Trader Corporation and Freelance.ca Strengthen Their Online Marketplaces with New Acquisitions

Two Canadian online trading platform operators have made acquisitions that are expected to spur their growth.

Quebec City-based Freelance.ca, an online marketplace for Canadian freelancers, acquired Montreal-based Workhoppers for an undisclosed sum, while Toronto-based automotive marketplace Trader Corporation acquired Collateral Management Solutions (CMS).

“The acquisition of Workhoppers was a strategic decision driven by our commitment to the Canadian freelance scene, but also our desire for growth and leadership in the market.”

Simon Gravel

Freelance.ca said in a statement that the acquisition of Workhoppers is intended to strengthen the company’s position in the Canadian market and expand its services to freelancers and enterprises.

Founded in 2012, Workhoppers offers a platform for flexible work and project placement. Freelance.ca plans to integrate Workhoppers into its own operations, and the agreement aims to generate 100 new projects on the platform per day by the end of 2024, as well as expand the pool of skilled freelancers on the platform.

“The acquisition of Workhoppers was a strategic decision driven by our commitment to the Canadian freelance scene, but also by our growth and market leadership. We saw synergies between our two companies and the potential to accelerate our growth,” said Simon Gravel, CEO of Freelance.ca, in a statement.

Freelance.ca connects businesses with independent professionals who work on projects across a wide range of industries, including design, technology, finance, insurance, languages, marketing and research.

On June 24, Trader Corporation announced that it had acquired CMS from the Teranet group of companies. Financial terms of the transaction were not disclosed.

CMS provides lien and registration services, debt collection services and insolvency management solutions to Canadian lenders. The deal is expected to enhance Trader’s FinTech offering, particularly with respect to Dealertrack Canada, Trader’s auto finance subsidiary, which it acquired in 2022.

Dealertrack is one of three brands operated by Trader, along with AutoTrader.ca and AutoSync. The service connects car buyers with lenders and offers car financing solutions to lenders and dealers in the automotive, commercial and recreational industries.

Founded in 1991, Teranet provides registry services, property intelligence and data solutions to the real estate, financial services, government, utilities and legal sectors. The company originally acquired CMS from London, UK-based financial services software company Finastra in 2018.

“Dealertrack’s capabilities, combined with the unique skills of the CMS that lead, operate and manage this division, will ensure that the business continues to deliver exceptional value,” Elgin Farewell, Teranet’s CEO, said in a statement.

Following the conclusion of the agreement, Teranet employees currently working on CMS will join the Dealertrack Canada team.

Lead image courtesy of Freelance.ca.