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Discussions over the financing began about one year ago, and the closing of the deal took place via videoconference, the CEO said.
“It’s one of the new realities of running a business during the pandemic,” Arsenault said. “The investors were located a few blocks from us, but we did everything via Microsoft Teams.”
Since Effenco counts customers in 10 countries, including France and the U.S., “not being able to travel is a bigger deal for us than teleworking,” Arsenault said. “With the pandemic we’ve had to rely on our foreign offices to bring in business. Teleworking itself has been no problem. The productivity is good. Many of our employees are happy to stay home when it rains.”
Teleworking “has helped to fuel the jobs recovery in greater Montreal,” says Montréal International’s Bernard. “Jobs have recovered much faster in the suburbs, and that’s due in large part to teleworking. Industries that rely on a physical proximity with the customer — lodging, restaurants, culture — aren’t bouncing back as fast in Montreal because the employees are not there.”
