TORONTO, March 16, 2016 /PRNewswire/ -- Ontario, Canada is partnering with Sandvine, an Ontario-based global leader in networking equipment, to support the development of emerging, cloud-based technologies that will create 75 new jobs and retain 267 existing jobs in Waterloo, Ontario, and strengthen the province's reputation as a knowledge-economy hub.
Premier Kathleen Wynne was at Sandvine's head office in Waterloo today to announce that the government is providing a grant of up to $15 million through the Jobs and Prosperity Fund to support Sandvine's research and development project. According to Sandvine, the total eligible cost of the project is $169 million over seven years.
Sandvine — which generates 85 per cent of its revenue from exports — sells exclusively to communications service providers that deliver a consumer high-speed Internet experience, such as through cable, fibre and mobile networks. Sandvine's products provide its customers with actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.
The project will help propel Sandvine's business into the emerging growth area of Network Function Virtualization. Sandvine's Virtual Series products will run on cloud-based servers, making it faster and cheaper for clients to deploy new networking services in response to rapidly changing business requirements. It will help operators open up new market opportunities and address their needs to quickly adapt at large scale to rapid changes on the public Internet, such as the rise of popular applications like Netflix.
"Sandvine is a true Ontario success story, and our government is pleased to support the next phase of its growth, which will help create high-quality jobs. By partnering with companies like Sandvine, we are helping to boost Ontario's dynamic ICT sector and positioning the province for growth now and for years to come."
— Kathleen Wynne, Premier of Ontario
"The evolution of the Internet and demand for data has never been greater, and Ontario needs to remain at the centre of that disruption. Today's announcement with Sandvine demonstrates our ongoing commitment to partnering with innovative companies to create long-term growth and global competitiveness. With our investment, we are increasing Ontario's position as a global powerhouse in the ICT sector, and pursuing new innovations while creating high-value jobs and growing our economy."
— Brad Duguid, Minister of Economic Development, Employment and Infrastructure
"We are a homegrown company and are proud to be a part of Ontario's vibrant innovation ecosystem. This investment from the province will help accelerate our efforts to innovate and transform the way we do business, and make it possible to create new products and value-added services that will help our customers compete over the long term."
— Dave Caputo, CEO, Sandvine
- Ontario is investing significantly in innovation and R&D to help businesses thrive in a knowledge-based global economy
- Ontario's ICT sector directly employs about 260,000 people, representing almost 50 per cent of total ICT jobs across Canada.
- Sandvine has over 250 customers in more than 90 countries, including Comcast, Telefonica and NTT Communications.
- The Jobs and Prosperity Fund (JPF) is providing $2.7 billion over 10 years to enhance productivity, bolster innovation and grow Ontario's exports.
- The JPF is already supporting innovation and job creation in Ontario with investments in companies such as Sandvine, Huawei Canada, Superpufft, A. Lassonde Inc., Toyota and Linamar — leveraging over $1.2 billion in total project investment.
Contact: Patricia Pytel, 416-327-8313
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SOURCE The Ontario Ministry of Economic Development, Employment and Infrastructure