Saskatoon tech company secures record investment

A Saskatoon tech company is about to go on a major hiring spree.

Vendasta says it plans to more than double its workforce in three years after securing a $40-million investment from a group of private companies.

The money will allow the emerging software company to go from 285 to 650 employees.

The deal is considered the largest investment in a Saskatchewan tech company, and CEO Brendan King says it reflects the growing confidence in Saskatchewan within the investment community.

“As (investors) find companies that have a lower cost of operating, a nice quality of life, access to people who want to be there, (then) places like Saskatoon increasingly become a place where investors will look to invest,” said King.

“It’s really a big check mark for the tech sector (and) really a testament to the people of Saskatchewan. We have a great university that produces wonderful tech folks.”

Founded in 2007, Vendasta helps small businesses with their digital needs. The majority of its customers are in the U.S.

While the majority of the company’s employees are sourced locally, King said it will have to go outside the province to find software engineers as well as marketing and sales specialists.

Convincing that talent to come to Saskatoon isn’t a problem, according to King.

“We have a two-song commute for most of the city. So it’s just a quality of life that drives people to Saskatoon,” he said.

Already a successful company, King said the goal is to become even larger. He has set his sights on becoming the next “unicorn” of the tech sector.

“(The goal is to become) a billion-dollar evaluation company. I guess if we’re on the road to Calgary, maybe we’re 30 per cent of the way there. Maybe we’re at Kindersley,” he said.

Adding more than 300 employees means the tech company will soon outgrow its current downtown office on Third Avenue. King said an announcement on that would be coming in the near future.