Softchoice Closes IPO, Moves To Cement Status As Largest Microsoft Cloud Partner

Software and cloud solution provider Softchoice Tuesday became the latest channel company to go public when it successfully completed its IPO on the Toronto Stock Exchange, with 17.5 million common shares sold for gross proceeds of C$350 million, or about $249 million.

Softchoice, which actually started trading under the symbol “SFTC” on Friday on an “if, as and when issued” basis, sold 4.375 million common shares, while Birch Hill Group sold 13.125 million common shares.

For Softchoice, ranked no. 32 on the CRN 2021 Solution Provider 500 list, the time was right for the IPO, said Vince De Palma, CEO of the Toronto-based solution provider.

“We have been on a growth journey, and we believe the IPO is a natural evolution of this growth [run] we’ve been on,” De Palma told CRN. “And partly because the IPO opens us up to more investment that will allow us to add to this growth. So the timing just seemed right. And so we felt this was a good time to do that as a natural evolution as a company.”