Calgary-based Blackline Safety is set to go private in a deal valued at up to $850 million, marking one of the largest recent exits in Canada’s industrial technology sector.
The connected worker safety company announced it has entered into a definitive agreement to be acquired by an affiliate of Francisco Partners, a global investment firm focused on technology. The transaction will see shareholders receive $9.00 per share in cash, plus a contingent value right of up to $0.50 per share tied to future performance.
The offer represents a premium of up to 34% over Blackline’s recent trading price, underscoring strong investor confidence in the company’s position in a growing global market for industrial safety technology.
Founded in Calgary, Blackline has built a vertically integrated platform combining connected hardware, cloud software, and real-time data to monitor and protect workers in high-risk environments such as energy, utilities, and manufacturing. Its solutions are used by enterprises worldwide as safety compliance and real-time visibility become increasingly critical.
CEO Cody Slater said the move to private ownership will give Blackline the flexibility to accelerate its long-term strategy.
“As Blackline transitions to a private company, this partnership provides the financial strength and sector expertise to continue our growth and strengthen our technology leadership,” Slater said, noting that existing investor Daryl Katz will remain involved through DAK Capital.
Francisco Partners highlighted Blackline’s combination of hardware, software, and data as a key differentiator in the connected worker space, where demand is rising globally as companies prioritize safety and operational efficiency.
The deal includes participation from existing shareholders, including DAK Capital and members of Blackline’s leadership team, who will roll over a portion of their equity into the private company. These rollover investors will retain a meaningful stake, representing roughly 31% of shares outstanding.
The contingent value right attached to the transaction provides additional upside for shareholders if Blackline reaches key revenue milestones. If the company achieves annualized recurring revenue of at least $145 million by October 2027, shareholders could receive additional payments of up to $0.50 per share.
Blackline reported annual recurring revenue of $90.5 million as of its most recent quarter, highlighting the growth runway embedded in the performance-based structure of the deal.
The company’s board has unanimously recommended the transaction, following a review of strategic alternatives. The deal is expected to close in the second quarter of 2026, pending shareholder, court, and regulatory approvals.
Once completed, Blackline will be delisted from the Toronto Stock Exchange and will no longer be a reporting issuer.
For Calgary’s tech ecosystem, the transaction represents a notable outcome for a homegrown company operating at the intersection of industrials and software—an increasingly important category as Canada looks to scale globally competitive technology companies rooted in its traditional industries.
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