May 9 (Bloomberg) -- Halogen Software Inc., a maker of software that assesses employee performance, raised C$55 million ($54.8 million) in the first initial public offering by a Canadian technology firm in 18 months, according to two people familiar with the sale.
Halogen and shareholder JMI Equity Fund VI sold 4.8 million shares for C$11.50 each, said the people, who asked not to be identified because the terms aren’t public. Ottawa-based Halogen initially sought to raise C$50 million by selling shares for C$10 to C$12.
This is Canada’s first technology IPO since Avigilon Corp. raised about C$25 million in November 2011. Halogen is the largest technology IPO by a Canadian company since Mitel Networks Corp. sold $147 million in April 2010, according to data compiled by Bloomberg. Mitel is listed on the Nasdaq Stock Market.
Halogen, which sells automated employee-evaluation software to customers in health care, education and financial services, plans to use some of its proceeds to expand in North America, the U.K. and Australia, the company said in an April 2 regulatory filing.
Canaccord Financial Inc. and Stifel Nicolaus Canada Inc. led a group of banks on the sale. The banks have the option to sell an additional 15 percent of the offering, which would raise the total amount to about C$63.3 million.
Tim Foran, a Halogen spokesman at investor relations firm TMX Equicom in Toronto, declined to comment.
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