There goes another up-and-coming Canadian tech company. OZ Communications, a very successful 220-person Montreal firm making software for accessing e-mail and instant messaging services on consumer mobile phones, is being boughtby Nokia. Just last week OZ was lauded by Deloitte as the 8th fastest growing tech company in the land2,815% rise in revenue over five years. Backersinclude VantagePoint Venture Partners, the Caisse, Solidarity Fund QFL, and the T-Mobile Venture Fund, and Wellington Financial.
Good for the investors, and we’ll see what Nokia does with OZ itself, but at first blush, it’s unfortunate to see another Canadian company unable to grow into being an independent, thriving operation. I wroteabout OZ in 2005.
By the way, Waterloo’s PlateSpin, #2 on the Fast 50 with 22,390% five-year revenue growth and 185 employees, was acquiredby Novell in February, and last week wonthe Canadian Venture Capital Association’s Deal of the Year award.