Calgary’s tech ecosystem continues to prove it’s a place where startups grow, scale and stay.
Ontopical, a Calgary-based company using artificial intelligence to help businesses discover early-stage government contract opportunities, has been acquired by Sovra, a leading GovTech firm with clients across North America. With the acquisition, Calgary becomes Sovra’s new AI Centre of Excellence, a sign of the city’s growing global reputation for applied AI talent and innovation.
Founded in 2020, Ontopical developed AI-powered tools that analyze public data to help companies identify and pursue government projects before they’re publicly tendered, helping firms across industries stay ahead of procurement trends and identify opportunities early.
That innovation caught the attention of Sovra, a company backed by global private equity firm KKR, that serves 7,000 government agencies and over one million private sector suppliers with digital procurement solutions. Sovra’s acquisition of Ontopical marks a strategic step to strengthen its technology platform and deepen its data-intelligence capabilities.
Innovation and talent powering Calgary’s growth
Calgary’s enterprise tech sector is evolving across a range of subsectors, including software-as-a-service (SaaS), artificial intelligence and machine learning (AI/ML), financial technology (fintech), quantum and hardtech. This diversification reflects broader trends and intentional efforts to strengthen the Blue Sky City’s innovation ecosystem and economic transformation within the city.
Guided by a strategic economic action plan and innovation strategy, Calgary is strengthening its position as a place where new ventures and talent thrive — creating the right environment for companies like Ontopical to grow and scale globally.
“This is exactly what we mean when we talk about Calgary as a city where companies can start, scale and succeed globally,” said Brad Parry, President & CEO, Calgary Economic Development.
“Ontopical’s success and Sovra’s decision to retain and expand its Calgary operations show that the world is taking notice of the innovation happening here and the incredible talent driving it.”
This talent pool is growing faster than anywhere else on the continent. According to CBRE, Calgary is home to North America’s fastest-growing tech talent market, with tech employment increasing 61 per cent between 2021 and 2024.
Ontopical's office in Calgary's Beltline neighbourhood. Photo: Contributed
Pre-acquisition, Ontopical raised $6 million to scale its platform — a sign of strong investor appetite in the GovTech subsector locally. GovTech refers to software and data tools sold to public agencies that improve procurement, permitting, service delivery and transparency.
Beyond Ontopical, Calgary’s burgeoning GovTech bench includes companies like HelpSeeker, SensorUp and Bidaya.ai — homegrown innovators building the tools that help cities run smarter, connect better and respond faster.
The City of Calgary provides a strong foundation for GovTech through its open data portal and the Calgary 5G Discovery Zone — a downtown testbed that allows innovators to develop, test and scale real-world solutions — both key components of the Smart City Strategy. That — alongside ecosystem builders like Platform Calgary and incubators and accelerators like Plug & Play Alberta, Innovate Calgary and Quantum City — gives public-sector-facing startups the data, programs and mentorship to launch and scale faster.
Ontopical — now Sovra — starts, grows and stays in Calgary
Ontopical’s rise in the space is a reflection of that interest, as well as the community spirit embedded in Calgary’s startup ecosystem. The company gained early traction through Accelerate Fund III (AFIII), which was supported by Calgary’s Opportunity Calgary Investment Fund (OCIF) — a City of Calgary initiative designed to help companies scale locally, create jobs and attract investment.
It also received backing from several Canadian and international venture funds, including Rhino Ventures, Graphite Ventures, GreenSky Ventures, Berkeley SkyDeck Fund, Alberta Innovates and AcceliCITY powered by Leading Cities.
Those local supports helped Ontopical gain visibility with investors and industry leaders, ultimately leading to the Sovra deal.
Ontopical reached its acquisition in under six years — considerably faster than the typical timeline for a tech exit of more than 10 years — highlighting the strength of Calgary’s startup support network and the speed at which companies can scale here.
“Calgary is world-class. There are a number of really exciting startups and scaleups at different stages,” said Clayton Feick, formerly CEO of Ontopical and now President, Supplier at Sovra. Feick moved back to Calgary in 2022 looking for opportunities in tech, after two successful scaleup exits in Toronto.
“We are definitely on the map in terms of the types of tech companies being built here. With the city’s entrepreneurial culture and tech talent pool, you can build a competitive company in Calgary with global reach.”
The Ontopical team celebrates at their "Exit Party" in Calgary, hosted by investor Rhino Ventures and sponsored by Osler to mark the transaction with KKR and Sovra. Photo: Contributed
New opportunities ahead
Under the new structure, Ontopical’s Calgary-based team will lead Sovra’s AI operations, with the local office serving as the company’s AI Centre of Excellence — a dedicated space where top machine-learning researchers and developers can collaborate to prototype innovative AI solutions. The AI Centre will benefit not only Sovra’s platform but also its expansive client network across government and business sectors.
Sovra plans to grow Ontopical’s Beltline office to upwards of 50 employees, hiring new talent in AI, engineering and data science, further anchoring Calgary as the company’s AI hub and a driver of future innovation.
Ontopical’s core team, including founder Derrick Koenig, will continue to play key leadership roles within Sovra — proving the acquisition is not a relocation story, but one of a Calgary company scaling onto the global stage from right here at home.
The Ontopical-Sovra story reflects a broader trend of Calgary’s evolution into a hub where startups not only launch, but scale. With competitive business costs, access to global capital and ample tech talent, the Blue Sky City continues to attract innovators who see possibility on the Prairies.
Learn more about Calgary's vision to create long-term prosperity and opportunities for all in our economic action plan, Uplook.