TechCore Solutions Inc.
TechCore Solutions Inc. is a Toronto-based enterprise software company that developed and maintained a cloud-based ERP platform serving approximately 120 mid-market clients across Canada. The Company employed 85 software engineers, product managers, and support staff. The Ontario Superior Court of Justice appointed GlassRatner Advisory & Capital Group as Receiver on January 15, 2025 at the request of Silicon Valley Bank (Canada), the Company’s senior secured lender owed approximately $22 million.
Given the significant going concern value of the business — particularly the recurring SaaS revenue of approximately $14 million annually, the proprietary technology platform, and the skilled workforce — the Receiver is pursuing a going concern sale rather than a piecemeal liquidation. A SISP (Sale and Investment Solicitation Process) has been approved by the Court and is currently underway.
The Receiver has entered into interim customer support agreements to maintain service levels during the sale process and has retained key technical employees through a KERP (Key Employee Retention Program) approved by the Court. Three qualified bidders have submitted binding letters of intent and the Receiver expects to seek Court approval of a transaction in Q1 2026.
The Court granted an order extending the bid deadline under the SISP from February 15, 2026 to March 15, 2026 at the request of two qualified bidders who require additional time to complete technical due diligence. The Receiver has received three binding LOIs and expects to recommend a preferred transaction to the Court by the end of March 2026.