The Upside Foundation of Canada Donates Proceeds from its Second Exit
The Upside Foundation holds stock options in many Canadian companies, and when those companies are sold, the Upside Foundation exercises its stock options. Michael Harris, CEO of BlueCat, which provides Enterprise DNS solutions to the largest enterprises in the world, had previously pledged to donate a portion of the proceeds from the exercise of his own stock options to the Upside Foundation. With BlueCat being acquired by U.S. private equity giant Madison Dearborn Partners LLC for $400 million, the Upside Foundation has seen its second “exit” leading to a donation.
The donation is being distributed to the Enbridge® Ride to Conquer Cancer® benefiting the Princess Margaret Cancer Centre. A member of the BlueCat ride team, Michael will be participating in the two-day, 200-kilometre cycling trip through southwest Ontario, from Niagara to Toronto.
Michael is committing to supporting cancer research. “As part of my sponsorship, I am able to choose a particular area of research to help fund, and have chosen Glioblastoma in honour of my friend Kent Enns”.
The Upside Foundation facilitates the opportunity for Canadian startups to “share the upside” with Canadian charities by using the Foundation’s platform. It is a unique model for philanthropy – donate stock options or equity, not cash.
“We are very excited to be able to share this positive news for the community alongside a great win for our Canadian tech sector. This serves as proof that this model really works and can make a difference for Canadian charities,” said Mark Skapinker, Board Director and co-founder of The Upside Foundation of Canada.
BlueCat is The Enterprise DNS Company™. Their software enables the centralization and automation of DNS services and the ability to leverage valuable DNS data for significantly increased visibility, control and compliance. The largest global enterprises trust BlueCat to provide the foundation for transformational strategies such as cloud, virtualization and security.
About The Upside Foundation:
The Upside Foundation is a charity that provides an innovative philanthropy platform to enable Canadian startups and high-growth companies to give back by donating equity- “Sharing the Upside”. Since startups’ cash and time is scarce, the Foundation makes charitable giving quick, easy and cash-free.
The model is simple powerful: early-stage and high growth private companies pledge stock options to the Upside Foundation. When the company has a liquidity event (e.g., IPO, acquisition), the Foundation sells its options and and donates the proceeds to registered Canadian charities selected by the member company (and approved by the Foundation).
Take the pledge today and join our community of entrepreneurs, investors and thought leaders who believe in doing good while doing well. For more information or to get involved, please contact firstname.lastname@example.org.