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TELUS announces partnership with La Caisse who will acquire a 49.9% interest in newly formed Canadian wireless tower infrastructure operator Terrion for $1.26 billion

LaCaisse
  • Transaction establishes Terrion as Canada’s largest dedicated wireless tower operator enabling wholesale access and co-location in support of national wireless competition in Canada
  • TELUS will retain majority ownership of Terrion as proceeds used to accelerate deleveraging
  • La Caisse brings a combination of international telecom expertise, long-term capital and an active asset management approach to support Terrion’s growth strategy

TELUS Corporation (“TELUS”) today announced that it has entered into a definitive agreement with La Caisse, a global investment group and Canada’s second-largest pension fund, who will acquire a 49.9% equity interest in each of Terrion LP (“Terrion”) and its general partner, Terrion GP Inc., for approximately $1.26 billion. Terrion, a newly created tower operator headquartered in Montreal, will hold passive macro wireless infrastructure assets, commonly known as cell towers, that TELUS is carving out of its business. TELUS will retain full ownership and control of all active network components and security systems, ensuring continued leadership in mobile network coverage, reliability and superiority.  This transaction underscores the company’s progress toward robust and long-term sustainable growth, as the proceeds will be used to accelerate deleveraging. The transaction values Terrion at over $2.5 billion and is expected to reduce TELUS’ net debt by approximately $1.26 billion, or by approximately 0.17x of TELUS’ current net debt-to-EBITDA ratio.

The partnership establishes Terrion as Canada’s largest dedicated wireless tower operator and enables wholesale access and third party co-location in support of national wireless competition in Canada as part of TELUS’ ongoing commitment to bring world leading connectivity to more Canadians.

“This transformative partnership unlocks significant value for TELUS shareholders and enhanced connectivity for our customers. Notably, it accelerates our path toward our target net debt-to-EBITDA ratio of 3.0x by 2027, while supporting Canada’s global leadership in wireless connectivity,” said Darren Entwistle, President and CEO, TELUS. “The establishment of Terrion allows TELUS to focus on our innovative service offerings and next-generation connectivity for the benefit of our customers, while enabling Terrion to specialize in infrastructure development, site management and third-party co-location. Importantly, just as we enable our telecom peers with wholesale access to our mobility network to serve their customers, Terrion will provide an avenue for other wireless carriers to leverage TELUS’ infrastructure on a wholesale basis for the betterment of their mobility businesses. Additionally, this transaction is in line with the federal government’s objectives of enhancing national connectivity and digital infrastructure, exemplifying the type of large-scale development Canada needs to maintain its competitive advantage in the global digital economy. Importantly, I am thrilled to welcome my long-time colleague, Eros “Woody” Spadotto, back to our TELUS family, as he assumes the exciting and important role of CEO of Terrion. Moreover, I extend my sincere appreciation to the dedicated teams at TELUS and La Caisse who worked diligently, innovatively and collaboratively to bring this important initiative to fruition.”

Under the terms of a pre-closing reorganization to be completed by TELUS, Terrion will emerge as Canada’s largest dedicated tower operator, with roughly 3,000 sites across British Columbia, Alberta, Ontario and Quebec. Having a single company focused on tower expansion and developing new industry-wide partnerships will positively impact all wireless providers’ abilities to enhance coverage, capacity and service improvements for Canadians. Terrion will enter into an agreement to lease capacity on the towers to TELUS for an initial period of 8 years, with renewal options thereafter, ensuring seamless access to existing and new towers. TELUS will hold a 50.1% equity interest in Terrion, with La Caisse holding the remaining 49.9%. Aside from existing leases, Terrion will be unlevered at closing. TELUS will consolidate Terrion’s results into its financial statements.

“With this investment, we are partnering with TELUS to establish Canada’s largest dedicated wireless tower operator, an important step in strengthening the country’s digital connectivity and mobile network resilience,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. “La Caisse brings a combination of telecom sector expertise, long-term capital and an active asset management approach to help establish Terrion as a full-fledged player and position it for long-term growth. This landmark transaction complements our existing portfolio of tower companies across the United States, Europe and New Zealand.”

“We are privileged to partner with La Caisse, a preeminent Canadian pension fund with meaningful tower experience and a strong record of execution that shares our commitment to stewardship and to advancing connectivity and prosperity across Canada,” said Eros Woody Spadotto, Chief Executive Officer of Terrion. “With nearly 3,000 sites — including coverage in six of the country’s top seven metropolitan areas — we are proud to become Canada’s leading dedicated tower company. Together, we’re building the digital foundation for a stronger, more connected future — one that’s built for excellence, inspired by partnership and driven by innovation.”

Terrion will deliver high-performance wireless towers and rooftop installations, purpose-built for scalable, multi-tenant use and next-generation technologies that will forge the backbone of Canada’s digital future. Terrion will seamlessly blend cutting-edge tower technology, relentless innovation and sleek design to meet the unique challenges of modern connectivity in urban landscapes and rural environments alike.

The transaction is subject to regulatory approvals and other customary closing conditions, which are expected to be received before the end of Q3, 2025.

Advisors

TELUS has retained TD Securities Inc. as its exclusive financial advisor and Osler, Hoskin & Harcourt LLP and Allen Overy Shearman Sterling LLP as its legal advisors. La Caisse has retained Stikeman Elliott as its legal advisor. National Bank Financial Markets has assisted La Caisse on financing matters.

Forward-Looking Statements

This news release contains forward-looking statements relating to, among other things, future events pertaining to the proposed transaction, including the expected use of proceeds from the proposed transaction, TELUS’ relationship with and control over Terrion, the closing of the proposed transaction on the terms described in this news release, the expected timing of closing of the proposed transaction and the realization of expected benefits to TELUS, its shareholders and Canadian consumers. The terms TELUS, we, us and our refer to TELUS Corporation, and, where the context of the narrative permits or requires, its subsidiaries. Forward-looking statements include any statements that do not refer to historical facts, including statements relating to the proposed transaction. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, predict, seek, should, strive and will. These statements are made pursuant to the “safe harbour” provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995.

By their nature, forward-looking statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, our actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements or could cause our current objectives, strategies and intentions to change. There is significant risk that the forward-looking statements will not prove to be accurate.

Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Among the factors that could cause actual results to differ materially include, but are not limited to whether the proposed acquisition or any other transaction will be consummated, the possibility for the proposed transaction not to be completed on the terms and conditions set forth in the definitive agreement, or on the timing, contemplated thereby, and that it may not be completed at all, due to a failure to satisfy, in a timely manner or otherwise, conditions to the closing of the proposed transaction or for other reasons, the possibility that TELUS may not realize any or all of the anticipated benefits from the proposed transaction, as well as the other risk factors as set out in our 2024 annual management’s discussion and analysis and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on EDGAR at sec.gov). Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by applicable law, TELUS disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Forward-looking statements are set forth herein for the purpose of giving information about the proposed transaction and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. The completion of the proposed transaction is subject to closing conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The proposed transaction could be modified, restructured or terminated. There can also be no assurance that the benefits expected to result from the proposed transaction will be fully realized.

This cautionary statement qualifies all of the forward-looking statements in this document.

ABOUT TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 157 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring ‘give where we live’ philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world’s most giving company. We’re always building Canada. For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

ABOUT LA CAISSE

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse’s net assets totalled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

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EMK acquires majority stake in Argos

EMK Capital

Argos Surface Technologies (“Argos”) is a leading provider of advanced industrial surface treatments and high-value coatings for metals, plastics and carbon fibre. These services are mission-critical to customers’ production processes, enhancing durability, corrosion resistance, and performance. The Group operates through 13 industrial sites in Northern Italy, serving a diversified base of over 3,000 relationship customers located in close proximity to Argos’ facilities, across a broad range of end-markets including automotive, building & construction, home & design, mechanical engineering, and off-highway.

EMK invested in Argos to reinforce its market position in its core segments and continue to expand its service offering and enter new end-markets via both organic growth and a transformational buy-and-build strategy.

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Sava raises $19M Series A amid world-first clinical results for next-gen biosensor

Balderton

Sava, the London-based startup pioneering real-time molecular health monitoring, today announced $19 million in Series A funding, following promising early results from its clinical trial. The round was led by Balderton Capital (who previously led Sava’s seed round) and Pentland Ventures, with strong participation from new investors Norrsken VC and JamJar Investments. They were joined by other investors including True, Italian Founders Fund, Athletico Ventures, SOLO Investments and Exceptional Ventures. The round will help Sava accelerate regulatory approval and commercialisation of its next-generation wearable.

Founded in 2019 by Imperial College London bioengineers Renato Circi and Rafaël Michali, Sava’s mission is to build the technological foundation for preventative and personalised healthcare. The team has developed a multi-molecule biosensor capable of detecting biomarkers just beneath the skin, in real-time. This proprietary technology is powering their first product – a pain-free CGM that streamlines molecular insights in real-time to your phone, at a fraction of the cost of current alternatives.

10+ days of continuous glucose monitoring: a world-first for microsensors

Sava’s latest clinical trial, conducted independently by third-party investigators across sites in Oxford and Cambridge, involves 50 patients with Type 1 and insulin-dependent Type 2 diabetes.

Early results from the first 25 patients showed Sava’s proprietary technology delivered reliable, accurate glucose readings for up to 10 days of continuous wear – a milestone no other microsensor platform has been able to achieve to date. Most microsensor systems fail to last 5 days, and many struggle beyond 24 hours. The trial, designed in collaboration with leading diabetes clinicians and regulators, provides a critical foundation for future regulatory submissions and Sava’s pivotal study, set to launch in the coming year.

This clinical trial marks a pivotal moment not just for Sava, but for the future of biosensing and personalised healthcare. The data generated so far has shown that our technology has the potential to match the performance of leading CGMs in the market today, without the invasiveness or high cost of filament-based systems. It paves the way for a completely novel approach to biosensing that can redefine the way we approach not only chronic disease management, but any health goal.

Rafael Michalico-founder and co-CEO, Sava

Redefining diabetes care: pain-free, low-cost and accessible 

Today, only 1% of people with diabetes use CGMs, yet this group generates over $11B in annual sales, growing 10% year-on-year. Existing devices are often painful, expensive, and inaccessible. Sava’s device promises to transform diabetes care and expand adoption of CGMs by offering a pain-free, cost-effective and highly scalable alternative.

Understanding what’s going on in our bodies is the first step to improving our health. Sava’s innovation has the potential to democratise access to glucose monitoring, as well as many other biomarkers, making them more practical for the millions of people who need them but can’t afford or tolerate the current options. Beyond diabetes, which alone is one of the greatest health challenges of our time, their platform opens the door to an entirely new era of personalised health monitoring.

James WisePartner, Balderton

More molecules, deeper insights: enabling the future of preventative health

While tracking glucose is the first use case, Sava’s modular, multi-analyte sensing platform is capable of detecting additional molecules, providing users with the ability to unobtrusively monitor multiple biomarkers in real-time, paving the way for a future of preventative and personalised health. With interest growing among athletes and health-conscious consumers, Sava is well-positioned to tap into the global wearables market, which is projected to exceed $100 billion by 2029.

Glucose is only the beginning. We have built a modular platform, capable of multi-molecule sensing. New molecules will create new use cases. What we’re building here is not just a device, but a whole new technological foundation for personalised healthcare, where anyone can use a biosensor to understand their health in real-time, at a molecular level.

Renato Circico-founder and co-CEO

Looking forward

This latest round brings Sava’s total funding to $32 million, with backing from leading VCs, returning angel investors, along with funding from the EU and UK Government.

Sava’s team has rapidly grown to over 60+ people, including experts behind market-leading CGMs. The new capital will be used to further expand Sava’s world-leading team, advance automated manufacturing capabilities to reach target launch volumes, and accelerate the clinical validation of its microsensor technology.

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Ascot Group Limited and Antares Capital Announce Casualty Sidecar Partnership

Antares
HAMILTON, Bermuda and CHICAGO, July 31, 2025 /PRNewswire/ — Ascot Group Limited (together with its affiliates, “Ascot”), a global specialty (re)insurance company and Antares Capital (together with its affiliates, “Antares”), a leading alternative credit manager with $83+ billion in capital under management and administration, today announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, together with Canro Re Limited, a Bermuda-based segregated account company (collectively, “Wayfare Re”). Wayfare Re will be capitalized through equity investments from Antares and Ascot at a transaction size of approximately $500 million.Wayfare Re will provide Ascot with dedicated underwriting capacity in support of its casualty offerings in the U.S. and Bermuda (re)insurance markets. Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the assets through its direct lending strategy, which focuses on extending senior secured loans to leading, sponsor-backed middle market U.S. companies.

For Ascot, the partnership is a testament to its unique position in the insurance and reinsurance markets, its reputation as a leading underwriting franchise, and its long-term client and distribution partner relationships. Ascot continues to see growth opportunities, and the partnership provides Antares with access to Ascot’s world-class underwriting and operational capabilities.

“We’re excited to announce this multi-year commitment with Antares, a leading private credit investor for nearly three decades with extensive capabilities in structuring bespoke capital solutions,” said Charles Craigs, Managing Principal of Leadline Capital Partners™ (“Leadline”), Ascot’s dedicated third-party capital unit.

“The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value. It is also a key achievement in the continued build out of Leadline, increasing Ascot’s capital resilience and thus enabling the company to be a more perfect partner for its insurance and reinsurance clients,” said Jonathan Zaffino, CEO and President of Ascot Group.

For Antares, the partnership reflects continued momentum for its Insurance Solutions business, which delivers tailored solutions to meet the specialized needs of insurance companies. The transaction demonstrates Antares’ strong track record in structuring insurance-optimized investment vehicles and its extensive experience partnering with insurers to deliver capital and tax efficient solutions across their balance sheets.

“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” said Ben Concessi, Chief Strategy and Transformation Officer at Antares. “Ascot’s longstanding underwriting track record and access to unique portfolios of risk, as well as the strength of their team, make them the optimal partner for this venture. Furthermore, this transaction underscores the strength of our Insurance Solutions business and our commitment to being a long-term partner to insurance companies in unlocking capacity and driving growth through innovative investment solutions.”

Aon Securities LLC acted as sole structuring agent and placement agent for the transaction. Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited served as legal counsel for Ascot.

Debevoise & Plimpton LLP served as legal counsel for Antares.

About Ascot Group

Ascot is a leading global specialty insurance and reinsurance group offering property and casualty solutions to clients, with a nearly 25-year track record of consistency and stability and $12 billion in total assets at year-end 2024. The company operates through an ecosystem of interconnected global platforms in offices across the United States, Bermuda and London, bound by a common mission to be a perfect partner for a less-than-perfect world.

Affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company and A+ by Fitch Ratings Inc.

Visit www.ascotgroup.com or follow the company on LinkedIn to learn more about its products and people.

About Antares Capital

Founded in 1996, Antares has been a leader in private credit for nearly three decades. Today with approximately ~$83 billion of capital under management and administration as of March 31, 2025, Antares is an experienced and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive risk-adjusted returns for investors and creating long term value for all of its partners. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London. Visit Antares at www.antares.com or follow the company on LinkedIn at https://www.linkedin.com/company/antares-capital-lp.

Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.

SOURCE Ascot Group

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Frazier Life Sciences Closes Oversubscribed $1.3 Billion Venture Fund

Frazier Life Sciences

Frazier Life Sciences XII, L.P. will focus on creating and investing in pioneering companies developing novel therapeutics

PALO ALTO, Calif. – July 31, 2025 – Frazier Life Sciences (FLS), a longstanding investment firm focused on innovative therapeutics, today announced the closing of Frazier Life Sciences XII, L.P. (FLS XII), with over $1.3 billion in capital commitments. The oversubscribed fund received strong support from both longstanding and new limited partners. Consistent with prior FLS venture funds, FLS XII will primarily invest in company creation and early-stage private biopharmaceutical companies.

“We appreciate the continued support of our limited partners, many of whom have been with us since the launch of our first dedicated venture fund in 2016,” said Patrick Heron, Managing Partner at Frazier Life Sciences. “With FLS XII, we look forward to continuing to work with exceptional entrepreneurs to advance therapeutic programs with the potential to address significant medical needs.”

Frazier Life Sciences has raised over $3.6 billion across five dedicated venture funds since 2016, alongside more than $1.7 billion raised in long-only public funds since 2021.

The FLS team includes seven investment partners and a growing group of over 35 investment professionals, operating professionals, and senior advisors with broad biopharmaceutical experience across therapeutic areas and company stages. The firm takes a hands-on, collaborative approach to company building, leading to 25 new companies launched since 2020. Noteworthy investments include Alpine Immune Sciences (acquired by Vertex), Arcutis Biotherapeutics (NASDAQ: ARQT), Mirum Pharmaceuticals (NASDAQ: MIRM), NewAmsterdam Pharma (NASDAQ: NAMS), Tarsus Pharmaceuticals (NASDAQ: TARS), and Amunix Pharmaceuticals (acquired by Sanofi), among others.

About Frazier Life Sciences:

Frazier Life Sciences (FLS) invests globally in private and publicly traded companies that discover, develop, and commercialize innovative biopharmaceuticals. Since 2016, the firm has raised over $5.3 billion including venture funds focusing on company creation and private companies and long-only public funds focused on small and mid-cap public companies. Since 2010, FLS portfolio companies have achieved over 65 FDA-approved therapeutics and completed more than 60 IPOs or strategic acquisitions.

FLS is headquartered in Palo Alto, CA, with offices in San Diego, Seattle, and Boston.

For more information about Frazier Life Sciences, please visit frazierls.com and follow us on LinkedIn.

For media inquiries, please contact:
Ailsa Dalgliesh, Ph.D.
Head of Investor Relations
ailsa@frazierls.com

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Genesys Announces $1.5 Billion Investment by Salesforce and ServiceNow

Hellman & Friedman

Investment strengthens the company’s global partnerships with Salesforce and ServiceNow to accelerate the agentic AI customer experience orchestration opportunity

Genesys®, a global cloud leader in AI-Powered Experience Orchestration, today announced $1.5 billion in new investment commitments from Salesforce and ServiceNow, with each company agreeing to invest an equal amount.

This milestone reinforces the strength of Genesys as the strategic customer experience (CX) orchestration platform for all enterprises and deepens its global partnerships with both Salesforce and ServiceNow. Proceeds from the investment will be used to repurchase shares from the company’s existing equity holders. Hellman & Friedman and Permira remain the company’s majority equity owners.

The Genesys Cloud™ platform has continued to see accelerated growth as organizations look to transform their CX strategies with AI. The platform reached nearly $2.1 billion annual recurring revenue (ARR) during the first quarter of the company’s fiscal year 2026 (Feb. 1 – April 30, 2025), representing year-over-year growth over 35%, and average quarterly net revenue retention (NRR) exceeding 120% for the last four fiscal quarters.

“Genesys is delivering long-term value to enterprises through end-to-end customer experience orchestration that can drive loyalty, grow revenue and reduce operating costs,” said Tony Bates, chairman and CEO of Genesys. “We’re proud to have the support of industry leaders like Salesforce and ServiceNow, and we believe this reflects growing momentum around agentic AI and the importance of connected, autonomous customer experiences.”

“This investment deepens our partnership with Genesys to deliver AI-assisted and agentic AI-powered customer experiences across every channel, from voice to digital,” said David Schmaier, president and chief strategy officer, Salesforce. “As leaders in our respective markets, we’re excited to further integrate our products and help redefine what’s possible in this new AI era, supporting our joint customers as they transform their contact centers and customer experiences.”

“Our investment in Genesys accelerates our vision for the agentic enterprise, where the ServiceNow AI Platform intelligently orchestrates end-to-end customer experiences,” said Amit Zavery, president, chief product officer, and chief operating officer at ServiceNow. “Together, ServiceNow and Genesys are enabling businesses to deploy AI-based customer journeys that anticipate needs, personalize at scale and deliver measurable outcomes.”

Genesys Cloud, the AI-Powered Experience Orchestration platform, enables companies to increase customer loyalty and employee productivity, drive revenue growth and reduce operating costs. Offering essential agentic, conversational, generative and predictive AI capabilities, Genesys Cloud helps organizations differentiate with smarter, more autonomous CX strategies that deliver efficient, effective and emotionally intelligent experiences.

Both Salesforce and ServiceNow have global partnerships with Genesys that help organizations around the world orchestrate end-to-end customer journeys. This expanded investment builds on:

  • CX Cloud from Genesys and Salesforce: a unified AI-powered customer experience and relationship management solution that integrates Genesys Cloud and Salesforce Service Cloud. The solution helps customers spanning global enterprises to midsize businesses to unify their data, agents and communication channels for smarter end-to-end customer and employee experiences.
  • Unified Experience from Genesys and ServiceNow: an integrated solution that combines Genesys Cloud and the ServiceNow Customer Service Management (CSM) workflow. The turnkey, AI-powered solution unifies customer service teams through a single desktop, centralizes routing across departments and channels, and optimizes workforce engagement for more personalized customer experiences and simplified employee experiences.

The investment is expected to close by the end of the Genesys fiscal year 2026, subject to satisfaction of customary closing conditions. Genesys was advised by Goldman Sachs and J.P. Morgan Securities LLC as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.

Forward-Looking Statements
Statements in this press release that are not historical or current facts are forward-looking statements that involve risks and uncertainties. Unless required by law, Genesys undertakes no obligation to update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.

About Salesforce
Salesforce helps organizations of any size reimagine their business with AI. Agentforce – the first digital labor solution for enterprises – seamlessly integrates with Customer 360 applications, Data Cloud, and Einstein AI to create a limitless workforce, bringing humans and agents together to deliver customer success on a single, trusted platform. Visit www.salesforce.com for more information.

About ServiceNow
ServiceNow (NYSE: NOW) is putting AI to work for people. We move with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, human centered approach to deploying our products and services at scale. Our AI platform for business transformation connects people, processes, data, and devices to increase productivity and maximize business outcomes. For more information, visit: www.servicenow.com.

About Genesys
Genesys empowers more than 8,000 organizations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for their customers and employees. Through Genesys Cloud, the AI-Powered Experience Orchestration platform, Genesys delivers the future of CX to organizations of all sizes so they can provide empathetic, personalized experience at scale. As the trusted platform that is born in the cloud, Genesys Cloud helps organizations accelerate growth by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency and operational improvements. Visit www.genesys.com.

© 2025 Genesys. All rights reserved. Genesys, the Genesys logo and Genesys Cloud are trademarks, service marks and/or registered trademarks of Genesys. All other company names and logos may be registered trademarks or trademarks of their respective companies.

MEDIA CONTACTS:
Janelle Dickerson
Janelle.Dickerson@Genesys.com

[i] Genesys Cloud Annual Recurring Revenue (ARR) is defined as Genesys Cloud fiscal quarterly revenue, including both committed contractual amounts and usage-based revenues, multiplied by four.
[ii] Genesys Cloud Net Revenue Retention (NRR) is defined as the percentage of Genesys Cloud revenue retained in the applicable quarterly period for customers that generated revenue in the corresponding prior fiscal year period.

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NDT Global Announces Strategic Addition of Entegra®

Novacap

United, NDT Global and Entegra’s advanced inspection technology platforms to expand capabilities and market reach, solidifying our position as a global tech authority in pipeline in-line inspection

NDT Global, a leading provider of advanced diagnostic inspection and integrity solutions for the energy sector, is proud to announce the acquisition of Entegra, a premium technology company specializing in Ultra-High-Resolution Magnetic Flux Leakage (UHR MFL) in-line inspection services.

This strategic union brings together two market-leading technology providers significantly enhancing NDT Global’s service portfolio, strengthening its growing position in the gas pipeline market, and reinforcing its continued commitment to delivering the best data driven insights and high-performance integrity solutions. Together, NDT Global and Entegra are affirming their stance in redefining the future of pipeline integrity. By harnessing the power of technology, the complimentary services will act as an enabler for safer, more cost-effective pipeline operations, empowering customers with the insights needed to make smarter, faster decisions for their assets.

The combination of NDT ILI, Dynamic Risk, and now Entegra brings together highly complementary technology platforms in ultrasonic testing (UT), Acoustic Resonance (ART), UHR MFL, and data management solutions, creating a unique set of solutions for pipeline operators seeking best-in-class data-driven inspection, diagnostic, and integrity services across a diverse asset base.

“This is a pivotal moment for NDT Global,” said Martin Thériault, CEO and Chairman of NDT Global. “Entegra’s entrepreneurial spirit, technical leadership and excellence, and deep market knowledge make them an ideal fit for our joint vision going forward. The company will work on accelerating the development of next-generation inspection technologies and, in return, deliver an even greater value to customers through enhanced service offerings and global reach.”

Paul Cooper, President of NDT Global, highlights “The addition of Entegra’s market-leading capabilities to our portfolio allows us to offer a broader, more integrated suite of solutions to our clients. It also helps us to better serve the growing needs of the gas pipeline sector, where Entegra has built a strong reputation for innovation and reliability. All in all, the merged entities will accelerate our joint growth journey based on technology and innovation. It’s a bold step forward in our mission to deepen partnerships and lead the industry with innovation that protects what matters most.”

“I can’t thank Amberjack Capital enough for their direction and support the past 10 years, and I’m really excited about what we’re going to achieve in the next phase of our growth story as we bring together the two best brands in in-line-inspection” said Mark Olson, Chairman and CEO, Entegra. “Our purpose, our ‘Why’ if you will, is to make better every pipeline with which we interact, and this deal accelerates that quest by several years.”

The combined entity will benefit from expanded international reach and the ability to deliver joint UT and MFL scopes, axial and now circumferential, to valued clients. This move also supports NDT Global’s and Entegra’s long-term vision of becoming the most trusted partner in pipeline integrity management.

The transaction was made possible through the continued support of Novacap, the majority shareholder of NDT Global, alongside La Caisse (formerly CDPQ), and NDT Global as well as Entegra founders and executives. Before today’s announcement, Entegra was owned by Amberjack Capital Partners as well as a group of co-founders led by Mark Olson, who played a pivotal role in building the company’s reputation for innovation and excellence in the MFL space. As part of the transaction, the NDT Global and Entegra founders and key management will remain shareholders of the combined company.

“We are thrilled to unite two leading innovators in the ILI industry, combining world-class technology platforms and talented teams. This partnership enhances NDT’s ability to serve customers and uphold the integrity of critical infrastructure globally. We are proud to continue our partnership with Martin, Paul and the NDT team, and we warmly welcome Mark and the entire Entegra family as we work together to build a stronger, more impactful business together” added David Lewin, Lead Senior Partner Novacap.

“NDT Global has distinguished itself through its ability to innovate and develop state-of-the-art solutions, becoming a global reference in the integrity and inspection services industry,” adds Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse. “With this investment, La Caisse is strengthening NDT Global’s ambitious growth strategy through both equity and debt financing — building on our recent support to unlock the company’s full potential.”

Jason Turowsky, Managing Partner of Amberjack Capital Partners, said “Amberjack is proud to have supported Entegra’s exceptional growth, driven by its talented team and commitment to innovation. We are confident the combination with NDT Global will propel further advancements in pipeline integrity solutions, benefiting clients globally. We congratulate Mark and the Entegra team and look forward to their continued success.”

McCarthy Tétrault LLP and Willkie Farr & Gallagher LLP acted as legal advisors to NDT Global, while Jefferies LLC acted as exclusive financial advisor to NDT Global.

Sidley Austin LLP acted as legal advisor to Entegra, while Baird acted as its exclusive financial advisor.

ABOUT NDT GLOBAL

NDT Global is the leading provider of in-line diagnostic solutions, integrity management and subsea robotics solutions, offering advanced data insights and services that ensure the safety and longevity of energy-sector infrastructure assets. Recognized as the forerunner in ultrasonic inspection innovations—including Pulse Echo, Pitch-and-Catch, Phased Array, and Acoustic Resonance (ART Scan) technologies — the company continues to push technological advancement and the introduction of revolutionary new inspection technologies, including gas pipelines, to ensure the safety of its customers’ critical assets. NDT Global employs approximately 880 people. Learn more at www.ndt-global.com.

ABOUT ENTEGRA

Recognized as the industry-leading, trusted supplier of in-line inspection services for corrosion, 3rd party damage, pipe grade classification, hard spot assessment, and for assessing the effectiveness of cathodic protection systems for oil and gas pipelines, Entegra provides the most thorough, clear, and nuanced knowledge about the condition of pipelines inspected. The Company offers ultra-high resolution axial MFL, circumferential MFL, Caliper, low-field, GPS mapping, and cathodic protection current mapping services for critical energy infrastructure. Learn more at www.entegrasolutions.com.

ABOUT NOVACAP

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution. For more information, please visit: https://novacapcorp.com.

ABOUT LA CAISSE

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse’s net assets totaled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT AMBERJACK CAPITAL PARTNERS

Amberjack Capital is a private equity firm that invests in and partners with entrepreneurs and business owners to build market leaders serving the industrial, infrastructure and environmental services end markets. Often the first institutional investor in founder-led companies, Amberjack has a particular focus on supporting high performing companies undertaking strategic or transformative initiatives. Headquartered in Houston, TX, the firm has raised $2.1 billion of committed capital since its inception in 2006 and has invested in over 50 companies.

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FloVision grabs $8.7M to transform protein production with AI-powered waste reduction

SOSV

We’re thrilled to announce that FloVision, a startup revolutionizing food production with AI, raised a $8.7 million Series A led by Insight Partners with participation from SOSV’s Ireland Biomanufacturing Fund, Serra Ventures, and Rockstart.

FloVision builds AI-powered tools that combine computer vision hardware and software to help food processors measure yield, monitor quality, and improve labor performance in real time. Their compact sensors attach directly to conveyor belts and workstations, scanning every product that moves through the line. This gives processors unprecedented visibility to detect defects, misgrades, and foreign materials instantly.

Since launching in 2020, FloVision has already processed over 51 million pounds of food and deployed its system in major beef and poultry plants globally, starting with its first corporate customer in Ireland and now expanding across North America, Europe, and Australia. Customers report up to 1.5% more yield, 15x ROI, and significant gains in quality control and staff training, all by reducing waste and enabling faster, data-driven decisions on the production floor.

FloVision was founded by Rian McDonnell and Elise Weimholt, whose combined expertise drives the company’s innovation. McDonnell’s engineering background and upbringing in rural Ireland, where his family worked in beef processing, gave him firsthand insight into protein production challenges:

“I saw firsthand how yield loss and quality inconsistencies impact processors. These experiences shaped my belief that technology could revolutionize an industry that has been slow to innovate,” McDonnell told Tech Business News

With the Series A, FloVision will expand its team of software, hardware, and AI/ML engineers, AI data annotators, and sales representatives in the US and Europe, including Ireland.

At SOSV, we couldn’t be prouder to have supported FloVision from its early days. This funding milestone is not only a win for the team, but a clear signal of the role AI can play in making one of the world’s most essential industries – feeding the world – more efficient, sustainable, and resilient.

FloVision Solutions grabs $8.7M to transform protein production with AI-powered waste reduction

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Reality Defender democ­ra­tizes deepfake detection with public API launch

DCVC
The democ­ra­ti­za­tion of artificial intel­li­gence has been a double-edged sword. While generative AI tools have unleashed unprece­dented creative and produc­tivity possi­bil­i­ties, they’ve also armed bad actors with sophis­ti­cated deception capa­bil­i­ties that were once the exclusive domain of state-sponsored actors and well-funded criminal orga­ni­za­tions. Today, anyone with a smartphone can create convincing deepfakes that can bypass traditional security measures, manipulate financial markets, or destroy reputations in minutes.It’s against this backdrop that Reality Defender​’s latest announce­ment takes on profound signif­i­cance. The company, which has been quietly protecting Fortune 500 companies and government agencies from AI-powered deception, has launched a public developer API and SDK with a free tier offering 50 detections per month. This isn’t just another API launch — it’s a fundamental shift in how we approach digital security in the age of synthetic media. See Fast Company coverage of the news here.

What makes this partic­u­larly compelling is the timing. As deepfake technology becomes increas­ingly accessible and sophis­ti­cated, Reality Defender is essentially betting that the defense against digital deception needs to be just as ubiquitous as the tools that create it. By making enterprise-grade deepfake detection available to any developer with just two lines of code, they’re attempting to build what they call a ​“distributed defense network.”

I caught up with Ben Colman, co-founder and CEO of Reality Defender, to discuss what this API launch means for the broader fight against AI-powered deception and how democ­ra­tizing detection technology could reshape digital trust.

DCVC: What drove the decision to make your enterprise-grade detection technology publicly available?

Colman: We’ve been incredibly successful protecting large enterprises and government agencies, but every success story came with a nagging question: What about everyone else? The reality is that deepfakes don’t discrim­i­nate by company size or budget. A single sophis­ti­cated deepfake can devastate a startup just as easily as it can harm a Fortune 500 company.

We realized that protection can’t be reserved for those with enterprise budgets. When we see deepfakes being used to manipulate local elections, defraud small businesses, or spread disin­for­ma­tion on social platforms, it becomes clear that detection needs to be everywhere — embedded in every app, accessible to every developer, protecting every user.

The API launch represents our commitment to enabling trust in an AI-powered world. We’re not just offering a platform; we’re building the infra­struc­ture for a more trustworthy digital ecosystem.

DCVC: How significant is the threat that individual developers and smaller companies face from deepfakes?

Colman: The threat is already substantial and growing expo­nen­tially. What’s partic­u­larly concerning is that the barrier to entry for creating deepfakes continues to plummet while the sophis­ti­ca­tion increases. We’re seeing attacks that would have required significant technical expertise and resources just two years ago now being executed by individuals with minimal training.

For smaller companies, the impact can be existential. They don’t have the resources to recover from a sophis­ti­cated deepfake attack that damages their reputation or enables fraud. A startup building a trust-based platform, a content creator whose likeness is being used maliciously, or a financial services company dealing with synthetic identity fraud — these orga­ni­za­tions need the same level of protection as our enterprise clients.

The democ­ra­ti­za­tion of creation tools demands a democ­ra­ti­za­tion of detection capa­bil­i­ties. That’s why we made our API production-ready from day one with the same multi-model detection capa­bil­i­ties that protect our largest clients.

DCVC: What’s your vision for this ​“distributed defense network” you’re building?

Colman: Imagine a world where detecting deepfakes is as routine as filtering spam. Where every commu­ni­ca­tion platform, every content management system, every social app has deepfake detection built in by default. Every developer integrating our API becomes part of a global shield against AI deception.

This is about creating ubiquitous protection. Our API introduces context-aware detection that looks beyond just faces — our proprietary techniques analyze entire images holis­ti­cally, marrying multiple types of approaches to catch sophis­ti­cated deepfakes that other systems miss. This makes our detection useful not just for catching imper­son­ations, but many other types of deepfakes in the wild.

The network effect is crucial here. The more developers integrate detection capa­bil­i­ties, the more data points we have to improve our models, and the more resilient the entire ecosystem becomes against emerging threats.

DCVC: How do you see this impacting the broader AI safety landscape?

Colman: This API launch is a step toward making AI safety infra­struc­ture as fundamental as cyber­se­cu­rity infra­struc­ture. Just as we don’t question whether websites should have SSL certifi­cates or whether apps should have authen­ti­ca­tion, we shouldn’t question whether platforms should have deepfake detection.

We’re at an inflection point where the tools to impersonate are evolving daily. The tools to detect must be everywhere and then some. By making detection accessible to any developer, we’re not just protecting individual appli­ca­tions — we’re building the foundation for an AI ecosystem where trust can be verified, not just assumed.

The broader implication is that we’re moving from a world where deepfake detection is a luxury to one where it’s a necessity. Every developer building trust-critical appli­ca­tions — whether that’s a dating app, a financial platform, or a news aggregator — now has access to the same detection capa­bil­i­ties as the largest institutions.

DCVC: What’s next for Reality Defender and the API?

Colman: We’re expanding beyond audio and image detection to video and other modalities in the coming months. But more importantly, we’re focused on making integration even simpler and more powerful. We want to get to a point where adding deepfake detection to an application is as straight­for­ward as adding a payment processor.

We’re also working on industry-specific solutions that leverage the API foundation. Think specialized detection for financial services, media veri­fi­ca­tion for newsrooms, or identity veri­fi­ca­tion for hiring platforms. The API is the foundation, but the appli­ca­tions are limitless.

The ultimate goal is to make deepfake detection invisible to end users while being indis­pens­able to developers. We want to enable a world where digital inter­ac­tions can happen with confidence, where trust isn’t just assumed but verified in real-time.

This API launch is several giant steps forward toward making that reality. The tools to impersonate are evolving daily — now the tools to detect can be everywhere they’re needed.

Ali Tamaseb

Ali Tamaseb is a General Partner at DCVC.

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EQT completes sale of shares in Galderma Group AG

eqt
  • The sale resulted in aggregate gross proceeds of c. CHF 2.1 billion, of which EQT received c. CHF 555 million

Further to previous announcements, an affiliate of the funds known as EQT VIII (“EQT”) is pleased to announce the completion of the placement of 17 million shares in Galderma Group AG (SIX: GALD) (the “Company”) (the “Shares”) for aggregate gross proceeds of c. CHF 2.1 billion via an accelerated bookbuilding process (the “Placement”).

As part of the Placement, EQT received gross proceeds of c. CHF 555 million. The Placement was completed on 31 July 2025. BNP Paribas, Citigroup Global Markets, Goldman Sachs, Jefferies, Morgan Stanley and UBS acted as joint global coordinators and joint bookrunners for the Placement.

Contact
EQT Press Office, press@eqtpartners.com

 

Important notice

This press release does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities of Galderma Group AG or any of its affiliates and it does not constitute a prospectus within the meaning of the Swiss Financial Services Act or (ii) an offer of securities for sale in the United States or elsewhere. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this press release in the United States.

 

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About EQT
EQT is a purpose-driven global investment organization with EUR 266 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

Categories: News