Saskatoon technology firm Vendasta has emerged as one of the flagships of the province’s technology community. And it strengthened that position this week with the announcement that it has secured $40 million in venture capital to expand its client base and to more than double its staff.
The company currently employs 285 and expects it will grow its payroll to 650 over the next three years as it rolls out its program to a wider range of clients including banks and telecom players. The platform helps small and medium sized businesses extend their marketing reach, firms that often turn to banks or phone companies for this type of support.
The cloud commerce company says the $40 million investment is the largest for an information technology firm on the prairies since this data has been collected.
The national venture capital association says Saskatchewan saw eight deals last year totalling $16 million so this one is significant by comparison and one more reminder of how important it is to have companies headquartered within the province.