ArticleVecima Networks Inc. see more
Source: Business Examiner
Global Tech Leaders Continue Operations from Victoria Head Office
VICTORIA - Over 30 years since its beginning, tech leaders Vecima Networks Inc. have found a home in Victoria.
Founded in 1988, Vecima has grown to become a globally recognized leader in technology solutions for network service providers.
“The company was founded in Saskatoon by Dr. Surinder Kumar under the name Wavecom Electronics,” says Head of Corporate Communications Anne-Marie DeSouza. “Our first commercial product was a line of modulators for the commercial television industry. We were pioneers in servicing the emerging internet and TV market, and at one point, over half of the world’s high-speed internet was running through Wavecom products.”
Just over 20 years ago, Vecima relocated its head office to Victoria, and in 2005, the company went public and rebranded as Vecima Networks. It has now grown to house several hundred employees with locations in Burnaby, Atlanta, Tokyo, and a major research and development facility in Saskatoon.
“Even though we keep a lower profile in the community, we are one of the more sizeable tech companies out there, with an annual market cap of close to a quarter billion dollars,” says DeSouza. “Many people are surprised to find out that a Victoria-based tech company has such a sizeable footprint.”
Though most of Vecima’s clientele are global blue chip companies, the company works to build into their own community through participation in the chamber, sponsoring events, participating on executive forum panels, and supporting various charities.
Today, the company is lead by CEO Sumit Kumar, who is Surinder’s son, and CFO John Hanna. Both leaders bring extensive experience to the table. Sumit has been with Vecima for nearly 25 years, working in research and development before moving into the business development side. Hanna joined the company in 2010, and brings over 20 years of experience and a background in corporate mergers and acquisitions.
Vecima is divided into three segments: Video and Broadband Solutions, Video Content Delivery and Storage, and Telematics.
Thanks to a series of acquisitions, the company has been able to stay on top of its industry, offering clients access to cutting edge technology.
Their Video and Broadband Solutions division includes award-winning platforms and modules that process data from cable networks and delivers it in formats suitable to be consumed on televisions and Internet devices.
“To date, our biggest seller is the Terrace Family of Products,” says DeSouza. “Since launching the line about 15 years ago, they have brought in about $332 million in sales.”
The Video Content Delivery and Storage division operates under the name Concurrent.
“Concurrent Computer Systems is a US-based software in the video on demand content delivery space,” says DeSouza. “We finalized our acquisition of Concurrent at the very end of 2017. This gave us a new video and data solution that allows us to take advantage of growing opportunities and become a stronger play in the global marketplace.”
DeSouza describes the Telematics division as pertaining to the “internet of things.” A Burnaby-based telematics system was purchased in 2016, with proprietary technology that handles a network of technology-embedded devices.
Currently, the division provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, NERO Global Tracking, and FleetLynx brands.
Moving forward, DeSouza says that Kumar and Hana are always looking to grow the business.
“We are always on the lookout for attractive investments in keeping with our overall strategy,” she says. “We’ve been more than happy with the acquisitions we have, and we’d like to develop them as much as we can, while keeping our ear to the ground to see what else is out there. We’re focussing on what we need to do to make our current assets successful.”
A total of $45,224.40 in cash and 3,246 lbs of food has been collected for the Mustard Seed. see more
Tech community continues support of local food bank with a $51k donation
VICTORIA, BC - December 10, 2018 - A total of $45,224.40 in cash and 3,246 lbs of food has been collected for the Mustard Seed as a direct result from the 2018 VIATEC Foundation Food Bank Challenge! The weight in food is a new record, more than doubling last year’s weight and is equal to $6,492 ($2 per pound). This brings the total 2018 value to $51,716.40!
It is our honour to continue to play a role in encouraging and directing the generous members of our community,” said VIATEC CEO, Dan Gunn. “The participants got creative with their fundraising this year; There were wine raffles, bake sales, pancake breakfasts, chili cook-offs, office parties, plenty of interoffice competition and even a push-up competition between two companies. They’ve been digging deep, having fun and making a difference as part of the VIATEC Foundation Food Bank Challenge for over a decade and it’s because of them that many families will have food on the table this holiday season, and throughout the year. All the credit goes to our members and donors and we look forward to aiding them for many more decades to come.”
Since its inception in 2002, $2,201,714.40 worth of food and cash has been donated to the Mustard Seed through companies participating in the VIATEC Foundation Food Bank Challenge. With this year’s amount, the challenge has raised a total of $2,253,420.80!
The weight in food is a new record, more than doubling last year’s weight and is equal to $6,492 ($2 per pound)
This year’s top contributors:
Greatest Per-Employee Contributor
1st place: Aviary Technologies ($727 cash & food per employee)
2nd place: RevenueWire ($309.10 cash & food per employee)
3rd place: AES Engineering ($219.60 cash & food per employee)
Greatest Overall Contributor
1st place: RevenueWire ($12,364 cash & food)
2nd place: Starfish Medical ($7,090 cash & food)
3rd place: AES Engineering ($5,490 cash & food)
A plaque presentation took place on December 7th at VIATEC and the Greater Victoria Chamber of Commerce’s Sweater Weather Get Together event, bringing out over 300 attendees.
VIATEC (Victoria Innovation, Advanced Technology and Entrepreneurship Council), started in 1989. Our mission is to serve as the one-stop hub that connects people, knowledge and resources to grow and promote the Greater Victoria technology sector (Technology is Victoria's #1 industry with a $4.06 Billion Annual Revenue, a $5.22 Billion Economic Impact and over 16,775 employees across 995 high-tech companies - and growing!)
We work closely with our members to offer a variety of events, programs and services. In addition, VIATEC serves as the front door of the local tech sector and as its spokesperson. To better support local innovators, we acquired our own building (Fort Tectoria) where we offer flexible and affordable office space to emerging local companies along with a gathering/event space for local entrepreneurs. www.viatec.ca
About the VIATEC Foundation:
A fund, held with the Victoria Foundation, that provides a simple way for VIATEC members to give back. Launched in June of 2017 (Raising $177,242 on its first day), the VIATEC Foundation is a result of seeing the philanthropic efforts of VIATEC Members being made privately or members lacking a direction for their goals. Because it is an industry that thrives on competition and challenges, VIATEC saw an opportunity to offer people a way to direct their generosity and show the Victoria community what’s possible.
About the Mustard Seed Street Church:
The Mustard Seed Street Church has been essential in fighting hunger and restoring faith to a large portion of people living in poverty, as well as the working poor, in Greater Victoria since 1975. The Mustard Seed’s operations are nearly 100 percent community funded and include Vancouver Island’s largest Food Bank, a Family Center, Hospitality programs, and addictions recovery at Hope Farm Healing Centre as well as more traditional Church services.
The Mustard Seed Street Church positively impacts, on average 5,000 individuals per month, with more than 50 volunteers keeping things running everyday. With your help, lives are transformed on a daily basis! www.mustardseed.ca
Marketing & Events Director
Vecima Networks Honoured With Multiple Award Wins see more
Vecima Networks Honoured With Multiple Award Wins
VICTORIA, B.C., June 18, 2018 (GLOBE NEWSWIRE) -- Vecima Networks Inc. (TSX:VCM), an experienced designer and manufacturer of innovative technology solutions, is delighted to announce recent award wins that honour the company.
2018 BC CFO Awards
Mr. John Hanna, Vecima’s Chief Financial Officer, was honoured as the winner in the Small Public Company category at the 2018 BC CFO Awards Gala held on June 7th at the Fairmont Waterfront in Vancouver. The BC CFO Awards are a partnership between the Chartered Professional Accountants of British Columbia and Business In Vancouver magazine. These awards recognize the top CFOs in the province with the honourees chosen based on their performance relating to corporate growth, overall performance and execution, sound business principles, and reporting.
2018 Victoria Chamber of Commerce Business Awards
Vecima Networks was announced as the winner in the Innovation category at the Victoria Chamber of Commerce 2018 Business Awards held on May 10th at Victoria’s Fairmont Empress. The Victoria Chamber of Commerce is the city’s largest business association, funded by businesses to support business interests.
2018 VIATEC Awards
Vecima took top honours in the category of Technology Company of the Year (50+ employees) at last Friday’s 2018 VIATEC Awards Gala. VIATEC, the Victoria Innovation, Advanced Technology and Entrepreneurship Council, is an organization dedicated to the development and promotion of the Greater Victoria technology sector.
“We’re thrilled that Vecima’s team has been recognized by these distinguished organizations,” said Sumit Kumar, President and CEO of Vecima Networks. “We are especially proud to see John’s accomplishments formally recognized as it speaks to the competence and caliber of our management team.”
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima’s Video Content Delivery and Storage business, operated under the Concurrent brand, includes solutions and software for industries and customers that focus on storing, protecting, transforming, and delivering high value media assets. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. For more information, please visit www.vecima.com.
Investor Relations - 250-881-1982
Mr. Mark DePietro has joined the organization as its Senior Vice President of Marketing. see more
VICTORIA, BC--(Marketwired - August 04, 2016) - Vecima Networks Inc. ("Vecima" or "the Company") (VCM.TO) is pleased to announce that Mr. Mark DePietro has joined the organization as its Senior Vice President of Marketing.
"Mark is a great addition to Vecima's management team and we are eager to have him involved in driving key strategies for our products to grow both revenue and market share. His extensive cable industry and product development experience will help Vecima strategically position our products for ongoing growth as a company going forward," said Sumit Kumar, President and CEO.
Mr. DePietro has vast experience in complex technology product development including business and strategy development in the video and cable industry. Most recently, Mr. DePietro was VP of Product Management & Business Development in Video Infrastructure at ARRIS. Prior to the ARRIS acquisition of Motorola, he held multiple VP positions within Motorola including VP & General Manager of Video Access, VP Strategy & Business Development as well as VP Product Management and Systems Engineering for Digital Network Systems. With over 20 years of experience with Motorola and ARRIS, he understands the complexities in the video cable industry and has developed and rapidly scaled new products with great success.
About Vecima Networks
Vecima Networks Inc. (VCM.TO) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, NEROglobal, and Fleetlynx brands. More information is available at our website at www.vecima.com.
Vecima had a solid third quarter with a profit of nearly $6 million. see more
Source: Times Colonist
Author: Darron Kloster
Victoria-based Vecima Networks, which manufactures products for broadband access to cable and wireless networks, had a solid third quarter with a profit of nearly $6 million in the quarter ended March 31.
According to its most recent financial statements, Vecima reported its highest-ever quarterly revenue and earnings before interest, taxes, depreciation and amortization.
“We turned in an outstanding quarter,” said chief executive Sumit Kumar. “Our remarkable cash generation during the period allowed us to finance a strategic acquisition, increase our investment in [research and development] and support our capital expenditures, while we maintained a cash balance of nearly $70 million.”
The company reported revenue of $31.8 million in the quarter, up from $23.2 million in the third quarter of 2015, and EBITDA of $10.3 million, up from $7.5 million last year.
Accretive Acquisition Expands Presence in the North American Telematics Market see more
VICTORIA, BC --(Marketwired - March 03, 2016) - Vecima Networks Inc. ("Vecima" or "Company") (TSX: VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, today announced that it has acquired the assets of Contigo Systems Inc. ("Contigo"), a Vancouver-based private company.
Contigo is a leading provider of turn-key GPS solutions for fleet management, asset tracking and personal safety for small to medium sized fleets. Providing multiple forms of locatable devices and a state-of-the-art web platform, Contigo's solution is ideally suited to the large and growing market for commercial fleet management. The technology allows monitoring of disparate types of location devices from on-board monitoring/diagnostics devices to smartphones, all on one unified platform using wireless network infrastructure. Contigo's two key products are RideAlong, for commercial vehicle tracking, and Alert & Assist, for lone worker safety. Contigo's revenues are approximately $5.0 million annually, of which greater than 90% is recurring.
"Contigo brings to Vecima over 15,000 subscribers, channel strength, and a nimble development team with deep understanding of the telematics space. The addition of Contigo is complementary to our own FleetLynx business in terms of both geographic focus and target fleets adding significant presence in the service fleet vertical to Vecima's commercial trucking customer base. Not only is this acquisition immediately accretive, but by combining our businesses, we expect further synergies which should add to our overall EBITDA over time," said Sumit Kumar, Vecima's President and CEO.
"My team and I are excited to be joining forces with Vecima, a company with a proven track record of technology leadership. Our combined subscriber base, human resource pool, and financial strength will position Contigo's platform for growth in the telematics market," said Lindsay Ryerson, President and CEO of Contigo.
"We are very excited to acquire this strongly performing company which will boost the telematics component of our business," added Mr. Kumar. "Vecima has great respect for the team at Contigo and the quality of the business they have built. Mr. Ryerson will join Vecima as Vice President and General Manager of the combined fleet business. We look forward to the addition of Lindsay and his team and backing them with the support of Vecima's resources to grow the business going forward."
About Vecima Networks
Vecima Networks Inc. (TSX: VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. More information is available at our website at www.vecima.com.
Contigo's patented location-based platform enables businesses to monitor their vehicles, assets and personnel 24/7 via the internet. Contigo's solutions are distributed across the U.S. and Canada through Contigo's network of strategic partners and value-added resellers. Founded in 2002, Contigo is a privately held corporation based in Vancouver, British Columbia. For more information, please visit www.contigo.com.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about: not only is this acquisition immediately accretive, but by combining our businesses, we expect further synergies which should add to our overall EBITDA over time; our combined subscriber base, human resource pool, and financial strength will position Contigo's platform for growth in the telematics market; Contigo will boost the telematics component of our business; and Mr. Ryerson will join Vecima as Vice President and General Manager of the combined fleet business.
In connection with the forward-looking information contained in this news release, Vecima has made numerous assumptions, regarding, among other things: we are able to successfully integrate Contigo's business, products and technologies without substantial expenses, delays or other operational or financial problems; we can manage our business and our growth successfully; we are able to develop new products and enhance our existing products; we can expand our current distribution channels and can develop new distribution channels; we are not required to change our pricing models to compete successfully; our third-party suppliers and contract manufacturers upon which we rely continue to meet our needs; and, our intellectual property is not infringed upon. While Vecima considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Vecima's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein; Known risk factors include, among others: failure to manage our business or our growth successfully may adversely affect our operating results; our success depends on our ability to develop new products and enhance our existing products; we are dependent on the expansion of our current distribution channels and the development of new distribution channels; if we are required to change our pricing models to compete successfully, our margins and operating results may be adversely affected; our reliance on third-party suppliers and contract manufacturers reduces our control over our performance; and, third parties may allege that we infringe on their intellectual property.
A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated September 25, 2015, as well as the Company's continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Vecima sells assets of YourLink business based in Saskatchewan to Xplornet Communications Inc. see more
Vecima Announces Agreement to Sell YourLink
VICTORIA – (January 9, 2017) – Vecima Networks Inc. (TSX:VCM), is pleased to announce that it has entered into a definitive agreement to sell the remaining assets of its YourLink business based in Saskatchewan to Xplornet Communications Inc.
Proceeds from the all-cash deal are expected to be $28.75 million subject to normal closing adjustments. The asset transaction is contemplated in two closings, the first of which is scheduled to occur by the end of this week for $20 million. The final closing of $8.75 million is expected to occur before the end of Q2 calendar 2017. The transaction is subject to customary closing conditions including the receipt of all requisite regulatory approvals, including the transfer of radio spectrum licenses.
“We are pleased that we’ve been able to reach a mutually beneficial deal to sell YourLink to a highly respected company in the industry,” says Sumit Kumar, President & CEO of Vecima Networks Inc. “Our strategic priority over the past 5 years has been to monetize non-core assets and focus on our core technology business. This sale marks the culmination of a multi-year effort where we have successfully created additional shareholder value through the sale of excess real estate, radio spectrum and, in the last 6 months, both BC Cable and this transaction. We are confident that our vision to extend the reach of broadband to more people in Saskatchewan will now be pursued by a highly focused national broadband service provider that is dedicated to building a stronger, more connected digital Canada.”
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. More information is available at our website at www.vecima.com.