On September 6, 2024, Mercury Technologies, Inc. announced its acquisition of Teal Platforms, Inc. The terms of the transaction were not disclosed.
Teal Platforms, Inc., based in Vancouver, Canada, is a software company providing tools and services for imbedded accounting infrastructure, to help vertical software-as-a-service (VSaaS) companies launch accounting platforms.
Mercury Technologies, Inc., based in San Francisco, California, develops and operates a banking and treasury interface solution that maps onto its customers’ online banking.
With the strategic transaction of Teal, Mercury seeks to further integrate its solution through the addition of new features. The team and technology from Teal are integral to that future development. For Teal, the transaction was significant as it represented both a liquidity opportunity for investors at an early stage, and a fast-track to commercialization of the technology under development.
BLG acted for Mercury with a team led by Andrew Hennigar and included Vinay Desai (Partner, Intellectual Property/IT); Salvador Pimentel (Partner, M&A); Jordan Kay (Senior Associate, M&A); Danielle Lewchuk (Partner, Tax); Robert Biggar (Senior Associate, Tax); Lisa Carlson (Senior Associate, Labour & Employment); Denes Rothschild (Partner, Competition; Foreign Investment).
Osler, Hoskin & Harcourt LLP advised Teal Platforms with a team consisting of Justin Young, Justin Dharamdial, Ian Morrison, Sylvia Rowat, Madison Kerr (Emerging and High Growth Companies) and Abigail Omale (Employment and Labour).