Burlington-based Tiptap and Laval’s Omnirobotic are restructuring after both startups were unable to secure the financing necessary to support their existing operations and obligations.
RECOMMENDED BY HOCKEYSTICK:
“At Hustle Fund, we’re convinced that Canada is positioned well to produce some of the largest, category-defining companies on the planet. We’re eager to fund these companies, and excited to partner with Hockeystick to identify these opportunities!” – Eric Bahn (General Partner)
Since launch, Hockeystick has made over 6000 funder recommendations to Canadian startups. Learn how startups are using technology to meet funders around the world.
ServiceNow closes $230 million USD acquisition of Montreal’s Element AI
California-based software company ServiceNow has officially acquired Element AI for “approximately” $230 million USD. The previously announced transaction closed on January 8, SEC filings confirm.
Element AI positioned itself as a global leader in AI, but faced difficulty getting its products to market.
Under the terms of the deal, ServiceNow has acquired all issued and outstanding equity interests of Element AI, which was founded in 2016 by CEO Jean-Francois Gagné, Anne Martel, Nicolas Chapados, Jean-Sebastien Cournoyer, Philippe Beaudoin, and the “godfather” of machine learning Yoshua Bengio. The approximate $230 million price tag is subject to customary purchase price adjustments.