Quebec Inc. is a corporation created by a group composed of funds managed by Neuberger Berman, Palos Capital, and Fintech Ventures.
Quebec Inc. acquired all of the issued and outstanding common shares of IOU, other than certain Shares held by Neuberger Berman, Palos and FinTech, who received, in respect of such Shares, consideration consisting of common shares of the Purchaser, for a purchase price of $0.22 in cash per Share.
As a result of the completed transaction, the Shares are expected to be delisted from the TSX-V at the close of trading on October 6, 2023. The Company will submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the Company’s public reporting requirements.
IOU is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada.
Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU has become a trusted alternative to banks by originating over $1 billion in loans to fund small business growth since 2009.
IOU was named one of the 50 Best Places to Work in Fintech for 2022 by American Banker and currently trades on the TSX-V under the symbol “IOU”, and on the US OTC markets as “IOUFF”.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. It manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally.
Palos Capital, based in Montréal, Québec, is a boutique financial services firm that primarily operates through two subsidiaries: Palos Wealth Management Inc. and Palos Management Inc.
On the other hand, FinTech Ventures is an early-stage venture capital firm founded in 2015 and headquartered in Atlanta, GA, with offices in New York, NY. The firm focuses exclusively on investing in and partnering with entrepreneurs building promising technology-enabled companies in the banking, capital markets, and lending sectors.