SYDNEY, N.S. —
A major stake in a Cape Breton-created company known for its work in developing artificial intelligence and language understanding technology has been sold to the Swiss International Exchange (SIX).
The merger via growth investment involves Orenda Software Solutions, started in 2015 in Sydney by Tanya Seajay, which specializes in environment, social and governance (ESG) and alternative data sets.
“SIX has a strong commitment to both innovation and sustainability,” stated Seajay, Orenda founder and CEO, in a news release.
“We had previously announced a sales partnership with SIX, this new step enables Orenda to accelerate its expansion to a much broader global customer base and to develop new solutions that combine the vast securities database of SIX and Orenda unique skillset.”
Orenda now operates out of Ontario and has an office in Membertou.
Five of its 10-member team of professionals in the fields of artificial intelligence, alternative data, social science and finance are employed in Cape Breton.
The company delivers real-time, high-frequency ESG scores and insights into an organization’s reputation “to help measure the sustainability and societal impact of an investment,” according to a news release on the merger.
“You can see in real-time if trust is increasing or eroding,” Seajay told the Post in a March 2020 interview after Orenda received a conditionally repayable contribution of $440,000 from the Atlantic Canada Opportunities Agency and up to $418,800 from the National Research Council.
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information.
The Orenda acquisition is part of the SIX strategy to help its customers drive more insights with data, providing consumption-ready data and analytics for faster and more informed decisions.
“With Orenda, we have found the right partner with unique expertise in alternative data sets, data science and ESG,” according to Marion Leslie, head of financial information and member of the executive board of SIX.
“As we bring our capabilities and the expertise of our teams together, we see a lot of opportunities to build new propositions supporting the growth of impact investing.”
The transaction is expected to close in the first quarter of 2021. Financial terms of the investment will not be disclosed.