Martello to Receive Funding from the Government of Canada

Martello Technologies Group Inc. 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.

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.

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