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B.C. tech sector languishes in persistent bear market

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Local video game studios are among the latest companies forced to issue significant layoffs as private financing enthusiasm cautiously recovers

In 2021, inflated valuations and unsustainable growth fuelled by a tech sector bubble left many technology companies bloated.

A brutal two-year bear market for the tech sector may not be over just yet, either, despite some recent major financings and acquisitions that might suggest a recovery. “I’ve never had so many people that I’m close to have to either shut the company down or put it into some sort of low-growth stasis mode and ride it out, or accept a really tough down-round of venture capital just to keep alive.”

“There was crazy stuff going on,” Holliday said. “Companies were raising $100 million and they had, like, $4 million of revenue. It was nutty. The bubble had to burst at some point.”Last week, the company’s stock was up to $11.87 per share and its market cap sat at around $881 million. The $1 billion offer from IFS represents an 18-per-cent premium over its June 10 value and a 70-per-cent premium over its share price on May 3, just before IFS made its offer.

 

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