‘Significant and life-changing’: Calgary tech company’s staff to see hefty payday from sale

The recent sale of a Calgary tech company is great news for its 650 employees, who are also owners. (Courtesy CoolIT)

The recent sale of a Calgary tech company is great news for its 650 employees, who are also owners.

Every member of the CoolIT team landed “one year to eight years of annual pay, depending on tenure.”

Global investment firm KKR sold CoolIT, a company that designs and manufactures liquid data centre cooling, to Minnesota-based Ecolab for $4.7 billion.

According to a recent news release, KKR picked up CoolIt in 2023, at which time the latter’s employees became owners.

“At the close of the transaction, all CoolIT employees will receive a substantial cash payout on their ownership in the company,” the release said.

“Employees will also be eligible to receive pre-paid personal financial coaching and tax preparation services.”

A KKR representative said in an email that many CoolIT employees were informed of their payouts at a surprise presentation.

“This was a significant and life-changing milestone for many employees and the Calgary community broadly,” the representative said.

CoolIT’s name and leadership team will remain in place following the sale, the release said.

CoolIT CEO Jason Waxman credited KKR’s “acumen in investing in high growth opportunities” and Ecolab’s “track record of acquiring world-class technical capability.”

CoolIT also recently celebrated 25 years in operation.