Vosker raises $100 million in debt financing
By SP&T Staff
By SP&T Staff
VOSKER announced it has raised $100 million in debt financing from HSBC Canada, Caisse de dépôt et placement du Québec, Business Development Bank of Canada, and Export Development Canada. The company said these funds will help support its growth in the tech space.
The funds consist of a mix of quasi-equity, subordinated debt, and revolving credit which will be used mostly towards accelerating growth through sales and marketing, new product development and investment in human capital.
VOSKER designs and commercializes cellular-connected devices that enable remote monitoring of areas where wi-fi and electricity are either not accessible or optimal. VOSKER stated that billions of media files are produced each year with its various brands of devices, mainly geared towards security or the outdoor markets, and then delivered to its customers’ computers and mobile phones.
“Our products enable consumers to keep an eye on things that matter to them, no matter where they are,” said Yan Gagnon, CEO of VOSKER in a statement.
Alan Turner, Head of Commercial Banking at HSBC Bank Canada stated that the company’s 1000 commercial banking professionals across the country are dedicated to the needs of international businesses, by providing access to a geographic network covering more than 90 per cent of global trade and capital flows.
“With this financing, CDPQ is supporting the expansion of a young Québec technology company that ranks alongside some of the fastest growing companies in Canada in recent years.” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship of CDPQ, in a statement.
According to VOSKER, this transaction is part of Ambition ME, a suite of financing solutions and support services to take Québec mid-market companies to their next stage of growth.