Montréal-based software modernization company AZUR Group Inc has raised an undisclosed financing led by Mazars Consulting Inc.
Desjardins Capital invested in the business as part of the deal, while Investissement Québec (IQ) provided a loan.
The funds raised will help accelerate AZUR’s growth by supporting its development of custom cloud software, as well as its development and marketing of EFS, a smart treasury management solution.
AZUR was founded in 1998 by President and CEO Jean-Louis Lalonde.
Desjardins Capital is an affiliate of Canadian financial cooperative Desjardins Group.
Desjardins Capital and Investissement Québec become partners of AZUR Group
The company markets EFS, a unique and multilingual solution that manages cash flows, that will have generated investments of $6 million between 2014 and 2022
MONTREAL, Oct. 29, 2018 /CNW Telbec/ – As part of a financing round led by Mazars Consulting Inc., Desjardins Capital becomes AZUR Group’s partner, and Investissement Québec makes a loan to the company out of its own funds.
These new investments are aimed at accelerating AZUR Group’s growth as a leading edge digital transformation player. AZUR Group has developed a proprietary tool kit which combines quick software prototyping with business intelligence (BI), artificial intelligence (AI) and technologies from Microsoft and Salesforce, amongst others, to help clients modernize mission critical software. In addition to helping develop custom cloud software, the new investments will further enable the development and marketing of EFS, a smart treasury management solution.
EFS is a new Canadian and multilingual financial solution. It is unique because it is developed by local treasurers and can be tailored to the specific needs of Canadian treasurers and CFOs. EFS innovates by using AI techniques to improve decision-making and ensure optimal management of financial risks.
EFS, a solution that will have generated investments of $6 million between 2014 and 2022, will be launched during the Fintech Canada Forum, which will take place from October 29 to 31 in Montreal. It will be featured in the Deloitte Techno Zone.
Jean-Louis Lalonde, Founder and CEO of AZUR Group, added: “These new partnerships will create jobs and enhance our ability to help Québec enterprises become high-performing organizations in today’s challenging digital world. Cloud-based solutions require creativity, quality, security and agility, and AZUR has now created the right talent environment to make that happen.”
“In 2017, the CVCA named Desjardins Capital the most active VC firm in Quebec,” said Luc Ménard, Chief Operating Officer of Desjardins Capital, “and we’ve been using our risk capital to support innovative Quebec companies like Azur Group as they make their mark both domestically and abroad. With its customizable EFS solution for businesses, our new partner is proving its commitment to developing value-added solutions for treasury management, a challenge that is all too frequently underestimated by small and medium-sized businesses.
“AZUR Group has world-renowned expertise in design and deployment of software on cloud platforms. Thanks to its innovative solutions, its customers – including numerous Québec companies – are able to make the right moves and be more productive. We’re proud to contribute to the growth of key players in our digital sector and the creation of high-value-added jobs,” noted Pierre Gabriel Côté, President and CEO of Investissement Québec.
About AZUR Group
For more than 20 years, AZUR Group has been modernizing mission critical systems to give its customers unique and irreplaceable competitive advantages. The company also creates innovative new Cloud software and participates in digital transformation projects. Its experienced teams allowed the delivery of hundreds of projects that added value to businesses through the development of their e-business.
About Desjardins Capital
Nearly 45 years strong, Desjardins Capital (previously Desjardins Venture Capital) has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2 billion, Desjardins Capital helps contribute to the longevity of more than 460 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to create and maintain more than 67,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
About Mazars Consulting Inc.
Mazars Consulting Inc. is the corporate finance and transactional services firm of Mazars in Canada, oriented towards the private sector market. With a multisectoral approach and an international network of experts established in 86 countries, Mazars Consulting Inc. provides adapted and comprehensive support to its clients in carrying out their projects.
For further information: please contact: Pierre Salbaing, Director – Business development, AZUR Group, 514-281-0061, or 1-844-281-0061, ext 206, email@example.com; Richard Lacasse, Media Spokesperson, Desjardins Capital, 418-835-8444, or 1-866-835-8444, ext 5563163, firstname.lastname@example.org; Isabelle Fontaine, Senior Director, Public and Governmental Affairs, Investissement Québec, 514-876-9359; Faiza Kabissi, Director of Communications, Mazars, 514-845-9253, email@example.com