TSX-listed Espial acquires Fund III portfolio co. Bluestreak Technologies

News came out yesterday that Ottawa’s Espial (ESP:TSX) had acquired Bluestreak Technologies, a Wellington Financial Fund III portfolio company. Bluestreak is a software and services provider of video solutions for connected devices including set-top boxes, smart TVs, smartphones, and tablets. We first backed Montreal-based Bluestreak in January 2007, joining VCs BDC Venture Capital, First Capital and Le Fonds de Solidarite (FSTQ).

This from Espial’s press release of last night:

“Bluestreak brings software expertise and experience integrating leading over-the-top services. These capabilities will enhance Espial’s RDK and HTML5 solutions which also blend linear television with web-based video services,” said Jaison Dolvane, Espial President and CEO. “Bluestreak’s MachBlue™ product line is complimentary to Espial’s G4 Client solution, providing rich media services across operator set-top box platforms, smart TVs and multi-screen devices. We will work closely with Bluestreak customers on enhanced solutions and services which give them a competitive advantage.”

Bluestreak was the 4th of the 50 transactions we closed in our 2006-vintage Fund III. Seems like a very long time ago. Many of that fund’s portfolio companies wound up with happy exits, including Burlington-based Administrative Assistants, Ottawa-based Belair Technologies, California-based Clairmail, Gatineau-based Eedo Knowledgeware, Boston-based Ember Technologies, NY-based FolioDynamix, Virginia-based Harmony Technologies, Mississauga-based MTI Global, Montreal-based OZ Communications, NJ-based Pivot, California-based Telekenex, Toronto-based Truition Inc. and PEI-based Ventus Energy. Others, such as Kanata-based BTI Systems, Markham-based Real Matters and Vancouver-based Vision Critical have stayed private as they successfully attack their respective market verticals.

We wish Erick Lamarche, CEO of Bluestreak, and the rest of his team every success in their new home.

MRM