PE Deals

Bell Canada to pick up CDPQ-backed FX Innovation

FX Innovation is a Montreal-based provider of cloud-focused managed and professional services and workflow automation solutions.

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  • The deal is expected to close in second or third quarter of 2023
  • FX Innovation will continue to operate independently under the leadership of Guillaume Bazinet
  • CDPQ invested C$10m in FX Innovation in 2018 to back its North American expansion

Bell Canada has agreed to acquire FX Innovation, a Montreal-based provider of cloud-focused managed and professional services and workflow automation solutions for business clients.

No financial details of the transaction were disclosed. It is expected to be completed in the second or third quarter of 2023, subject to regulatory approvals.

Upon closing, FX Innovation will continue to operate independently under the leadership of Guillaume Bazinet, co-founder and CEO.

FX Innovation is backed by Caisse de dépôt et placement du Québec (CDPQ). In 2018, CDPQ made an investment of C$10 million in the company to back its expansion in Canada and the US.

“CDPQ has supported Montréal-based FX Innovation on its strategic expansion plan since 2018, allowing the company to generate growth and refine its service offering,” said Kim Thomassin, executive VP and head of Québec, CDPQ, in a statement. “The transaction announced today will enable FX Innovation to continue growing alongside a local player that has the necessary resources and desire to take the company even further.”

Based in Montreal, BCE-owned Bell Canada is a communications company that offers advanced broadband wireless, TV, Internet, media and business communication services.

CDPQ, Canada’s second largest pension system, invests on behalf of Quebec public retirement and insurance plans. It is based in Montreal.