Canada’s Venture Capital & Private Equity Association revealed today that BDC Venture Capital and New Brunswick Investment Management are the recipients of CVCA’s 2012 “Deal of the Year Award” for the venture capital category.
The Deal of the Year Award competition is to promote, highlight and celebrate the achievements of CVCA members who have had outstanding investment successes.
“It is my pleasure to announce that BDC and NBIMC have won this year’s venture capital category award for their investments in Q1 Labs,” said Richard Kinlough, Chairman of CVCA’s Awards Committee and Managing Director, Group Head, CIT Corporate Finance, Canada. “Beginning in 2002, over eight years and in nine rounds, a group of angels and their institutional partners invested $42 million in Q1 Labs. In October, 2011, Q1 Labs was sold to IBM. The investment generated an internal rate of return of 33% and a multiple of nine times original investment.”
“This transaction generated one of the highest returns on investment ever obtained by BDC Venture Capital. It clearly demonstrates our ability to build successful technology companies. It also shows that very profitable exits are possible in the Canadian venture capital market,” said Tony Van Bommel, Managing Partner of the Energy/Cleantech Venture Capital Fund with BDC. “We are pleased to have contributed to the growth of a firm from Atlantic Canada and to have been there right from the start to support a team of entrepreneurs and managers as strong as those at Q1 Labs. At BDC Venture Capital once again we see that Canadian companies can take their place among the best in the world, provided they get the support they need for their development.”
According to John Sinclair, President and CEO of NBIMC, “Q1 Labs is an excellent example of where New Brunswick based public sector pension funds, under our management, have been able to benefit from developing a world-class, knowledge based company with a significant employee base in our own back yard”. Mr. Sinclair said “NBIMC will continue to use its geographic advantage to make investments in the region that suit both our risk and return requirements and fiduciary duties as Pension Plan Trustee”.
Q1 Labs, is a global provider of next-generation security intelligence products.
“I’d like to congratulate our ‘Deal of the Year’ Award winners tonight, who clearly enhanced the value of Q1 Labs through strong governance, innovation and a longer-term perspective that built sustainable value,” said Peter van der Velden, President of the CVCA and Managing General Partner of Lumira Capital. ‘The winners are clear examples of how Venture Capital backed companies support a stronger and more productive Canadian economy and contribute to overall job creation”.
Relatedly, Ted Anderson was the recipient of CVCA’s 2012 Annual Community Leadership Award.
“The selection process focuses on individuals who have provided significant value to a notfor- profit organization or cause,” said Richard Kinlough. “The Committee looks at an individual’s commitment of time and effort over a number of years to an organization or cause, in addition to the raising and personal commitment of money,” added Mr. Kinlough.
In the early 1990’s, Ted consulted to the World Bank on the establishment of SME venture funds in East Africa and Ethiopia. This led to his consulting on the Canadian government’s $212 million Canadian Investment Fund for Africa in 2002.
Ted was invited to become an investment advisor to the Lundin Foundation, the African focused philanthropic arm of the mining magnate Lundin Group, as well as the Ghana based West Africa Agricultural Investment Fund. WAAIF’s objective is to contribute towards the alleviation of rural poverty and the attainment of food security in West Africa.
Ted has recently taken the position of Interim Director at the MaRS Centre for Impact Investing. This is a national organization designed to increase the awareness and effectiveness of social finance to attract new capital, talent and initiatives dedicated to tackling social and environmental problems in Canada.
“I am honoured to receive this prestigious award,” said Ted. “It is important that we all try to give back in whatever we can and I commend the CVCA for recognizing and encouraging the community services of its members.”
“I’d like to congratulate this year’s Community Leadership Award winner, who demonstrates overwhelmingly all the qualities we were seeking in a recipient of this highly regarded award.” said Peter van der Velden. “Ted’s dedication to helping nations in West Africa has made a permanent impact on the efforts of eradicating poverty.”