Innovatech Montréal’s assets to be sold

The Quebec government has announced that the portfolio of Sociéte Innovatech du Grand Montréal will be sold as part of its strategy to play a more strategic role within the venture capital (VC) industry. The move is intended to use Innovatech Montréal’s assets to attract private VC and reinvest much of the proceeds into “levers intended to facilitate the financing of high-tech firms in Quebec” — a process Innovatech Montréal is expected to contribute towards. The government is following through on recommendations made by a government-appointed task force led by Pierre Brunet, chair of the Canadian Institute of Chartered Accountants (R$, March 18/04). The process announced by the government is designed to encourage successful buyers of the corporation’s assets to contribute capital to maintain the value of the portfolio. During the transition period, Innovatech Montréal will continue to make investments as outlined in its business plan. Since its inception, it has invested in more than 220 companies and has made more than 80 divestitures. There are current 130 firms in the Innovatech Montréal portfolio….