General Electric buys Vancouver startup Bit Stew for $153-million US
November 15, 2016
Excerpt from Globe and Mail – One of Canada’s most promising startups in the emerging industrial-Internet-of-things (IIoT) space, Vancouver-based Bit Stew Systems Inc., has been purchased by General Electric Co. in a deal to be announced Tuesday that is valued at $153-million (U.S.).
It’s one of the biggest exits of a venture-backed company in Vancouver’s teeming technology scene in years and represents a win for early investor Yaletown Partners Inc., making it the Vancouver venture capital firm’s largest exit to date. The VC firm led Bit Stew’s $5.4-million Series A venture-capital round in 2013, generating a roughly seven-times return on that initial investment. Its take from the sale is $22.5-million, according to the deal’s plan of arrangement filed with B.C. Supreme Court.
“From our perspective, there was no doubt companies in the [IIoT] sector coupled with support from a good set of investors would lead to outcomes like this,” said Yaletown general partner and Bit Stew chairman Salil Munjal. Other investors include Cisco, Kensington Capital Partners, BDC Capital and Elevation Partners, co-founded by rock star Bono.
Author: Global and Mail
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