MONTREAL–(BUSINESS WIRE)–Behavox, which provides the world’s only AI-based data operating platform that enables enterprises to aggregate, analyze, and act on their entire organization’s data, announced today that it has expanded its presence in Canada, opening a larger office at Maison Manuvie in Montréal, Québec, to accommodate continued hiring of engineering, data science, and product development teams.
Behavox opened its first office in Montréal in 2018 to capitalize on the city’s technology talent. Expanding its presence in Montréal represents a key part of Behavox’s investment in Canada as it helps the city and country become one of the world’s top AI and machine learning talent centers. The expanded office, which can house 400 employees, also serves as a major innovation and operational center for growing Behavox’s global business at scale. Behavox is actively hiring and plans to fill the office to capacity later next year.
“Montréal is a talent hub in AI and machine learning development. We plan on enriching it,” Behavox Founder and CEO Erkin Adylov said. “Our office expansion represents our latest strategic investment in Canada as part of our North American operations. We continue to widen our footprint in Montréal and build our team to accelerate innovation and product development for our customers. While this solution development supports our global go-to-market plan, its proximity enables Behavox to support new and existing Canadian customers with much more efficiency and focus.”
Adylov added that the current macroeconomic climate, which is complicating the ability for organizations to manage risk and regulatory compliance amid remote work environments, requires Behavox to support its customers more than ever before, including those in Canada.
Narrowing the proximity to Behavox customers includes Adylov himself, who plans to relocate to Montréal this summer in support of the company’s Canadian expansion. Adylov’s move signifies Behavox’s increasing inclusion of Canada as a fundamental part of its North American operations and global business strategy.
“Artificial intelligence will play a key, and growing, role in all sectors of our economy, and our metropolitan area is a hotbed of talent in this field, particularly in research. The establishment of Behavox’s new office in Montréal will consolidate our artificial intelligence ecosystem and enhance our international profile,” said Pierre Fitzgibbon, Minister of Economy and Innovation and Minister responsible for the Lanaudière region. “It’s a joyful occasion both for Québec and for the company, which is making a strategic decision for its future in choosing to invest here.”
“The announcement that Behavox’s Montréal office is expanding confirms that the artificial intelligence cluster is still one of Montréal’s most attractive assets,” noted Hubert Bolduc, President of Investissement Québec International. “We are proud to support a company that will continue to create specialized, well-paid jobs. By relying on our talents to build cybersecurity for tomorrow, Behavox is helping to make our societies safer and consolidating a key sector in Québec’s economic recovery.”
The long-term, $35 million lease commitment is a testament to Behavox’s plan to help make Canada and specifically, Montréal, one of the world’s premier AI and machine learning talent centers. This investment demonstrates that Behavox is committed to contributing to that realization, even amidst a global pandemic.
“The work-from-home paradigm is shifting to a hybrid reality of some offices reopening and others remaining shuttered,” Adylov said. “Customers tell us that our solution is increasingly important as they manage complexities caused by managing regulatory compliance, code of conduct policies, and risk both from within and beyond traditional office boundaries. Our Montréal team plays a pivotal role in creating the future-facing AI, machine learning, and SaaS-based solutions that our customers need as they encounter greater challenges to their regulatory and conduct-based compliance programs.”
Stéphane Paquet, President and CEO of Montréal International, commented, “We are proud to have accompanied Behavox in the expansion of its Montréal office as an operational center. We’re especially pleased that the company’s founder himself wants to relocate to the region to support his team. Behavox joins a list of close to 40 AI companies accompanied by Montréal International professionals since 2016, which says a lot about Montréal’s strength and attractiveness in artificial intelligence, but also in cybersecurity, another crucial sector for the future.”
“Manulife Investment Management and Ivanhoé Cambridge are very proud of welcoming Behavox at Maison Manuvie, as part of its recent expansion in the Montreal market,” added Annik Desmarteau, Vice President, Offices, Quebec at Ivanhoé Cambridge. “Maison Manuvie offers state-of-the-art amenities including accessibility and connectivity to the downtown core while meeting the highest standards in the industry in terms of sustainability. We look forward to supporting the organization’s growth for many years to come.”
Behavox’s investment in Montréal is just one of the latest corporate developments for the fast-growing AI company. This spring, Behavox named several prominent industry leaders to its Board of Directors and hired veteran senior leaders to continue growing its brand, customer demand, and operations.
If you want to be part of reshaping the future of business, join Behavox.
About Behavox Ltd.
Behavox is the leading, end-to-end Data Operating Platform that enables organizations to aggregate, analyze, and act on their internal data. As a high-growth technology company, our mission is to organize and make useful all communications data on Earth. Through advanced analytics and machine learning, Behavox is your organization’s single-entry point for internal data.
Behavox, founded in 2014, is headquartered in New York City, with offices in London, Singapore, and Montréal. For more information visit here.
About Investissement Québec
The mission of Investissement Québec is to participate actively in Québec’s economic development by stimulating business innovation, entrepreneurship and the growth of exports and investment in every region of Québec. The Corporation provides enterprises and entrepreneurs with support services, including technology-based measures, as well as adapted financial solutions and investments. Through its Investissement Québec International division, the Corporation assists enterprises with exports and prospects for foreign investments. Please visit www.investquebec.com/international/en for more information.
About Montréal International
Montréal International is a non-profit organization funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal and the City of Montréal. Its mandate is to attract and retain foreign investment (companies and startups), international organizations, skilled workers and international students to Greater Montréal by providing support services tailored to their needs. For more information: montrealinternational.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint. For more information: ivanhoecambridge.com.
Tens of millions of dollars earmarked by U.S. lawmakers to assist small businesses in the coronavirus-induced economic downturn went to investment banks advising on corporate dealmaking, according to official data released on Monday.
As part of the Paycheck Protection Program (PPP), companies had to certify in good faith that “current economic uncertainty makes this loan necessary to support” their ongoing operations. The government-backed loan is forgivable as long as the companies restore employment to pre-pandemic levels.
Broadhaven Capital Partners LLC, which according to its website has advised on more than $50 billion worth of deals in the past decade, including the $4.5 billion sale this year of asset manager Legg Mason Inc to rival Franklin Resources Inc, applied for and was cleared for a PPP loan of between $350,000 and $1 million, according to a list released by the U.S. government on Monday.
Broadhaven representatives did not respond to a request for comment on why the investment bank applied for the loan and whether it had received and used it.
Technology-focused investment bank Union Square Advisors LLC, consumer and healthcare-focused investment bank North Point Advisors Inc and consumer-focused investment bank Sawaya Partners LLC were also each approved for a loan of between $350,000 and $1 million.
The loans helped retain 35, 31 and 24 jobs at each firm, respectively, according to the data released by the U.S. Treasury Department and Small Business Administration.
Representatives for the banks did not respond to requests for comment.
A spokesman for media and industrials-focused investment Methuselah Advisors LLC said it received a PPP loan for $169,160. He said it needed it to avoid letting staff go after several of its projects were discontinued or suspended.
JMP Group LLC, an underwriter of high-profile initial public offerings including those of ride-hailing start-ups Uber Technologies Inc and Lyft Inc, was approved for a PPP loan of between $2 million and $5 million, helping retain 126 jobs, according to the data.
A spokesman for JMP, whose shares have increased in value by a third since March, did not immediately respond to a request for comment. (Reporting by Joshua Franklin in Pompano Beach, Florida; Editing by Greg Roumeliotis and Peter Cooney)
Stock image of Canadian money( VistaRadio Stock Image)
MUSKOKA, ON-A new Muskoka investment partnership could lead to residents paying fewer taxes.
A group of six municipalities, including the District of Muskoka and the Towns of Bracebridge and Huntsville, have joined the City of Kenora, Innisfil and Whitby in an investment program that has the possibility of reducing taxes on residents.
Now investing with ONE Investment, which is an organization that combines municipal investments to achieve economies of scale for lower fees and better returns, these communities will have by-laws that will help them to diversify their own investments.
“Every dollar a municipality earns through investing is one less dollar it has to collect from taxpayers. That’s more important now than ever,” said Chair of ONE Investment Ken Nix.
In an interview with MyMuskokaNow, Bracebridge Mayor Graydon Smith noted that if the Town makes a significant amount of money from investing with ONE, the Towns tax levy will decrease as a result, leaving residents to pay less.
“We believe ONE is the right fit for us based on our experience with the program over the years. They understand the municipal sector. We believe in their strategy and leadership in the municipal community,” said Smith.
As these municipalities join ONE, they will be able to invest – with the assistance of an advisory team and place their money where it will be safest and make the most returns.
NEW DELHI (Reuters) – The Indian government is reviewing around 50 investment proposals involving Chinese companies under a new screening policy, three sources familiar with the matter told Reuters.
Under new rules announced by India in April, all investments by entities based in neighbouring countries need to be approved by the Indian government, whether for new or additional funding. China is the biggest of these investors and the rules drew criticism from Chinese investors and Beijing, which called the policy discriminatory.
The new investment rules were aimed at curbing opportunistic takeovers during the coronavirus outbreak. However, industry executives say a deterioration in bilateral relations since a clash along the countries’ contested border last month, in which 20 Indian soldiers were killed, could further delay approvals.
“Various clearances are required. We are being a bit more cautious as one would imagine,” said a senior Indian government official in New Delhi, when asked about the impact on investment applications since the border clash.
India’s industries department under the commerce ministry, which drafted the new policy, did not respond to a request for comment.
The sources declined to name the companies whose investments are pending approvals, due to confidentiality concerns.
The official, and two other sources, said about 40-50 applications involving funding from Chinese investors have been filed since the rule change and are currently under review.
One of the sources said that multiple Indian government agencies, including the Indian consulates in China, have been communicating with investors and their representatives to seek clarifications on the proposals.
Alok Sonker, a partner at Indian law firm Krishnamurthy & Co, said at least 10 Chinese clients had sought his advice in recent weeks for investing in India, but were waiting for more clarity on the policy outlook in India.
“Uncertainty in timelines for the investment approval is dissuading parties, both Indian and Chinese, from proceeding with business as usual,” Sonker said.
Last week India banned 59, mostly Chinese, mobile apps including Bytedance’s TikTok and Tencent’s WeChat, in its strongest move yet targeting China in the online space since the border crisis erupted last month. The move has potentially dented big Chinese businesses’ expansion plans for the South Asian market.
Chinese companies’ existing and planned investments in India stand at more than $26 billion, research group Brookings said in March. (This refile fixes grammar in paragraph 7 to say “Chinese investors”, not “a Chinese investor”.)
(Reporting by Aditya Kalra and Aftab Ahmed; Editing by Euan Rocha and Susan Fenton)
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