesis for BDC Capital and Golden Opportunities Fund
Dec 06, 2017, 07:00 ET
MONTREAL, Dec. 6, 2017 /CNW Telbec/ - BDC Capital and Golden Opportunities Fund congratulate Solido Design Automation, a world-leading Canadian company, on its recent sale to Siemens. Siemens, a global leader in industry software, will continue to invest in digitalization. Solido's unique research and development and customer applications expertise are a perfect fit with Siemens.
Shortly after Solido was founded in 2005, BDC Capital, the investment arm of the Business Development Bank of Canada (BDC), and Golden Opportunities Fund invested in the company. Future investment rounds followed as the company developed its machine learning-based variation-aware design and characterization technology platform. With agile management and supportive investors, the company overcame typical commercialization challenges faced by startups and grew to be recognized by Deloitte as one of the fastest-growing technology companies in Canada (2016) and North America (2017).
BDC Capital is committed to supporting the development of great technology companies with top tier management teams across Canada. "Management's focus on sales and profitable growth, backed by best-in-class technology, set the pace for value creation and ensured a solid foundation for the company's continued success. Big thanks go to the CEO, the entire Solido team and the board of directors," said Phil Anzarut, Partner at BDC Capital's Diversified and Co-Investment Funds.
Solido has been a long-time mentor within the growing community of high-performing technology innovation companies in Saskatchewan, which is quickly becoming known as Silicon Prairie. Grant Kook, Golden Opportunities Fund CEO explained: "Golden Opportunities Fund provides local investment capital needed to support the growth of innovation companies like Solido in our great province. The Fund has stayed committed since its inception to the importance of investing in innovation. We are excited about this high-profile acquisition which is indicative of the quality of innovation being brought to the world by Saskatchewan companies."
Solido employs highly skilled engineers, computer scientists and mathematicians in Saskatoon, Saskatchewan. Siemens has no plans to move the company's research and development and customer applications activities out of Saskatoon.
"Solido's early and continued investment from Golden Opportunities Fund and BDC Capital was instrumental in starting and building a world-leading technology company right here in Saskatoon, Canada," said Amit Gupta, founder, president and CEO of Solido Design Automation Inc. "We are pleased to deliver to the funds strong returns on their investment."
About Solido Design Automation
Solido Design Automation Inc. is a leading provider of variation-aware design and characterization software to technology companies worldwide, enabling them to design, verify, and manufacture more competitive products than ever before. Solido's products are currently used in production at over 40 major companies. Solido ML Labs makes Solido's machine learning technologies and expertise available to semiconductor companies in developing new software products. Prior to the sale of the company to Siemens, it was privately held and venture capital funded. The company has offices in the USA, Canada, Asia and Europe. Further information is available on the Internet at www.solidodesign.com.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada's most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
About Golden Opportunities Fund
Golden Opportunities Fund is Saskatchewan's first Retail Venture Capital Fund. Launched in 1999, the Fund has invested more than $350 million into 132 Saskatchewan companies impacting the local economy, communities, families and jobs.
SOURCE Business Development Bank of Canada
For further information: For BDC: Flavie Côté, Senior Advisor, Media Relations, BDC, 1-844-625-8321, [email protected]; For Golden Opportunities Fund: Wanda Hunchak, Executive Vice President, Westcap Mgt. Ltd. (Fund Manager of Golden Opportunities Fund Inc.), 1-306-652-5557, [email protected]
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