Beehivr Technology receives financing from BDC Capital to power through the crisis
MONTREAL, June 1, 2020—Beehivr Technology, a Greater Montreal-based technology business that develops mobile applications for sales teams with integrated videoconferencing, has received financial support from BDC Capital’s Growth & Transition Capital division to help it weather the COVID-19 crisis while minimizing job losses. Founded in 2013, Beehivr is a profitable company that has reported annual sales growth of 30% to 50% in recent years.
Beehivr has navigated the crisis with agility and foresight. A few weeks before the pandemic was confirmed, the company’s management took steps to adapt. Above all else, the executives feared having to make layoffs and watch the erosion of the company’s expertise, which resides in its experienced employees. Some of its largest customers in the retail sector were in fact forced to close their doors temporarily. The team therefore quickly decided to target new markets that were more favourable in the circumstances, including retirement complexes.
Last month, Beehivr signed an agreement with Selection Group, for which it developed an application that allows it to communicate effectively and securely with its existing residents and to conduct virtual tours with potential clients. Beehivr has been integrating videoconferencing capabilities into its sales assistance application for five years now, and these have become the focus of all ongoing discussions with its customers. For the moment, Beehivr’s efforts are bearing fruit, and the vast majority of its team is still at work.
BDC Capital’s financing is intended to provide the liquidity Beehivr projects that it will need to get through the next 12 months while keeping the current team in place. It was granted through the working capital loan program BDC has launched to support businesses affected by COVID-19. These loans feature low interest rates and patient repayment terms designed to give the business time to resume its activities.
“BDC Capital’s responsiveness helped us articulate a marketing strategy adapted to the crisis and thus to seize opportunities without fearing for our survival,” explains Beehivr’s founder, Jean-Philippe Laforge. “During the crisis, BDC Capital has proven to be an outstanding partner, demonstrating agility and an understanding of our market reality. This has enabled us to make a shift that is already paying off; we are back in hiring mode.”
This financing was led by Jean-Philippe Poissant, Director, Technology Group, Growth & Transition Capital, BDC Capital. “Beehivr’s executive team has strong management and deep thinking skills that will serve them well to get through the crisis and continue to grow the business,” says Mr. Poissant. “In addition, their market is one that remains very attractive. COVID-19 has clearly showed us that sales teams need technological tools to interact with their customers.”
About Beehivr Technology
Beehivr has developed a platform for deploying sales assistance mobile solutions for professionals in various sectors, as well as for retailers. The company was founded in 2013 and is located in the Greater Montreal area. Beehivr is a global partner of Apple and does business with major customers in Canada, the United States and Europe.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.