BDC profits from acquisition of Radian6 by salesforce.com
The Business Development Bank of Canada (BDC) is pleased to announce that salesforce.com (NYSE: CRM), the enterprise cloud computing company, has completed the acquisition of BDC investee company Radian6. Salesforce.com purchased Radian6 for approximately US$276 million in cash and US$50 million in stock, net of cash acquired.
BDC Interim Executive Vice President, Investments, Jérôme Nycz says, “We are extremely pleased with this transaction and our return on investment, which is among the most profitable BDC Venture Capital has recorded. This successful exit is an excellent outcome for both Radian6 and salesforce.com, as well as for BDC Venture Capital and Canada’s venture capital industry. It is also good news for Atlantic Canada where Radian6 is based. The company has grown its employee base to several hundred and continues to serve its 2,400 customers from offices in New Brunswick and Nova Scotia. We expect its growth will continue and the organization will become a sustaining pillar in the business community in these provinces.”
BDC was a syndicate partner that invested in Radian6 in a first institutional round of financing in 2008. Co-investors included Summerhill Venture Partners and BrightSpark Ventures.
Jérôme Nycz adds, “BDC is grateful to have invested in the serial entrepreneurs that founded Radian6 and to have co-invested with local angel investors and savvy institutional investors focused on early stage opportunities.”
Radian6 was founded in 2006 and is the industry-leading social media monitoring platform. The company has more than 350 employees and is based in Fredericton, NB. Salesforce.com has more than 5,000 employees (including those at Radian6), was founded in 1999 and is based in San Francisco, CA.
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