Kanata-based middleware company Solace Systems has sold a majority stake to Bridge Growth Partners, a private equity firm in New York City that makes investments in the technology and financial services sectors. Terms of the transaction were not disclosed.
Solace Systems was founded in 2001 and manufactures and sells networking software and hardware equipment that enables cloud computing, e-commerce, big data, and other capabilities. According to the company’s founder, it has raised $80 million in growth capital from institutional investors since its inception. It plans to use the new capital from Bridge Growth to fund its international expansion strategy and its sales initiatives in the transportation, aviation, and gaming industries.
You can read more about the transaction here.