News Summary

Toronto-based Define Capital has secured a $27.7 million CAD debt facility from Scotiabank to acquire, optimize, and hold niche software companies. Founded in early 2023 by Narbe Alexandrian, Define Capital is a private equity fund focused on B2B software firms with the potential for growth. The firm has already acquired three Canadian software companies, generating over $10 million CAD in annual recurring revenue. Define aims to expand its portfolio by purchasing profitable software-as-a-service and B2B businesses with niche market solutions. With this new financing, Define plans to make additional acquisitions, including its first in the United States, and is exploring opportunities in corporate spinoffs and venture-backed startups. This strategy follows in the footsteps of successful Canadian software consolidators like Constellation Software.