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.jpg The leaders of Canadian software darling Magnet Forensics Inc. said they agreed to sell the cybersecurity company they built from scratch in Waterloo, Ont. to American private equity firm Thoma Bravo for $1.8 billion. Magnet is a popular example that technology advocates use to demonstrate Canada’s potential as a global player in something other than oil and gas and financial services. Jad Saliba, one of the co-founders, developed the technology on which Magnet Forensics is based during spare hours and weekends more than a decade ago, when he was an officer with the Waterloo Region Police Service. He decided to start a company in 2010, and teamed with Adam Belsher, who was then a BlackBerry Inc. executive, to create Magnet. Jim Balsillie, the former co-CEO of BlackBerry’s forebearer, Research in Motion, was an early backer and serves as chair of Magnet’s board of directors, an example of how wealth and talent from earlier tech success stories can create the conditions for entrepreneurs to move their ideas beyond the garage stage. “I am proud when I see these kinds of transactions,” said Damien Steel, global head of ventures at Omers Ventures. “This is not a U.S. tech company coming […]
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