Sherbrooke, June 22, 2021 - Agendrix, a Sherbrooke-based software as a service (SaaS) developer in the growing field of HR tech, has received a $4.2 million investment, shared equally by BDC Capital's Growth & Transition Capital division and Desjardins Capital, to facilitate the transfer of control over the business. This investment consists of equity and mezzanine debt.
Sitting, from left to right: Sébastien Chartrand, Mathieu Allaire, and Samuel Roy. Standing up, from left to right: Adam Tétreault and Charles Vallière.
Founded in 2015, the company offers a web and mobile application that simplifies schedule, timesheet and payroll management. It is now used in more than 8,000 small and medium-sized workplaces in sectors as diverse as retail, food services, seniors housing and construction, among others. Agendrix's monthly recurring revenue (MRR) has been growing steadily for the past three years and has even increased by more than 50% since the beginning of the pandemic.
The investment by BDC Capital and Desjardins Capital has enabled Agendrix's primary shareholder and co-founder, André Gauthier, and smaller silent partners to withdraw from the company and transfer full control to five employee shareholders: Mathieu Allaire, Charles Vallières, Samuel Roy, Adam Tétreault and Sébastien Charland. BDC Capital and Desjardins Capital are taking a minority stake in the company. They will now sit on the board of directors and work together on the growth strategy.
"This transaction is an important milestone for us as we continue our growth and our mission to inspire more humane management," said Mathieu Allaire, CEO of Agendrix. We want to build Agendrix for the long term and continue to make a positive difference in the lives of our customers and employees. The structure of this transaction enables us to fully achieve this ambition, with the help of new partners who respect these values."
"The new Agendrix owners are a great fit and definitely have all the qualities needed to continue the company's strong growth," said Patrick Latour, Senior Vice President, Growth & Transition Capital, BDC Capital. Agendrix has been able to position itself favourably with SMEs in Quebec and those in other markets around the world by offering an affordable and easy-to-use application. The ease of Agendrix's automated customer onboarding makes it a highly scalable business model with strong growth potential."
"We are proud to be associated with the next generation of entrepreneurs at Agendrix, an innovative company that is revolutionizing time management in the workplace," said Marie-Hélène Nolet, Chief Operating Officer, Desjardins Capital. "We fully believe in its global growth plan, which has allowed us to set up a financing structure tailored to the situation of the company and the new shareholders."
Agendrix is an employee management software that helps companies of all sizes in all industries to simplify how they manage work schedules and track hours worked. The software is known for its user-friendliness and impeccable customer service. Agendrix is one of the 100 most downloaded mobile business applications in the various app stores. The application is now used in more than 8,000 workplaces.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.