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    GWO   CA39138C1068

GREAT-WEST LIFECO INC.

(GWO)
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Canada's Portag3 Ventures invests in Street Contxt

01/16/2017 | 05:21pm EDT

TORONTO (Reuters) - Portag3 Ventures, a financial technology fund backed by Canada's Power Financial Corp (>> Power Financial Corp), has invested an undisclosed amount in finance startup Street Contxt, Portag3's president said in an interview on Monday.

TORONTO (Reuters) - Portag3 Ventures, a financial technology fund backed by Canada's Power Financial Corp (>> Power Financial Corp), has invested an undisclosed amount in finance startup Street Contxt, Portag3's president said in an interview on Monday.

Started in 2012, Toronto-based Street Contxt lets financial analysts distribute their research reports to capital markets clients and track how they are used, and offers a system for money managers to organize and make the most of the research they amass. The company, which raised $8 million in a funding round a year ago, could not be immediately reached for comment.

"Our target for this coming year is to make 10 to 15 investments," Adam Felesky, Portag3 president and co-founder said. "The most recent one we did was Street Contxt, which closed last week."

Felesky said the fund seeks partnerships that have long-term investment potential and described Street Contxt chief executive Blair Livingston as the kind of "visionary, young entrepreneur" they look for.

Portag3 launched last October and is backed by Montreal-based Power Financial, and its subsidiaries, IGM Financial Inc (>> IGM Financial Inc.) and Great-West Lifeco Inc (>> Great-West Lifeco Inc).

The area of financial technology - known as fintech - has attracted billions of dollars in investment globally in recent years. Portag3 is among several new venture capital funds launched in Canada focused specifically on technology-driven startups that aim to disrupt or bring innovation to the financial industry.

Portag3, which considers itself a corporate venture capitalist, does not set term limits on its investments and is looking to invest in a number of startups both in Canada and abroad, said Felesky. Outside of Canada, the fund has flagged several potential opportunities in Europe, and Germany in particular.

(Reporting by Solarina Ho; Editing by Bill Rigby)

By Solarina Ho


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION 0.97% 42.52 Delayed Quote.9.45%
GREAT-WEST LIFECO INC. -0.03% 36.87 Delayed Quote.21.52%
IGM FINANCIAL INC. 1.07% 45.16 Delayed Quote.30.86%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2021 66 951 M 54 364 M 54 364 M
Net income 2021 2 983 M 2 422 M 2 422 M
Net Debt 2021 - - -
P/E ratio 2021 11,7x
Yield 2021 4,75%
Capitalization 34 242 M 27 754 M 27 804 M
Capi. / Sales 2021 0,51x
Capi. / Sales 2022 0,49x
Nbr of Employees 24 500
Free-Float 26,1%
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Technical analysis trends GREAT-WEST LIFECO INC.
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 36,87 CAD
Average target price 37,70 CAD
Spread / Average Target 2,25%
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Managers and Directors
NameTitle
Paul Anthony Mahon Co-President, Chief Executive Officer & Director
Jeffrey F. Macoun Co-President & Chief Operating Officer
Garry MacNicholas Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Philip Armstrong Global Chief Information Officer & Executive VP
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