Ontario sends cash to Waterloo company sitting on a cash mountain

The Ontario government is giving $15 million to a Waterloo company that intends to give that much to its own shareholders by the middle of next year.

The money is the latest squirt of cash dispensed by Premier Kathleen Wynne’s “jobs and prosperity fund,” which is supposed to subsidize good jobs in growing industries. In this case, it’s going to Sandvine Inc., which sells systems to companies that run computer networks to help them monitor and control data traffic. This is big for Internet providers; Sandvine’s many customers include Comcast and Virgin Mobile.

  • tom_billesley

    The company will now exercise social responsibility and donate to a political party.

    • Reader

      I would be asking, how many shares are already owned by prominent Liberals?

  • bob e

    this is a great picture of her .. old college frat pic ??

  • Waffle

    Sandflea’s Board of Directors. Does it ring any bells?

    Board of Directors

    Dave Caputo, Director, President and Chief Executive Officer
    Dave Caputo is Sandvine’s President, Chief Executive Officer, and Co-Founder. Prior to Sandvine, Dave was the Vice President of Marketing for PixStream. Following the company’s acquisition by Cisco, Dave held the position of Managing Director for the Video Networking Business Unit. As a leader in the technology community, Dave is a dedicated supporter of local entrepreneurs and sits on the Board of Communitech, a regional organization that supports the growth of the technology sector. He holds an MBA from the University of Toronto, a Computer Science degree from York University, and is a graduate of the Wharton Executive Education program at the University of Pennsylvania.

    Mark Guibert, Director
    Mark Guibert joined the Board on March 7, 2006 and sits on the Board’s Compensation and Corporate Governance and Nominating Committees. Mark is a former Senior Vice President at Research In Motion Limited (“RIM”). He joined RIM in 1997 and oversaw corporate marketing and brand management for 12 years. As a member of the management team, Mark helped RIM grow to become Canada’s largest technology company with one of the world’s most valuable brands. Prior to retiring from RIM in October, 2012, he held the position of Senior Vice President, Office of the CEO, and acted as a senior advisor to the management team on various marketing and general business matters. Before joining RIM, Mark held a variety of sales and marketing roles with Hewlett-Packard, NCR, and ALL Computers Inc. He holds BBA and MBA degrees from York University in Toronto.

    Scott Hamilton, Director, Chief Financial Officer
    Scott Hamilton is Sandvine’s Chief Financial Officer, joining the Board on February 17, 2006. Scott leads Sandvine’s strategic financial direction and global financial management, planning, investor relations, control, reporting, and administrative resources management. Scott’s leadership was instrumental in raising £20-million through Sandvine’s initial public offering on the AIM Market of the London Stock Exchange. Scott has been with Sandvine since its inception. He is a chartered accountant and holds a Bachelor of Business Administration from Wilfrid Laurier University.

    John Keating, Director
    John Keating joined the Board on March 7, 2006 and sits on the Board’s Audit, Corporate Governance, and Nominating and Compensation Committees. From 2002 to September 2010, John was the CEO of COM DEV International Inc and a member of the Board of Directors of COM DEV. John was born and educated in England where he studied mechanical and production engineering at Leicester Polytechnic (now De Montfort University) under the sponsorship of Marconi Radar Systems. During the following 20 years, he filled a wide range of operational and management positions in high technology companies in Britain, Holland, and Canada. He joined COM DEV in 1992, progressing from the management of major programs, business units, and operations to President of COM DEV Wireless (later called COM DEV Broadband) in 1998, President of COM DEV Space in 1999, Chief Operating Officer in 2001, and Chief Executive Officer in 2002.

    Roger Maggs, Non-Executive Chairman of the Board
    Roger Maggs joined the Board as chairman on March 7, 2006 and sits on the Board’s Audit and Corporate Governance and Nominating Committees. Roger is a founder and partner of Celtic House, a recognized leader in the venture capital industry. Prior to founding Celtic House, Roger enjoyed a 27-year career with Alcan Aluminum Limited, a global metals company. He held several senior positions including Vice President, Mergers, Acquisitions and Divestments, President, Alcan Metal Marketing and Vice President, Personnel. Roger currently sits on the boards of Cavendish Kinetics, LTX Corporation, RedMere Technology Limited, noHold Inc., Third Brigade Inc., and Movidia. He has a physics degree from The University of Wales and Masters degree from Warwick Business School.

    Dermot O’Carroll, Director
    Dermot O’Carroll joined the Board on January 10, 2013 and sits on the Board’s Compensation Committee. A 40 year veteran of the telecommunications industry, Dermot most recently held the role of Senior Vice President, Network Engineering and Operations at Rogers Communications, until his retirement in 2012. Prior to joining Rogers Communications, Dermot held roles at Bell Canada and later at Unitel as Vice President of Network Services, where he was responsible for the deployment of a national advanced voice and data services network. Dermot served as the Canadian representative on the board of the Society of Cable Telecommunications Engineers from 2004 to 2012. He was born in Ireland and holds a degree in Electrical Engineering from University College of Dublin.

    Kenneth Taylor, Director
    Kenneth Taylor joined the Board on December 5, 2006 and sits on the Board’s Audit and Corporate Governance and Nominating Committees. Kenneth has more than 25 years of financial, M&A, and operational experience with various technology companies and held the position of Chief Financial Officer of March Networks Corporation until it was acquired in 2012. Prior to his position with March Networks, Kenneth served as Chief Financial Officer and Chief Operating Officer with Proshred Security International Inc. He also spent nearly 10 years with Newbridge Networks Corp., and held the position of Vice President, Finance when Newbridge was sold to Alcatel SA for US$7 billion in 2001. He is a Chartered Accountant and holds a Bachelor of Business Administration degree from St. Francis Xavier University in Nova Scotia, Canada.