
A Power Corporation of Canada POW-T unit has co-led a US$150-million equity investment into Valsoft Corp., a rapidly growing Montreal-based software rollup play that is aiming to emulate the success of acquisition machine Constellation Software Inc. Portage Capital Solutions, a growth equity arm within Power’s Sagard alternative asset-management business, is co-leading the deal with past backer Viking Global Investors, a U.S. fund-management giant, and Toronto-based Propelr Growth. All of the money is going to Valsoft, unlike many recent large tech financings that have largely been used to buy out investors and employees. The deal values Valsoft at more than US$2-billion. Valsoft is one of several companies, including Toronto-managed Banyan Software, that have sought to emulate Constellation’s strategy by buying up small, modestly growing software companies that focus on specific customer niches such as hotels, and face little to no competition or customer churn. Valsoft has amassed 107 companies, which collectively employ more than 3,500 people, generate more than US$550-million in revenue and US$125-million-plus in operating earnings. Like Constellation, it has split itself into multiple divisions that each pursue their own acquisitions. The company, which has 60 mergers and acquisitions dealmakers, typically buys small companies with less than US$10-million in revenue. It aims to pay one to two times revenues, although competition for deals has been heating up as flush private-equity firms look to deploy capital. Valsoft then works to expand its acquired companies’ revenues and profits by adding heft to their sales efforts. Like Toronto-based Constellation, Valsoft’s goal is to buy and hold, although it has divested two companies to date. Valsoft sold a minority stake to Viking in 2022 for US$150-million and this year raised US$170-million in debt from Viking and Coatue Management LLC to fund deals. It also has a nine-figure line of credit with Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada. The company is “one of the top IPO candidates in the country” given its mix of size, revenue growth and profitability and the fact that it has “an established model that public market investors in Canada and globally have become extremely comfortable with,” said Propelr managing partner Sanjiv Samant. Valsoft chief executive Sam Youssef said in an interview that he hopes to “eventually” take Valsoft public, but not until revenue reaches US$1-billion. In the past two years, Valsoft has built up a payments-processing unit called Valpay used by 10 to 15 of its companies that now generates US$20-million-plus in annualized operating earnings, Mr. Youssef said. He credited Viking with the idea of building a financial-services offering for its companies. Valsoft is also building artificial-intelligence applications its companies can use to better serve customers and expand revenue. Both initiatives are of particular interest to Portage, which typically backs financial-technology companies. “For nearly a decade, Valsoft has proven itself to be a best-in-class acquirer and operator of software companies globally,” Dan Ballen, co-head of Portage Capital Solutions, said in a statement. “We are excited to help Valsoft pursue growth opportunities in its core software market and, as fintech-focused investors, through the launch of new products and monetization channels, such as embedded financial services and AI-powered customer tools.” Mr. Youssef and Valsoft co-founder Steph Manos graduated from Concordia University with computer engineering degrees in 2004 and built an affiliated online marketing business together. After discovering that pornography sold better than travel products and supplements, they became founding investors of Pornhub, now the world’s largest porn video site. They sold out in 2010, a year after the U.S. Secret Service seized US$6.4-million from accounts controlled by their personal holding company and long before the controversies that have dogged the business, now called Aylo Holdings SARL, in recent years. Mr. Youssef, an entrepreneur since he cut grass and shovelled driveways in his teens, decided to get out of the adult-entertainment business in the late 2000s because he started a family and “my moral compass changed,” he once told The Globe and Mail. “I’m very happy we got out of it, I’m very happy this is not my story and I’ve got a chance at writing another chapter.” Mr. Samant said that past foray “has nothing to do” with Valsoft, and that the founders “have had nothing to do with that other business for years.” In the early 2010s, Mr. Youssef immersed himself in the world of investing, devouring books by Warren Buffett and Peter Lynch and attending the Berkshire Hathaway annual meeting. Mr. Youssef put his money to work in the stock market. One of the companies he bought into was Constellation. He loved Constellation’s model and figured that buying modest niche software companies with few or no competitors was better than playing the markets as it offered high returns for shrewd acquirers. Valsoft bought its first company in 2016, three the following year and eight the next. It now buys about 20 to 25 companies annually. Mr. Youssef and Mr. Manos and a group of other investors oversee two other companies: Valnet Inc., a consolidator of digital-content sites that cater to movie buffs, celebrity watchers, gamers and others, and Valsoft spinoff Valstone Corp., which sells software to industrial companies.
NoneFinding the perfect gift can be daunting. The only way to truly ensure you get it right would be to ask the recipient what they want, but that wouldn’t be much fun for either of you. Luckily, there’s another tactic to help you earn a “gift whisperer” reputation: seeking out unique, practical, game-changing gifts that will truly surprise and delight. But that’s about as easy as it sounds, which is to say it’s not easy at all. So, we’ve done the legwork for you. Start making your list with this compilation of some of the most innovative, functional and fun gifts of 2024. There’s something for every budget. A pepper grinder, really? Bear with me: The new FinaMill Ultimate Spice Grinder set elevates the pedestrian pepper and spice mill in both function and style. Available in three colors (Sangria Red, Midnight Black and Soft Cream), the rechargeable-battery unit grinds with a light touch rather than hand-tiring twists. That’s easier for everyone and especially helpful for those experiencing hand or wrist issues such as arthritis, carpal tunnel syndrome or tendinitis. And it’s fun to use. The set includes a stackable storage tray and four pods that can be easily swapped as needed: The GT microplane grater for hard spices, nuts and chocolate; the MAX for large spices and dried herbs; the ProPlus for smaller and oily spices; and the Pepper Pod for, well, pepper. $110. To build a fire Campers and backyard firepit lovers who have experienced the heartbreak of wet wood will appreciate having a three-pack of Pull Start Fire on hand. Made of 89% recycled materials, including sanding dust, wax and flint, the food-safe, eco-friendly, 3-by-2-by-1-inch fire starters will light a fire quickly without matches, lighters or kindling. Just loop the attached green string around a log, incorporate it into a wood stack, and pull the attached red string to ignite. Each windproof, rainproof block burns for 30 minutes. $29.99. The place for a ladle is on the pot The No Mess Utensil Set from Souper Cubes, a company known for its portioned, silicone freezer trays, lives up to its name. The utensils – a serving spoon and a ladle – have innovative, S-shaped handles designed to rest on the edge of a pot, keeping them upright so they won’t slip in. The design also eliminates the need for a spoon rest or, worse, placing dirty utensils on the kitchen counter or stovetop between stirs. A silicone coating in a choice of Aqua, Charcoal, Cranberry or Blueberry keeps handles cool to the touch. $24.99. Up your birdwatching with this feeder The FeatherSnap Wi-Fi smart bird feeder could turn anyone into an avid birdwatcher. Equipped with an HD camera, the dual-chamber feeder enables up-close livestreaming of avian visitors, as well as species-logging via the free mobile app. An optional premium subscription ($59.99 annually or $6.99 monthly) includes unlimited photo and video storage, AI identification with species-specific details, and the opportunity to earn badges for logging new visitors. Turn on notifications to get alerts sent to your phone whenever there’s activity at the feeder. $179.99. Printing old-fashioned photos via Bluetooth Fujifilm’s Instax Mini Link 3 smartphone printer offers a touch of nostalgia without sacrificing technology. Just load the 4.9-by-3.5-by-1.3-inch printer with Instax Mini instant film and connect it to your Android or iOS device via Bluetooth to print wallet-size photos. If you want to get fancy, you can adjust brightness, contrast and saturation, or apply filters, including 3D augmented-reality effects, via the free Instax Mini Link app. It can also make collages of up to six images, or animate photos to share on social media. Available in Rose Pink, Clay White and Sage Green. $99.95. Houseplants don’t get much easier than this The appropriately named easyplant is one of the best gifts you can give your houseplant-loving friends, regardless of their experience level. Select a pot color, size and plant (or get recommendations based on sunlight requirements, pet friendliness and other attributes) and fill the self-watering container’s built-in reservoir roughly once a month. Moisture will permeate the soil from the bottom as needed, eliminating the often-fatal consequences of over- or under-watering. It’s also a literal lifesaver come vacation time. $49-$259. Making your own (plant-based) milk If you’ve got a no-dairy friend on your list, a plant-based milk maker could save them money while allowing them to avoid sugar, stabilizers, thickeners and preservatives. The Nama M1 appliance both blends and strains ingredients, converting nuts, seeds, grains or oats into velvety-smooth milk in just one minute, with zero grit. And for zero waste, the pasty leftover pulp can be used in other recipes for added nutrients. The device also makes infused oils, flavored waters and soups. And, importantly, cleanup is easy. Available in white and black. $400. The perfect temperature for 350,000-plus wines For friends who prefer stronger beverages, the QelviQ personal sommelier uses “smart” technology to ensure wine is served at its ideal temperature. Unlike traditional wine refrigerators, this device doesn’t take up any floor space. It also doesn’t chill wine to just one or two temperatures based on its color. Instead – paired with the free QelviQ app – the tabletop chiller relies on a database of more than 350,000 wines to bring a bottle to its specific recommended serving temperature in as little as 20 minutes. It also suggests food-wine and wine-food pairings. Plus, the appliance serves as a great icebreaker to inspire dinnertime conversation. Available in Exciting Red, Dashing Black and Dreamy White. $495. Casting light on the grill after dark Grilling food after dark – and ascertaining its doneness – can prove challenging without outdoor lighting, and it’s nearly impossible to cook while holding a flashlight. But as is often the case, the simplest of solutions can make the biggest of impacts: Uncommon Good’s 2-piece LED Grilling Tool Set puts illumination into the handles of its stainless-steel spatula and tongs. After use, the lights can be removed and the utensils run through the dishwasher. $40.
Gun found on suspect in killing of UnitedHealthcare CEO matches shell casings at scene, police say ALTOONA, Pa. (AP) — New York City’s police commissioner says the gun found on the suspect in the killing of UnitedHealthcare’s CEO matches shell casings found at the crime scene. Commissioner Jessica Tisch also said Wednesday that lab results matched suspect Luigi Mangione’s prints to a water bottle and a snack bar wrapper found near the scene of the killing. Police had said earlier that they believed the gunman bought the items at a nearby coffee shop while awaiting his target. Mangione is jailed in Pennsylvania on weapon and forgery charges, but he also has been charged in New York with murder in Brian Thompson's death. His lawyer has noted that Mangione is presumed innocent. Authorities are scrutinizing evidence and the suspect’s experiences with the health care industry. Arguments over whether Luigi Mangione is a 'hero' offer a glimpse into an unusual American moment Memes and online posts in support of 26-year-old Luigi Mangione, who's charged with killing UnitedHealthcare's CEO, have mushroomed online. Some cast Mangione as a hero. That's too far, says Pennsylvania Gov. Josh Shapiro, a rising Democrat who was almost the Democratic vice presidential nominee this year. CEO Brian Thompson's death touched off off these ripples. They offer a glimpse into how so many different aspects of 21st-century life can be surreally connected, from public violence to politics, from health care to humor, or attempts at it. FBI Director Wray says he intends to resign before Trump takes office in January WASHINGTON (AP) — FBI Director Christopher Wray says he plans to resign at the end of President Joe Biden’s term in January. The announcement Wednesday comes a week and a half after President-elect Donald Trump announced his intention to nominate loyalist Kash Patel for the position. His impending resignation will bring him three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations. Trump applauded the news Wednesday, saying it will end the weaponization of what he called the “Department of Injustice.” Donald Trump will ring the New York Stock Exchange bell as he's named Time's Person of the Year NEW YORK (AP) — President-elect Donald Trump is expected to ring the opening bell at the New York Stock Exchange for the first time and be named Time magazine's Person of the Year. Thursday's events will be a notable moment of twin recognitions for Trump, a born-and-bred New Yorker who has long seen praise from the business world and media as a sign of success. Four people with knowledge of his plans told The Associated Press that Trump was expected to be on Wall Street on Thursday to mark the ceremonial start of the day's trading, while a person familiar with the selection confirmed that Trump had been selected as Time's Person of the Year. The Trump and Biden teams insist they're working hand in glove on foreign crises WASHINGTON (AP) — President-elect Donald Trump doesn’t think much of Joe Biden’s foreign policy record. He frequently casts the outgoing Democratic president as a feckless leader who shredded American credibility around the world during his four-year term. But the Trump and Biden national security teams have come to an understanding that they have no choice but to work together as conflicts in Gaza, Syria and Ukraine have left a significant swath of the world on a knife’s edge. It’s fuzzy how much common ground Biden and Trump’s teams have found as they navigate crises that threaten to cause more global upheaval as Trump prepares to settle back into the White House. Syrians flock to morgues looking for loved ones who perished in Assad's prisons DAMASCUS (AP) — Many bodies have been found in Syrian detention centers and prisons since President Bashar al-Assad's government fell. Now Syrians around the world are circulating images of the corpses in hopes that they will see slain loved ones whose fate had been a mystery. At the morgue visited by The Associated Press on Wednesday in Damascus, families flocked to a wall where some of the pictures were pinned in a haunting gallery of the dead. Relatives desperately scanned the images for a recognizable face. Some of the prisoners died just weeks ago. Others perished months earlier. US warns Russia may be ready to use new lethal missile against Ukraine again in 'coming days' WASHINGTON (AP) — The Pentagon says Russia could launch its lethal new intermediate-range ballistic missile against Ukraine again soon. Pentagon spokeswoman Sabrina Singh cited a U.S. intelligence assessment in telling reporters on Wednesday that an attack could come “in the coming days.” She says the U.S. does not consider the Oreshnik missile a game changer on the battlefield. But that Russia is using the weapon to intimidate Ukraine as both sides wrestle for an advantage that will give them leverage in any negotiations to end the war. The Russian Defense Ministry also is warning it may retaliate against Kyiv for an attack on a military base in the Rostov region in southern Russia on Wednesday. Israeli strikes on Gaza kill at least 33 including children, Palestinian medics say DEIR AL-BALAH, Gaza Strip (AP) — Palestinian medical officials say Israeli strikes on the Gaza Strip have killed at least 33 people. One of the strikes hit a home where displaced people were sheltering in the isolated north, killing 19. A separate strike outside nearby Kamal Adwan Hospital killed a woman and her two children, and another strike in central Gaza killed at least seven people. Israel's military says it tries to avoid harming civilians and accuses militants of hiding among them, putting their lives in danger. Local health officials say Israel’s retaliatory offensive after the Hamas attack on Oct. 7, 2023 has killed over 44,000 Palestinians in Gaza. Hannah Kobayashi, missing Hawaii woman whose disappearance prompted a massive search, is found safe LOS ANGELES (AP) — Hannah Kobayashi has been found safe. That’s according to the Los Angeles Police Department. Kobayashi vanished last month in Los Angeles. The missing Hawaii woman's disappearance prompted a massive search and a missing persons investigation. It was not immediately clear where she was found, but police previously said she had voluntarily crossed the border into Mexico. The LAPD said Wednesday the department will wrap up its investigation. Kobayashi's family reported her missing to law enforcement on Nov. 11 after relatives received “strange and cryptic, just alarming” text messages. Kobayashi’s mother and sister said they are “grateful” she has been found safe. Saudi Arabia will host the 2034 World Cup. But when exactly? ZURICH (AP) — Saudi Arabia scored a major win in its campaign to attract major sports events to the kingdom when it was formally appointed as the 2034 World Cup host on Wednesday. Still, many questions remain about the tournament. Key issues include during which part of the year to stage the tournament, where to play the games, whether alcohol will be allowed at all and how to protect workers rights in the massive construction projects required to host the World Cup.Huzeye Snapalette PrintCam Reviews (Hidden Details) Read Before Buying