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.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
