Chris DeLuca

  • Toronto, Canada

Work History

Work History
Aug 2012 - Present



North American M&A correspondent: Broke source-based stories on mergers and acquisitions in mining, healthcare, utilities, technology, and other sectors. Wrote analyses, interviews and M&A-linked pieces.

Took a lead role in reporting on LinkedIn's acquisition of for USD 1.5bn.

Cultivated a network of sources comprised of influential analysts, bankers, venture capitalists and top executives. 

Nov 2011 - Aug 2012

Editor and Strategy Lead 


Managed a network of publishing websites and the freelance designers & writers contributing to them.  Short-listed for IDEO's prestigious startup competition. 

May 2011 - Oct 2011

Contributing Editor

Trend Hunter

Published over 500 trends to the magazine’s daily issue and 1000 strategic business implications. Drew key insights from consumer trends to be published as part of Trend Hunter Pro. 

Feb 2011 - Apr 2011

Contributing Writer

Gawker Media

Published articles that generated 70,000+ views and attracted community interest, both in terms of comments on the site and by being shared.  Gained experience publishing content on the Internet’s largest blogging network. 


2015 - 2015

Sustainable Business and Technology 

Harvard University 

Online course examining the impact that business and economic activity has on our planet. 

2004 - 2008

Western Society and Culture

Concordia University


2013 - 2014

Entrepreneurship 101




English: Fluent                                 French: Proficient                         Italian: Conversational  

Text Section

Cover Letter

For the past several years, I've covered M&A in a variety of sectors as a correspondent for Mergermarket, which was formerly part of the Financial Times Group. I’ve conducted many interviews with C-level executives, investment bankers, prominent venture capitalists and advisors over that time. I’ve taken comments from sources and combined it with extensive research to write pieces covering technology companies in divergent spaces from enterprise flash storage to mobile payments.

I’ve tapped sources to estimate the valuation of technology companies raising large venture rounds and forecast major acquisitions, such as’s sale to LinkedIn.

I'm excited by this opportunity to work for one of Canada’s leading technology companies. I am available at your earliest convenience to discuss what I can bring to Hootsuite. I look forward to hearing from you.


Chris DeLuca




Pythian encouraged by PE firms to raise CAD 75m; seeks 6x revenue valuation, CEO says

The Pythian Group, an Ottawa, Ontario-based data management consulting firm, will look to raise between CAD 50m to CAD 75m (USD 39.87m to USD 59.81m) by the end of the year, said Founder, Chairman and CEO, Paul Vallée.

The company has internally approved pursuing a larger round of capital and has begun conversations with private equity firms, Vallée noted.

Pythian has elected to manage the discussions with half a dozen PE firms without advisors, Vallée said. However, if the company is unable to get the valuation that it wants, it will look to engage outside advisors. The company does not necessarily need the capital, he noted, adding that funds would be used to support a higher growth rate.

In November, Vallée told Mergermarket that Pythian intended on raising CAD 25m in 2015 at a valuation of between CAD 150m to CAD 300m, without commenting on the stake.

During capital raise discussions for the CAD 25m round, top tier private equity firms expressed the desire to invest a larger amount in the company, Vallée said. Pythian did not raise the CAD 25m round.

The company believes it could be valued at 6x to 8x revenue, as its valuation over the past six months has been driven higher, Vallée said. If Pythian is able to fetch a valuation of 6x revenue for CAD 75m in exchange for a stake in the teens, it will select the most strategic PE firm from the bunch, he said.

Revenue for 2014 was CAD 40.9m and revenue for January of this year was CAD 4.8m, Vallée noted.

The executive declined to name any of the private firms that Pythian is considering.

Pythian, which has roughly 400 employees, is still building toward a public listing in 2018, after it crosses an annual revenue run rate of CAD 100m, Vallée said, noting that a capital raise of CAD 75m would not speed the timeline to go public.

Vallée is the majority shareholder in the company and employees hold a minority stake. In 2013, the company raised a venture debt round from the Business Develop Bank of Canada for CAD 6m, he noted.

The company has in-house legal counsel and it uses Gowlings for some corporate and transactional work, Vallée said. Previously, accounting was managed by Deloitte.

by Chris DeLuca in Toronto

write to Chris at

AppNeta, a privately-held player in the application performance management (APM) space, will begin talks for a USD 20m to USD 30m Series D round by year’s end, said Matt Stevens, co-founder and CEO.

The Boston-based company has USD 15m in annual recurring revenue (ARR) and expects to grow 60% over the next year, Stevens said. Given that trajectory, AppNeta will look to raise its upcoming round at a valuation in excess of USD 200m, he added, noting that an 8x multiple seems justifiable.

Capital from the prospective series D round will be used for sales and marketing efforts, Stevens noted.

Privately held AppNeta provides integrated performance and visibility that spans the application code, through the network, to the end user. The company’s software-as-a-service (SaaS) solution provides data for organizations to identify performance issues across web, mobile and cloud-delivered applications.

Asked about the possibility of going public, Stevens noted that the company is “definitely” driving in that direction, but that it is still at least 24 months out. The CEO declined to elaborate further on any milestones that might trigger a public offering.

Strategic players have approached AppNeta as an acquisition target, Stevens noted, adding that Hewlett-Packard (NYSE:HPQ),IBM (NYSE:IBM) and Oracle (NYSE:ORCL) are only tangentially in the space. While there is always inbound interest, the company is focused on growth and it is not actively pursuing those talks, he said.

Both CA Technologies (NASDAQ:CA) and Hewlett-Packard are large players who have been acquisitive in the space, said Stevens. The APM space is valued at USD 4bn and it is expected to rise to USD 9bn over the next few years, he added.

AppNeta most recently raised a USD 16m Series C round in 2013, bringing its total amount raised to USD 35m, Stevens said. Investors in the company include Bain Capital, Business Development Bank of Canada, Egan-Managed Capital and JMI Equity.

New Relic (NYSE:NEWR) and AppDynamics were identified as competitors in the space. In December, San Francisco-based New Relic announced it had raised USD 115m from its public offering. The company has a USD 1.6bn market capitalization. AppDynamics has raised USD 206.5m to date, according to CrunchBase.

Deals in the space include Riverbed Technology's (NASDAQ:RVBD) acquisition of OPNET in 2012 for approximately USD 1bn,Compuware's 2011 acquisition of Dynatrace for USD 256m and CA Technologies’ 2011 WatchMouse B.V. buy for an undisclosed sum. Compuware paid a 10x TTM revenue premium to acquire Dynatrace, according to a company press release.

Grant Thornton serves as AppNeta’s auditor.

by Chris DeLuca in Toronto

write to Chris at


Strong signs for Canadian M&A in first half 2015; oil prices and volatile markets causes for concern

Coming off the strongest year for both global and domestic deal-making since the apex in 2007, there are strong signs for the Canadian M&A market in the first half of 2015, said Emmanuel Pressman, chair of the mergers & acquisitions group at law firm Osler, Hoskin & Harcourt.

The essential ingredients for a robust Canadian M&A market, which were in place during the second half of 2014, will remain in place for the beginning of the new year, he said. Factors contributing to a favorable M&A market include strong corporate balance sheets, a low interest rate environment and available debt for investment grade issuers. In addition, private equity firms raised large sums in 2014 and they will be looking to deploy their capital in the first half of 2015.

The first few business days of 2015 have been characterized by volatile equity markets, Pressman said. Low oil prices and low commodity prices are also factors which could negatively impact Canadian M&A. Both the energy and natural resources sectors, which account for approximately half of Canada’s economy, saw deal-making reduced in 2014 due to low oil prices, Pressman noted.

How low prices will effect the market remains to be seen, but one possible positive impact to commodity prices remaining low, is more opportunistic deal-making and shareholder activism, Pressman said.

Jonathan Grant, partner in McCarthy Tetrault’s Business Law Group in Toronto, also pointed to the volatile equity markets as a factor which will impact Canadian M&A activity. The strength of the Canadian dollar relative to the American dollar and proposed changes to the take-over bid rules, as well as continued shareholder activism are other areas which will have an impact on Canadian deal-making, Grant said.

Sectors fuelled by household consumption, such as retail and consumer products, should see the most activity during the first half of 2015, Pressman said. Major deals in this sector in 2014 include Grupo Bimbo’s acquisition of Canada Bread Company from Maple Leaf Foods for USD 1.83bn and Mattel’s acquisition of Montreal-based MEGA Brands for approximately USD 460m.

Both deal-makers pointed to real estate as another sector that could see activity through the first half of the year. Grant cited Quebec-based Cominar’s October 2014 acquisition of a portfolio of shopping centers and office buildings from Ivanhoé Cambridgeas a significant transaction in this sector. The deal value is estimated to be about USD 1.63bn.

In 2014, investors demonstrated their receptivity to strategic growth transactions in the manufacturing and industrials sectors, a trend which is likely to continue through the first half of the year, Pressman said. Natural resources should also continue to see activity through 2015, both deal-makers agreed.

Important deals in the energy space in 2014 include EnerCare’s USD 550m acquisition of a portion of Direct Energy’s Canadian business in July and the USD 8.3bn sale of Canadian oil company Talisman Energy to Repsol SA in December. The Talisman sale follows activism activity after Carl Icahn built a stake and appointed nominees to the board.

Toronto-based Manulife Financial’s recent acquisition of the Canadian operations of Britain’s Standard Life PLC was characterized as “game-changing” for the financial services space by Pressman. The USD 4bn deal demonstrates the strength of the sector and how strategics are continuing to take advantage of both global and European instability.

Cross-border deals announced in 2014 — such as the Tim Hortons acquisition for USD 12bn by Burger King Worldwide — include some of the year’s biggest blockbuster deals, Pressman noted. Both deal-makers agreed that the Canadian market will continue to be an attractive one for the US, with Pressman also pointing to Europe for possible inbound deals.

by Chris DeLuca in Toronto

write to Chris at