Quebec password manager maker Devolutions launches corporate venture arm
Devolutions, a Lavaltrie, Que., company that makes password management, privileged access and remote connection software for IT teams, has launched a corporate venture division called Devolutions Ventures, the company announced Sept. 24.
The move is unusual in Canada's security software sector: Devolutions has never taken venture capital, and it is now using its own revenue to back smaller companies whose tools it may later fold into its platform. For the IT departments and managed service providers that use Devolutions products, it signals which capabilities the company plans to add.
How the fund works
According to the company's announcement, the division formalizes seven investments, acquisitions and sponsorships made since 2025, typically ranging from $500,000 to $3 million per company. Backed companies keep their own leadership and product road maps and get access to Devolutions' user community, which the company puts at more than one million IT professionals in 140 countries.
The named portfolio includes Obkio, a Montreal network performance monitoring company; Mizo, which builds AI agents for MSP ticket handling; dbatools.pro, PowerShell Universal and UniGetUI, a Windows package manager. Devolutions also sponsors the open-source projects Avalonia UI and ControlR; ControlR, a remote assistance tool, is now integrated into Remote Desktop Manager.
Chief executive David Hervieux told BetaKit the company has deployed roughly $10 million so far and has no set amount it intends to invest. Methods include simple agreements for future equity, non-voting share purchases and an equity-free sponsorship model for open-source projects. "We don't need more capital, but we're ambitious," he said.
About Devolutions
Hervieux founded the company as a one-person consultancy in 2004. It now employs about 250 people and brought in $70 million in revenue last year, BetaKit reported. Its products cover password management, privileged access and remote desktop control for IT professionals, with Remote Desktop Manager and Devolutions Server among the best known.
What comes next
The company said it plans to expand investments and partnerships in AI, network technology, developer tools and open source over the next 12 to 18 months. It did not name any upcoming deals.
