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.
“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,” Wynne said, in personally making the announcement of the $15-million deal. “By partnering with companies like Sandvine, we are helping to boost Ontario’s dynamic ICT (information and communications technology) sector and positioning the province for growth now and for years to come.”
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David Reevely: Ontario sends cash to Waterloo company sitting on a cash mountain | National Post
