Intelex, which builds software that helps companies manage health and safety compliance, will be sold to Pittsburgh-based Industrial Scientific, which builds gas detectors and worker safety software. The deal is expected to close by the third quarter of 2019. (BetaKit)

Talking point: This is set to be one of the priciest private equity exits of a Canadian company so far in 2019; Intelex itself said it is one of Canada’s five largest tech company exits in the last 10 years. According to CVCA Q1 2019 data, the largest private equity exit was 4Refuel Canada—a Toronto-headquartered company that provides mobile re-fuelling services for the construction industry—to Finning International for $260 million. Founded in 1992, Intelex did not take institutional financing until 2015, when it raised $160 million from private equity firms JMI Equity and Harbourvest. Intelex’s acquisition is the latest example of a U.S. private equity firm seeking a profitable exit from Canadian enterprise software companies. In May, Vancouver-based Galvanize, which builds anti-fraud software, said it was planning to go public by 2020. Norwest, a U.S. private equity investor, has put US$70 million in the company since 2017.