Martello to Receive Funding from the Government of Canada
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Funding will accelerate development of Martello's service-aware SD-WAN technology and create new jobs in Canada.
OTTAWA, Sept. 24, 2018 /CNW/ - Martello Technologies Group Inc. (TSXV: MTLO), ("Martello" or the "Company"), a leading provider of network performance management solutions for real-time communications, is pleased to announce that it has signed an agreement to receive a contribution of up to $2 million (CDN) from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), a federally funded program that supports Canadian small and medium-sized enterprises (SMEs) to help develop and commercialize innovative technologies, products and services. The funding, which has not yet been received by the company, will accelerate the development of a service-aware SD-WAN solution by Martello, including the hiring of 11 STEM (science, technology, engineering and mathematics) employees in Canada.
Digital transformation has resulted in rising demand for bandwidth-intensive real-time services like unified communications and video streaming. This has created a network performance management challenge, and an opportunity for Martello. The company's solution will simplify and automate performance management, so that businesses can manage the performance of these services on networks with only minimal IT intervention. In order to receive the contribution from NRC IRAP, Martello must meet all conditions of the contribution, which include maintaining adequate records and submitting periodic status reports.
"By supporting the development of our unique technology, the Government of Canada will help Martello be more globally competitive", said John Proctor, President and CEO of Martello. "As the pace of digital transformation grows, this funding will help our solution reach the market faster, allowing us to capitalize on this significant opportunity".
Martello, a part of the Wesley Clover family of companies backed by Sir Terry Matthews, has been recognized for its strategy and technology. In September, the company received a Frost & Sullivan Leadership Award for NPM (Network Performance Management) and ranked as Ottawa's Fastest Growing Company at No. 28 on the Growth 500 list of Canada's Fastest Growing Companies. In August 2018, the company received the INTERNET TELEPHONY SD-WAN Product of the Year Award, and in June debuted on the Branham 300 listing of Canada's top ICT (Information and Communications Technology) companies. The company recently went public with a TSXV listing, following the closure of an oversubscribed $7.5 million private placement. The company's ambitious growth plans include future merger and acquisition activity, an area in which the company has a positive track record. In December 2017, Martello merged with SD-WAN player Elfiq Networks.
About Martello Technologies Group
Martello Technologies Group (TSXV: MTLO) delivers confidence in network performance. Our solutions manage and optimize the performance of real-time services on cloud and enterprise networks and include network performance management software and SD-WAN technology. Over the top (OTT) service providers and enterprises around the world rely on Martello's technology to deliver better service quality and a reliable user experience. Designed for real-time communications such as voice and video, Martello's solutions detect, identify and address network performance problems BEFORE service quality is impacted. Martello Technologies Group is a public company headquartered in Ottawa, Canada with offices in Montreal and Paris, France. Learn more at http://www.martellotech.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions, risks related to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Martello Technologies Group
Tracy King (613-271-5989 x 2112), Director of Marketing, [email protected]
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