Pan-Canadian Technology Fund
Our Team

Managing Partners

Dave Gurney – Managing Partner

Mr. Gurney has over 27 years of business experience founding, growing and managing technology businesses, including roles as Executive, Investor, and Adviser. He currently serves as the Chairman of The Medea Group and as a Consulting Partner with Stanley Software Finance Inc., both located in Toronto.

Mr. Gurney was a co-founder of Delrina Corporation, which created WINFAX, and served as President of Carolian Systems, one of Delrina’s operating divisions, which he co-founded in 1983, and was successfully listed on the TSX in 1985. In 1995, Delrina Corporation generated annualized revenues of over $135 million and was sold to Symantec for share consideration valued at $560 million. The initial investment in Delrina by Carolian Systems was $1 million for a 51% equity interest in the company.

He served as Chairman and CEO of SoftQuad International Inc., an SGML, XML and HTML web technology pioneer. SoftQuad acted as a founding member of the World Wide Web Consortium (W3C), and created products, which garnered over 20 industry awards for product excellence, including twice winning the coveted PC Magazine’s Editor’s Choice Award. SoftQuad was sold to Corel for share consideration valued at $40 million. He was an investor and Director of Border Technologies Inc., a leading worldwide provider of network security products. In 1996, Border Technologies was sold to Secure Computing Corporation for share consideration valued at $280 million.

Mr. Gurney is Chairman Emeritus of Communications and Information Technology Ontario (CITO), one of four Centres of Excellence formed by the Province of Ontario in 1997. In conjunction with Ontario and internationally based technology companies the Centre conducted its research at the Universities of Waterloo, Toronto, Queen’s, Carleton and McMaster. Research from the Centres has been successfully used as the foundation of such companies as RIM, OpenText, Certicom and Platform Computing.

Frank Hayes – Managing Partner

Mr. Hayes is President of Stanley Software Finance Inc. and founded the firm in 1996.
Since its inception, the firm has completed over 65 funding transactions covering a wide spectrum of finance including senior debt, subordinated debt, private equity (common and preferred shares), hi-tech leasing, venture capital, Initial Public Offerings, and Mergers & Acquisitions.

Representative clients of Stanley Software Finance have included DataMirror Corporation (sold to IBM), DMTI Spatial Inc., The DocSpace Company (sold to Critical Path), and Medgate Inc. (MBO from MediSys).
Prior to Stanley Software Finance, Mr. Hayes gained extensive years experience in Corporate Finance in various industries including heavy equipment, consumer packaged goods, mining, and manufacturing, including roles as a corporate Treasurer of Toromont Industries Inc. and Corporate/Commercial Account Manager at Bank of Montreal.
Mr. Hayes holds an MBA from the University of Alberta, a Bachelor of Business Administration (BBA) from the University of New Brunswick, and is a Certified Management Accountant (CMA Ontario) and a Fellow, Institute of Canadian Bankers (FICB).

William Hewitt – Managing Partner

Mr. Hewitt has spent more than 39 years in financial and investment management, risk management, treasury and pension fund management and is experienced in general management, financial operations including senior accounting responsibilities and treasury and pension plan management.

He has expertise in financial analysis, investment management and administration and has broad knowledge of financial theory, worldwide capital markets, accounting & auditing policies and theories, continuous improvement techniques, securities research and corporate governance.

Mr. Hewitt has acted as Chief Investment Officer of Scotia Cassels Investment Counsel Limited with assets of $19 billion. As Principal Officer and Vice President Investments for Sun Life Assurance Company of Canada with assets of $250 billion he was responsible for mutual and general funds. As Secretary/Treasurer for Imperial Trustees he was responsible for investment management of the Imperial Oil Limited Pension Fund with assets under administration of $1.9 billion.

He has served on both public and private company boards of directors, including Extendicare Limited, Scotia Cassels Investment Counsel Limited, Allcora Explorations Limited, Helix Investments Limited, Health Care Ventures LP and Dynacare Health Services Inc.

Mr. Hewitt is currently a director of University of Toronto Asset Management Corporation and is on the Advisory Board of the University of Western Ontario and Shiplake Investments Inc.

Mr. Hewitt became a Chartered Financial Analyst (CFA) charter holder in 1974 and is currently a member of the Toronto Society of Financial Analysts and the CFA Institute. He obtained his Masters in Business Administration from the University of Toronto in 1967 and his Bachelor of Arts (Philosophy) from Victoria University in the University of Toronto in 1963.

Edward Kress – Managing Partner

Mr. Kress has had over 20 of experience as a successful technology entrepreneur and business operator. Graduating from the University of Waterloo as an Electrical Engineer in 1990, Mr. Kress has extensive expertise in software and hardware component design as well as systems architecture. He has built innovative Database, Enterprise Platform, and Forensic Financial systems during his tenure as CEO of ThinkNet Inc., an Ontario based technology company which he co-founded in 1991 and sold in 2011.

As CEO, Mr. Kress led ThinkNet’s Technology Development Practice and oversaw day-to-day business operations, all while developing and forging ahead with ThinkNet’s Technology Incubator. ThinkNet’s Technology Development Practice was built to provide highly advanced software solutions for extremely complex business problems faced by large multinational corporations. ThinkNet’s Technology Incubator was created to conduct market research to identify global markets for these advanced software solutions and to combine financing from ThinkNet with external venture financing to build these technologies into fully commercialized products. In addition to over $7 million invested directly by ThinkNet into these technologies, Mr. Kress raised an additional $8 million in external venture financing for product commercialization.

Mr. Kress’s efforts in the Technology Incubator resulted in the creation of advanced Database Replication and Heterogeneous Database Replication Technologies, which were globally licensed on an OEM basis by Novell and Sybase respectively. The ThinkNet Technology Incubator then developed, financed, and spun out AuditMaster Inc., which created a highly advanced realtime database monitoring tool for fraud detection and forensic auditing which was acquired by Pervasive Software Inc. (formerly NASDAQ: PVSW).

ThinkNet’s Technology Development practice has also built Enterprise Software Technologies for Fortune 500 corporations including a global Clinical Trail System for Eli Lilly used to automatically monitor and determine the functional success of such pharmaceutical products as Prozac, Humulin, Lovan and Olanzapin. Other Enterprise deployments included a real time Retail Management and Business Analysis platform used globally by Cara Foods and Forensic Financial Restatement Software and tools for Nortel Networks.

In addition to being a Member of the Professional Engineers of Ontario, Mr. Kress is also a Member of the Institute of Corporate Directors as well as a Member of the International Corporate Governance Network.


Evan Chrapko – Advisor

Mr. Chrapko is currently co-CEO of Growing Power and also of Himark bioGas. These companies are in the business of converting tens of thousands of tons of bioWaste every year into clean, green energy. Growing Power is a multi-million dollar waste-to-energy plant in Alberta. Himark owns all the patented technology related to the field and after 11 years of advanced research it is now commercializing the I.P., selling its expertise and its “IMUS” technology all over the globe, primarily into the burgeoning Third World market.

Mr. Chrapko served as Chairman and CEO of DocSpace (sold for $811 million to Critical Path) and has been an investor in FloNetwork (acquired by DoubleClick) and PlateSpin (acquired by Novell).

He was a member of the Premier of Alberta’s 2007 Royalty Review Panel and is a past Executive of the Alberta Chapter of Young Presidents’ Organization (YPO) and a recipient of its Laing Memorial Award.
Mr. Chrapko is a Chartered Accountant (CA.IT), and holds a B. Comm. from the University of Alberta and a JD from Columbia Law School.

Mike Broadfoot – Advisor

Mr. Broadfoot serves as President and CEO of Solium Capital (TSX: SUM). He joined Solium as a Managing Director in 2010 and assumed the role of President and CEO in January 2011. He has also been a Board member of Solium since 2002, most recently in the position of Chairman.

Mr. Broadfoot is a software entrepreneur and venture investor who has served on the Boards of private and public technology companies.

Mr. Broadfoot has an extensive history developing technology companies as the Chairman of both Medgate and InnerVision Medical Technologies, and as a Director of Curve Dental.

Prior to joining Solium Capital, he was CEO of Engage Energy, a Calgary-based energy trading and marketing company.

Mr. Broadfoot is a past Director of Union Gas, the Ontario natural gas utility, and Peyto, a TSX-listed oil and gas company.

He holds a Bachelor of Science in Engineering and an MBA, both from the University of Alberta.

Sandra Cowan – Advisor

Ms. Cowan is currently an independent businesswoman. Prior to this she was a Partner and General Counsel of EdgeStone Capital Partners, an independent private equity firm managing over $1 billion of private capital. Prior to joining EdgeStone in 2001, Ms. Cowan practiced law for over 15 years, most recently as a senior partner of Goodman and Carr LLP. Her practice specialized in private equity and corporate finance transactions, including fund formation, mergers, acquisitions and divestitures, cross-border and public market transactions.

Prior to this, Ms. Cowan served as a Partner in the law firm of Aird & Berlis in Toronto and prior to this, she was a Partner at the law firm of Armstrong, Dunne, Singer & Cowan in Toronto. She is generally considered to be one of Canada’s leading private equity lawyers and has been consistently recognized as a leading practitioner by Lexpert.

Ms. Cowan has an LLB from the University of Western Ontario and serves on a number of private and public boards.