Add-on Acquisition • Software

Circle Acquires Informal Systems

On August 18, 2025, Circle acquired software company Informal Systems

Acquisition Context

This is Circle’s 1st transaction in the Software sector.
This is Circle’s 1st transaction in Canada.
This is Circle’s 1st transaction in Ontario.

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M&A Deal Summary
Date	August 18, 2025
Target	Informal Systems
Sector	Software
Buyer(s)	Circle
Deal Type	Add-on Acquisition

Target Company

Informal Systems

Toronto, Ontario, Canada

Informal Systems is a provider of blockchain infrastructure and protocol design. Informal Systems was formed in 2019 and is headquartered in Toronto, Ontario.

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Buyer Overview 1

Buyer

Circle

New York, New York, United States

Category	Company
Founded	2013
Sector	Financial Services
Revenue	1.7B USD (2024)

DESCRIPTION

Circle is focused on harnessing stablecoins and public blockchain technology to power payments and commerce worldwide. Circle Internet was formed in 2013 and is based in New York City.

Deal Context for Buyer	#
Overall	3 of 3
Sector: Software	1 of 1
Type: Add-on Acquisition	3 of 3
State: Ontario	1 of 1
Country: Canada	1 of 1
Year: 2025	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2022-09-29	Elements San Francisco, California, United States Elements is a merchant and developer-first payments orchestration platform, based in San Francisco, California.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2022-09-29

Elements

San Francisco, California, United States

Elements is a merchant and developer-first payments orchestration platform, based in San Francisco, California.

Buy

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