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Golden Opportunities Fund Announces Investment in iQmetrix Parent Company Chrysalis Software
Monday, August 22, 2022Company Profile | Follow Company
Vancouver, BC, August 22, 2022--(T-Net)--Golden Opportunities Fund, announced today an investment in Chrysalis Software Inc. (formerly, iQmetrix Global Ltd.). The transaction was completed in syndication with Westcap MBO II Investment LP. Westcap Mgt. Ltd. is the fund manager for both Golden and the MBO II Fund.
Chrysalis, owners of 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 said in a release that it 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."
Built on a culture of high collaboration and innovation, all of the companies within the collective Chrysalis ecosystem have built strong brands and reputations, each one being disruptive in its respective industry:
iQmetrix: North America's leading provider of software for the telecom industry with solutions that powered $16.4 billion in sales last year, used by 300,000 telecom retail professionals across over 1,000 clients.
Ready: a dynamic Connected Dining Platform for restaurants, stadiums, and hotels which facilitates contactless transactions, allowing guests to order and pay at their seat, or remotely on their way to the venue.
Shiftlab: a high-growth performance-based scheduling platform designed for retailers to utilize AI-based technology that offers workforce scheduling designed to maximize performance and employee engagement while reducing labour costs.
"We continue to choose Westcap as our financial partner due to the strategic value they add as a capital partner", says Christopher Krywulak, Founder of Chrysalis. "With this funding, directed at two targeted acquisitions with additional strategic platforms, Chrysalis will be a worldwide technology company operating in over 25 countries."
Golden Opportunities Fund Inc.
Founded over 20 years ago, Golden is the first and longest-standing Provincial Retail Venture Capital (RVC) Fund in Saskatchewan. Golden makes strategic investments in high-growth sectors of the economy to maximize shareholder value.
About Westcap Mgt. Ltd.
Golden and the MBO II Fund are both funds managed by Westcap, a leading private equity and venture capital fund manager having raised and completed over $1 billion in transactions to date. Westcap has an uncompromising vision to build long-term value for investors by supporting visionary management teams in their growth and succession strategies.
About Chrysalis
Chrysalis is a meta-company operating in the SaaS space, with the mission to create technology that elevates the human experience. We do this by nurturing the companies that grow organically within the Chrysalis ecosystem, and by acquiring like-minded businesses that complement our mission. Chrysalis, its teams, and its companies develop software solutions that enable people to create memorable and valuable moments where the digital meets the personal. Chrysalis is a privately held company headquartered in Vancouver, British Columbia, with six additional offices across North America.
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