Report: Telehealth company Dialogue going public

Montreal telehealth company Dialogue will go public on the Toronto Stock Exchange, reports the Globe and Mail.

Dialogue offers medical services over the Internet via video chat. The company will partner with National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto Dominion Bank as lead bookrunners for an IPO. That’s what two sources told the Globe.

It’s just the latest company in a dizzying array of tech businesses that are rushing to go public. This is being fuelled by increased investor appetite. That’s because the pandemic has “poured gasoline on the stock market… in the belief that future returns will be far greater once everything returns to somewhat normal,” noted Gizmodo’s John Biggs.

Founded in 2016, Dialogue previously raised more than $100 million in venture capital from Sun Life Financial Inc., National Bank of Canada, Power Corp. of Canada’s Portag3 Ventures, the Caisse de dépôt et placement du Québec, White Star Capital and others.

That included $43 million in July, $40 million in June 2019, $12 million in 2018 and $4 million in 2017.

Dialogue hired hundreds of employees last year while upping its number of online customers accessing its medical services to five million people.

In October, Dialogue acquired Canadian employee assistance program provider Optima Global Health. Back in January, 2020, the company acquired ARGUMED Consulting Group GmbH, a German Occupational Health and Safety (OHS) services company. The move signalled the firm’s intention to move into the European markets. 

The company was born out of Montreal’s Diagram Ventures, the well-funded company creator based in Montreal. Several other notable local companies were also created out of Diagram, like nesto, dfuse technologies and Collage HR, acquired by People Corporation in November 2019.

READ: Silicon Valley’s loss during COVID turns into Diagram’s gain

Diagram is funded by Portag3 Ventures and its limited partners. Other investors into Diagram include Adam D’Angelo, CEO of Quora and former CTO of Facebook; Allen Lau, the CEO of Wattpad; Dax DaSilva, CEO of Lightspeed; Michael Litt CEO at Vidyard, and many more.

Portag3 is also an investor in Canadian roboadvisor Wealthsimple, as well as the online bank Koho.

Portag3’s parent company is Sagard Holdings. Sagard Holdings is owned by PowerCorp. PowerCorp is the massive Canadian holdings company with $477 billion in assets (2019 figures) run by the powerful Paul Desmarais, Jr. and André Desmarais.

+ There are no comments

Add yours