On October 11, 2023, CoolIT Systems was recognized with the Most Significant Transaction Award as part of the 2023 Start Alberta Tech Awards. The Most Significant Transaction is awarded to a tech company that has had the most significant acquisition or exit.
Founded in Calgary in 2001, CoolIT designs, engineers and manufactures advanced liquid cooling solutions for the world’s most demanding computing environments. CoolIT operates across North America, China, and Taiwan, creating liquid cooling solutions for data centers and desktop computers that are designed to reduce operating costs and carbon emissions.
In May of this year, Mubadala invested alongside KKR, with the latter acquiring a majority of the cooling business in the process. As part of the transaction, CoolIT expanded its equity ownership program to make all employees owners of the company.
“We choose to do business in Alberta for a number of different reasons but it starts with the people. We find that Albertans have a certain entrepreneurialism and a certain drive that has really helped us at CoolIT, a high-growth technology company,” said Patrick McGinn, COO.
“This is a special moment for the team at CoolIT. It is a testament to our achievements, both past and present, and it marks and signals a new part of our journey and a new round of growth for the company which is really exciting. What’s next with our new partners, KKR and Mubadala, is we’ll be looking to serve other markets, moving into new regions and new verticals, and growing our team and presence in Alberta as well.” he added.
CoolIT has also recently expanded its Calgary-based manufacturing facility by 40,000 square feet to increase its manufacturing capacity fivefold, helping meet the escalating demand for advanced cooling solutions.
Keep track of CoolIT Systems in the Start Alberta database.
Start Alberta is committed to helping the businesses and communities within our province’s tech sector thrive and grow. Since 2018, the Start Alberta Tech Awards have recognized individuals and organizations for their contributions to Alberta’s innovation ecosystem and those significantly impacting the province’s tech sector. The Start Alberta Platform connects our province’s innovation and tech ecosystem with data to help investors, entrepreneurs and policymakers with the insights needed to make their next, big move.
View the full list of 2023 Tech Award winners.