Algorithmics Inc., a manufacturer of software that helps financial institutions assess risk on September 8 completed a US$60 million new financing by way of unsecured convertible note, one of the largest such deals so far for a private Canadian technology company. Four financial institutions that are also customers were behind the financing—American International Group, Inc., Morgan Stanley International, CIBC Capital Partners and Royal Bank Capital Partners. The Torys team acting for Algorithmics included Donna Parish, Michael Barrett, Jeremy Fraiberg and Jennifer Guerard. Rod Barrett and Eric Lowy at Stikeman Elliott acted for CIBC Capital Partners and Royal Bank Capital. John Bick at Davis Polk & Wardwell acted for Morgan Stanley, and Todd Cohen was in-house for AIG.
Donna L. Parish Roderick F. Barrett Jeremy D. Fraiberg Eric B. Lowy John A. Bick Michael R. Barrett Jennifer E. Guerard