Fidelity cuts valuations of Canadian tech companies including Hootsuite and ApplyBoard amid sector downturn

. The 1,254-page document provides a once-yearly snapshot of the investments held by its 100-plus funds.

Hootsuite, a beacon of Canada’s tech sector and one of the country’s largest private software companies,Fidelity was also an investor in several financings by ApplyBoard, committing a total of $20.77-million to the education technology company, based in Kitchener, Ont., through its Special Situations Fund. By June 30, 2021, it had written up the book value of its holdings to $29.

Fidelity reduced the valuation of its holdings across two funds in Montreal artificial-intelligence startup Imagia Cybernetics, Inc., by 49.6 per cent, to a total of $1.87-million. It also nearly halved the value of its $8.64-million investment in Quebec sensor-technology maker LeddarTech Inc., made within the past year, to $4.5-million as of June 30.

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