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Canadian Tech in 100 Words

OpenText Boots CEO, Bets Big on AI

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Big changes at OpenText. The Waterloo software giant has ousted CEO Mark Barrenechea after 12 years, naming sales exec James McGourlay interim chief. Alongside the shake-up, the company is exploring asset sales to double down on “information management for AI.”

The move comes days after earnings: US$436M profit on US$5.17B revenue, both down after the mainframe-modernization unit sale. Barrenechea led the shift to subscription cloud services and blockbuster deals like the US$6B Micro Focus acquisition in 2022. Now, the board’s betting AI will fuel the next chapter.

Want to know more? Check out the source code on The Logic.

Doximity Picks Up Canada’s Pathway in $63M Deal

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Doximity just made a major Canadian play, snapping up Montréal’s Pathway Medical for $63M USD. The U.S. telehealth company, known as a “LinkedIn for doctors,” gets Pathway’s AI-powered search engine and massive clinical dataset, calling it “the best at answering physicians’ questions.”

Pathway’s six-person team, half of them doctors, is joining Doximity, which serves 80% of U.S. physicians. A joint product is already in beta with thousands of doctors. Founded in 2018, Pathway raised $6.3M USD and built a global user base of one million. Expect more AI in your doctor’s toolkit soon.

Want to know more? Check out the source code on BetaKit.

Tech Bootcamp Pioneer Lighthouse Labs Shuts Down

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Uvaro and Lighthouse Labs filed for bankruptcy on August 1, just seven months after Uvaro’s high-profile acquisition of the Vancouver-founded coding bootcamp. All classes, mentoring sessions, and employment ceased immediately, according to an internal email obtained by Vancouver Tech Journal.

Uvaro CEO Joseph Fung told staff they had “no guaranteed outcome” and offered apologies. Lighthouse Labs, launched in 2013, trained over 40,000 students in fields like web development and cybersecurity. Once positioned as Canada’s largest workforce development group, both firms are now under control of a Licensed Insolvency Trustee.

Want to know more? Check out the source code on Vancouver Tech Journal.

Canadian Battery Firm Gets Lifeline from Glencore

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Li-Cycle co-founder Ajay Kochhar will return to lead Glencore’s battery recycling unit following the Swiss mining giant’s acquisition of the bankrupt Toronto-based firm. Court documents peg the final offer at $43.6 million, including previously advanced funds.

Li-Cycle filed for bankruptcy in May after a costly construction dispute in New York. The deal allows continued operations in Germany, with potential restarts in Ontario, Arizona, Alabama, and New York. Once at risk of shuttering globally, the Canadian clean-tech startup now gets a second life under Glencore’s industrial wing.

Want to know more? Check out the source code on The Logic.

Power Corp’s Wealthsimple Interest Rises to $2.2B

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Power Corporation of Canada said the value of its majority stake in fintech firm Wealthsimple increased 21% in Q2, crediting “strong business performance.” The Montreal-based conglomerate owns 54.2% of the Toronto company, alongside IGM Financial and Portage Ventures.

Power last valued Wealthsimple at $2.2 billion in late 2023, reversing writedowns made in 2022. The company, controlled by the Desmarais family, reported $772 million in quarterly profit—up 5.8% year-over-year. Wealthsimple’s valuation bump comes amid improving fintech sentiment after a turbulent post-pandemic period.

Want to know more? Check out the source code on The Logic.

AbCellera Tests First In-House Drugs on Humans

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Vancouver’s AbCellera has launched its first human trial of ABCL635, a menopause-related drug targeting hot flashes. The milestone marks the company’s transition to a clinical-stage biotech firm, CEO Carl Hansen said.

AbCellera is also enrolling patients in a trial for a potential eczema treatment. Known for its partnerships—most notably with Eli Lilly on COVID-19 treatments—AbCellera reported a Q2 loss of US$34.7 million on US$17.1 million in revenue. Despite the loss, the company has US$753 million in liquidity and added nine new partner projects this year, bringing its total to 102.

Want to know more? Check out the source code on The Logic.

Canadian Fintech Rail Sold to U.S. Crypto Firm Ripple

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Toronto fintech Rail has been acquired by Ripple for $275 million, the firms announced today. Ripple, a San Francisco-based blockchain company, will integrate Rail’s stablecoin-powered infrastructure to enhance its global payment capabilities.

Rail specializes in virtual accounts and back-office automation for international B2B payments. CEO Bhanu Kohli says the combined firm will offer faster, compliant, and seamless cross-border settlement. Rail expects to process over 10% of the $36B global B2B stablecoin market in 2025. The acquisition awaits regulatory approval and is slated to close in Q4 2025.

Want to know more? Check out the source code on Fintech.ca.

Harvey Establishes Toronto Hub, Commits to Canadian Legal AI

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Harvey, an AI platform enhancing legal and professional services, is opening a new hub in Toronto this October. Already used by over 500 clients globally, including Canadian firms Davies and Gowling WLG, Harvey plans to hire more than 20 engineers and sales staff locally.

CEO Winston Weinberg emphasized Harvey’s commitment to Toronto’s legal and tech communities. The new office will focus on engineering, product development, and client collaboration. CTO Siva Gurumurthy says Toronto will serve as a core development engine. The move marks Harvey’s long-term investment in Canadian legal innovation and AI-driven infrastructure.

Want to know more? Check out the source code on Techtalent.ca.

Wealthsimple Refines Platform, Prepares Credit Card Launch

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Toronto-based Wealthsimple, long positioned as a challenger to traditional banks, is addressing criticism of its minimalist interface with new “Enhanced Performance Insights.” The update, now available on mobile, introduces real-time metrics such as unrealized returns, time-weighted returns, and historical dividends.

Designed to offer a clearer financial picture, these insights aim to help users make informed decisions. Meanwhile, Wealthsimple is quietly developing a Visa Infinite card boasting 2% unlimited cash back. With a growing waitlist, the card signals the firm’s continued expansion into mainstream financial products.

Want to know more? Check out the source code on Fintech.ca.

Canada’s Largest EV Plant Promises Job Boom in Ontario

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PowerCo Canada is advancing plans for the country’s largest electric vehicle battery plant in St. Thomas, Ontario. The $7 billion project, expected to be complete by 2027, will produce up to 90 GWh of batteries—enough for one million EVs annually.

Founded in 2022 by Volkswagen Group, PowerCo has launched a recruitment campaign to hire chemists, engineers, IT professionals, and sustainability experts. Thousands of jobs are projected. “This is a fundamental transformation for our community,” said Mayor Joe Preston. The campaign includes province-wide ads and local billboards.

Want to know more? Check out the source code on CleanEnergy.ca.