Hockeystick—a private market data network—said the acquisition will bolster the company’s product offering development for cutting-edge organizations like accelerators, incubators and innovation hubs. LaunchSpot creates software that is used by accelerators and startup funders, so the purchase is a natural fit.
“With the acquisition of LaunchSpot, Hockeystick will now offer a suite of operations and data tools for innovation organizations,” said Raymond Luk, Hockeystick’s founder and CEO. “LaunchSpot is a proven product with a similar customer base and we look forward to expanding its reach and scale through our network.”
LaunchSpot was created to help automate how accelerators manage their applicants, collect portfolio data and connect these high-potential companies with mentors and funders. Hockeystick will continue to offer LaunchSpot’s product as a stand-alone service but will take over its development and maintenance.
“This acquisition is a great win for innovation organizations. I am confident that LaunchSpot will thrive in its next phase with Hockeystick,” said Rob Darling, LaunchSpot’s founder and CEO. “By leveraging Hockeystick’s market leadership, expertise and partnership with the Lazaridis Institute, LaunchSpot’s technology will be quickly utilized by more innovation organizations across Canada and around the world.”
Back in April, Hockeystick partnered with the Lazaridis Institute to power their scale-up data platform and create a system that can accurately track the growth metrics of startups. The platform also allowed for resource-strapped startups to find programs and funding more easily.
In September, Hockystick partnered with the Canadian Venture Capital and Private Equity Association (CVCA) to become their data platform as well.
This is the first acquisition by Hockeystick, and as more partnerships come around, the company will continue to expand and grow in the future. The goal for the company is to continuously enable innovation and growth for new startups in Canada without encumbering them with complex processes or trudging through data.
The acquisition was announced at SaaS North, a software conference held in Ottawa. Terms of the deal were not immediately disclosed.