Toronto-based IT firm Adastra sold to global investment firm Carlyle Group
TORONTO — IT company Adastra Group SE says global investment firm Carlyle Group Inc. has agreed to acquire a majority stake in the company.
Adastra, which is co-headquartered in Toronto and Prague, Czech Republic, says it has more than 2,000 employees across several market-facing and global delivery centres.
Terms of the agreement were not released.
Carlyle says it has a track record of investing in and scaling up leading IT services companies globally.
Adastra says Carlyle will aim to grow its data, cloud and AI offerings, supporting existing and new customers, as well as expanding its international presence through organic investments and targeted mergers and acquisitions.
Adastra chief executive Rob Turner calls it an 'exciting and transformative step' for the company, saying he believes Carlyle's 'deep experience and global network' can help unlock a new phase of growth for the business.
This report by The Canadian Press was first published July 22, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
17 hours ago
- Globe and Mail
Brompton Wellington Square AAA CLO ETF Declares Distributions
TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- (TSX: BAAA, BAAA.U) Brompton Wellington Square AAA CLO ETF announces distributions payable on August 15, 2025 to unitholders of record at the close of business on July 31, 2025 as follows: About Brompton Funds Founded in 2000, Brompton is an experienced investment fund manager with income and growth focused investment solutions including TSX traded closed-end funds and exchange-traded funds. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@ or visit our website at About Wellington Square Wellington Square Advisors Inc. ('Wellington Square') is a Toronto-based independent investment advisory led by portfolio managers Jeff Sujitno and Amar Dhanoya. Wellington Square has invested in CLOs for over 10 years with certain staff having specialized expertise gained from working for CLO managers. Commissions, management fees and expenses all may be associated with exchange-traded fund investments. Please read the prospectus before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the fund, to the future outlook of the fund and anticipated events or results and may include statements regarding the future financial performance of the fund. In some cases, forward-looking information can be identified by terms such as 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'predict', 'potential', 'continue' or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
CTV News
18 hours ago
- CTV News
GENIUS Act gives global crypto industry ‘clarity, simplicity,' says expert
Andrew Forson, President of DeFi Technologies, joins BNN Bloomberg to discuss the impact of new U.S. crypto laws. Sorry, we're having trouble with this video. Please try again later. [5006/404] Landmark cryptocurrency legislation signed into law by U.S. President Donald Trump last week gives the fast-growing global crypto industry new legitimacy while making it easier for investors to gain exposure to the sector in a safe way, an expert says. 'It gives clarity, simplicity and lets everybody understand what the rules of the playing field are,' Andrew Forson, president of Toronto-based DeFi Technologies, told BNN Bloomberg in an interview on Wednesday. 'That encourages innovation without fear of inadvertently triggering a securities law or breaking some sort of rule that would make it really, really difficult for the business to recover from.' The legislation, known as the GENIUS Act, is a major step toward legitimatizing the crypto industry in the eyes of the U.S. government through overarching rules and regulations. But the law's impact will reach far beyond American crypto markets, said Forson. 'The U.S. is without a doubt the largest capital market in the world, and whenever they provide a degree of regulatory clarity, it makes it easier for everybody worldwide,' he explained. The rise of cryptocurrency trading has led to increased demand from investors looking to gain exposure to the industry without taking on the risk and volatility it's historically been associated with. Crypto-linked exchange-traded funds (ETFs) have began popping up on exchanges around the world in recent months, offered by financial services companies like DeFi. 'DeFi Technologies and our wholly owned subsidiary Valour is probably one of Europe's most significant or prominent digital asset exchange-traded product (ETP) issuers,' Forson said. 'In particular, we have 78 digital asset-underlying ETPs listed on over eight exchanges throughout the world, and one of the big benefits of this is it makes it a lot easier for institutions and retail investors to gain exposure to digital assets in their investment portfolios.' Forson said he acknowledges that there will likely continue to be a certain amount of hesitancy towards cryptocurrency from some investors given the numerous instances of fraud in the industry over the years. The most notable example being the high-profile collapse of popular crypto exchange FTX in 2022, which led to fraud charges being brought against founder Sam Bankman-Fried. He eventually was found guilty and is currently serving a 25-year prison sentence. 'That actually is one of the reasons why DeFi… (is) so well positioned to help institutions and individuals gain real exposure to the digital asset space, with broad exposure across many, many digital assets beyond just bitcoin, in a safe and regulated manner,' said Forson. Shares in DeFi itself, which were changing hands at around US$3 per share in midday trading on Thursday, are cheaper than they should be, Forson argued, noting that the company is profitable and has many avenues for future growth. 'I can unequivocally say that we are undervalued. We should be trading at a higher multiple than we are… we are a profitable company, we actually make real money and (will) continue to do so into the foreseeable future,' he said. 'Just a few days ago, we hit the US$1 billion assets under management metric, which is always a nice threshold to reach, with the assets that are held by Valour, and DeFi Technologies itself is also involved in a number of other areas including a corporate venture capital portfolio.'
CTV News
19 hours ago
- CTV News
Blackstone's profit tops estimate on credit strength, fee gains
A sign for The Blackstone Group L.P. investment firm stands in front of their offices, Oct. 15, 2018, in New York. (AP Photo/Mark Lennihan, File) Blackstone beat second-quarter profit expectations on Thursday on strong gains in its credit and private equity businesses and a pickup in performance-related fees tied to perpetual capital funds. Shares of the world's largest alternative asset manager rose 3.2 per cent, turning positive for the year. Even though tariffs uncertainties remain a source of concern for the economy, resilient investors have propelled equity markets to record highs, enabling large asset managers such as Blackstone to capitalize. Asset sales in the credit and insurance segment were US$10 billion, while the company also sold US$7.3 billion of private equity assets. It had US$181.2 billion of capital available for deployment. Fee-related performance revenue more than doubled to US$472.1 million, powered by a 16 per cent growth in perpetual capital assets under management. Perpetual capital refers to long-term assets under management that does not have a fixed end date and cannot typically be redeemed by investors on demand. Distributable earnings, which represent cash that can be used to pay dividends, grew 25 per cent to US$1.6 billion, or US$1.21 per share, for the three months ended June 30. It exceeded analysts' expectation of US$1.10, according to data compiled by LSEG. Blackstone has said it remains capable of executing deals even in uncertain environments, underscoring its resilience should trade tensions escalate further. As of last close, Blackstone's shares were down slightly this year, compared with an eight per cent gain in the benchmark S&P 500 index. Strong inflows Inflows of US$52.1 billion helped push Blackstone's total AUM to US$1.2 trillion, up 13 per cent from a year ago. The credit and insurance segment attracted more than half of the total inflows. The unit is a key driver of Blackstone's growing influence in private credit, as more companies turn to investment firms for flexible financing. The private equity arm also recorded segment distributable earnings of US$751.4 million, up 55 per cent from a year ago. AUM at the real estate division fell three per cent, but segment distributable earnings grew 10 per cent. 'Blackstone is deploying more in real estate than it is realizing, indicating some bullishness on its part as it is putting more money to work than it's taking off the table,' Oppenheimer analyst Chris Kotowski wrote in a note. The company had said tariffs could drive up construction costs and reduce new supply, potentially elevating real estate values if the economy avoids a recession. --- Reporting by Niket Nishant in Bengaluru and Isla Binnie in New York; Editing by Arun Koyyur
