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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.
![Logo: Martello Technologies Group TSXV: MTLO (CNW Group/Martello Technologies Group) Logo: Martello Technologies Group TSXV: MTLO (CNW Group/Martello Technologies Group)](https://mma.prnewswire.com/media/748443/Martello_Technologies_Group_Martello_to_Receive_Funding_from_the.jpg)
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