OMERS Ventures, the pension plan’s venture capital investment arm, is buying a $20-million interest in Vancouver-based HootSuite.
The deal, one of the largest Canadian venture capital transactions of the past decade, is being done by way of a secondary purchase from HootSuite’s existing shareholders.
HootSuite, which was founded in 2008, is a social media management system for businesses and organizations. Its major investors include Blumberg Capital and Hearst Ventures.
About one billion messages have so far been sent through HootSuite. The company now has about 140 employees, up from 25 last year, and expects to grow to about 240 people this year.
OMERS Ventures was launched late last year and plans to deploy about $180-million over three years. Its first investment was in Toronto-based WaveAccounting.com, which offers a free online accounting application for small businesses with fewer than 10 employees.