(Bloomberg) -- Sangoma Technologies Corp. could be Canada’s Twilio Inc. if more U.S. investors had interest, according to a small Canadian hedge fund known for its wagers on small-caps and buyout targets.

Both companies develop internet infrastructure solutions. But unlike Twilio -- which is about 185 times larger by market capitalization -- Sangoma is profitable, Bedford Park Capital wrote in a letter to clients. Twilio has posted annual losses since before it went public in 2016, while Sangoma has eked out small profits over the same period.

Twilio shares enjoyed a 244% gain in 2020 as the coronavirus pandemic accelerated the adoption of cloud-computing trends. By comparison, Toronto-listed Sangoma rose 43%, making its shares look cheap, especially with acquisition activity on the horizon, Bedford Park Chief Executive Officer Jordan Zinberg said in the letter.

Launched in 2018, Bedford Park manages about C$60 million and has made successful bets on small-cap stocks including Seven Aces Ltd., a gaming firm purchased last year. In 2020, its Opportunities Fund gained 33% net of fees and expenses, beating the S&P/TSX Small Cap Index’s 10% gain.

Beyond Sangoma, Bedford Park is also bullish on Canadian stocks Converge Technology Solutions Corp., an IT solutions provider it says is “under followed”; specialty lender Goeasy Ltd.; and packaging distributor Richards Packaging Income Fund.

©2021 Bloomberg L.P.