When founders think about valuation, they often picture a number tied to revenue or market comps but the number on the term sheet is only the surface. What actually influences valuation runs deeper and often starts long before a company enters a formal process. At TechExit.io Toronto, moderator Narbe Alexandrian (Define Capital) led a practical and clear-eyed conversation with Talia Abramowitz (Deloitte Ventures), Mitch Robinson (Sampford Advisors) and Frazer House (BLG). Together, they peeled back the layers on what shapes valuation in today’s deal environment, especially in a market full of economic noise, AI hype and increasingly cautious buyers.

Every founder wants optionality, whether it's more paths, more leverage or better outcomes. But here’s the reality: most companies don’t get options. They get boxed in by early decisions, rushed fundraising or market myopia. At TechExit.io Toronto, moderator Julia Kassam led a panel of seasoned insiders including Petar Zelic (Stifel), Rhiannon Davies (Sandpiper Ventures), and Shamil Hargovan (STS Capital Partners) who broke down exactly how exits really happen in today’s environment, and why founders need to stop treating M&A as a future event and start treating it like a long-range strategy.

When Kazi Ahmed sold Carbon6 for $305M CAD and Kevin Kliman sold Humi for more than $100M CAD, the headlines suggested clean, decisive wins. At TechExit.io Toronto, moderated by Jeffrey Bennett (National Bank), the two founders offered something far more valuable. They shared the choices they struggled with, the cracks that emerged inside their teams, the surprises in diligence and how the experience shaped their identities as leaders.

At TechExit.io Toronto, the “Brains & Bots” session brought together three people who sit at the centre of the capital stack; David Rozin (Scotiabank/Roynat Capital), Hugues Lalancette (Inovia Capital) and Thomas Terrats (Vessel), moderated by Michelle McBane (StandUp Ventures). What unfolded wasn’t a conversation focused on AI predictions. It was a candid look at how AI is rewriting the economics of building a company, the expectations investors now have and what founders must do to stay competitive in a market that is moving faster than most companies can adapt.

The opening session at TechExit.io Toronto brought together two leaders who have seen founders at every stage of the journey, from raising capital and weighing offers to managing boards and navigating uncertainty.Shikha Bhuchar (RBCx) and Nilam Ganenthiran (Beacon Software) shared what they’re observing inside live transactions and why the next 12 to 24 months will require sharper preparation from founders than in previous cycles.

The room at TechExit.io Toronto 2025 was full of founders and Canada's top tech-centric investment bankers, advisors and mentors who have lived the highs and lows of building in uncertain times. People like Allen Lau (Wattpad), Matt O’Leary (1Password), Rhiannon Davies (Sandpiper Ventures), Jeremy Shaki (Lighthouse Labs), and Kazi Ahmed (Carbon6), all sharing what really drives great outcomes in tech M&A. Over the course of the day, those conversations came alive. Canada’s leading investors, acquirers and entrepreneurs shared how they think about timing, trust and value creation when the stakes are highest.