Intelex

Intelex was founded in Toronto in 1992 by Andrew Jaine and Ted Grunau, and spent its first decade well outside the venture path. It sells EHSQ software — the systems large industrial employers use to track incidents, audits, emissions and compliance — and by the time of its exit had over 1,100 customers and 2.6 million users. Mark Jaine joined as a 21-year-old intern in 1999, became president and CEO, and grew the company to roughly $100 million in revenue and 500 staff without outside venture money before private equity came in. In 2019 Industrial Scientific, a Fortive subsidiary, acquired Intelex for US$570 million — about C$767 million, and one of the largest Canadian software exits of the decade. Jaine told both halves of that story on the TechTO stage: compound improvement in November 2018, and the mechanics of the buyout in November 2019.