The Rundown 8/22/25: Dayforce’s Mega Sale & Why Canada’s Financial Future Hangs on Stablecoins

Welcome back to another jam-packed episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo to break down the biggest headlines shaping Canada’s business, tech, and financial future. From the $12.3B privatization of Dayforce, to the Canadian government’s long-overdue embrace of AI startups, and the urgent debate over stablecoins and financial sovereignty, this episode dives deep into the forces reshaping Canada’s economy.

Whether you’re a founder, investor, or policy watcher, you don’t want to miss this candid conversation on where Canada is winning and where we risk falling dangerously behind.

Dayforce Acquired in $12.3B Mega Sale (01:15)

Matt and John unpack Thoma Bravo’s $12.3 billion acquisition of Dayforce, Canada’s largest private tech buyout in history. They discuss why HR software has become a hot consolidation market, the risks of Canadian management talent shifting south, and what this deal signals for the future of SaaS valuations.

The Rise of Tender Offers & Canva’s $42B Valuation (06:01)

With Canva’s latest employee tender round oversubscribed, John and Matt explore why private markets remain so frothy, how valuation gaps compare to IPOs like Figma’s, and what it means for Canadian scale-ups eyeing liquidity.

AI Funding Frenzy: Cohere’s $500M Raise & Government Partnership (07:30)

Canadian AI champion Cohere announced a $500M round at a $6.8B valuation and a landmark MOU with the federal government. John and Matt debate whether government procurement can finally support Canadian AI companies and if AI cost curves are sustainable as token prices plummet.

The AI Economics Debate: Infrastructure vs. Applications (10:05)

With LLM costs dropping and cloud providers cashing in, John and Matt analyze whether the money in AI will flow to infrastructure giants like Nvidia and Microsoft, or to niche application-layer startups battling against the incumbents.

Google’s AI Energy Report & The Sustainability Question (13:24)

Google claims its Gemini models are 33x more efficient than last year. John questions whether those numbers hold up at scale and what AI’s true carbon footprint means for global adoption.

China’s Stablecoin Push & The Threat to Canadian Sovereignty (15:14)

China moves toward approving yuan-backed stablecoins, while the US doubles down on dollar-backed alternatives. John warns that Canada’s silence on stablecoin policy risks losing monetary sovereignty, while Matt predicts US dollar stablecoins could eclipse the Canadian dollar within a decade.

Why Canadian Entrepreneurs Need “Team Canada” Capital (21:06)

Drawing from his recent Substack essay, Chasing the Tornado, John argues that Canada’s biggest risk is capital providers sitting on the sidelines. He calls for pensions, banks, and family offices to invest in sovereign businesses before Canada loses control of key industries.

Walking Again with AI-Powered Robotics (23:47)

On a personal note, John shares his inspiring first steps in a robotic exoskeleton built by Human in Motion Robotics. He describes how AI-driven rehab tech could transform mobility for millions and why this Canadian innovation deserves global attention.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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