2010 was a col­lec­tion of highs and lows for the lo­cal tech sec­tor.

Ottawa Business Journal - Techopia - - Lookback -

Fe­bru­ary 9

Nor­tel Net­works Corp. says it has reached a $57-mil­lion deal with its pen­sion­ers and em­ploy­ees on long-term dis­abil­ity, just a few months af­ter declar­ing bank­ruptcy and jet­ti­son­ing var­i­ous busi­ness units to Eric­s­son, Ciena, Avaya and Gen­band.

Un­der the deal, which re­quires court ap­proval, Nor­tel will con­tinue to ad­min­is­ter its ne­go­ti­ated pen­sion plan and its man­age­rial and non-ne­go­ti­ated pen­sion plan un­til the end of Septem­ber. Nor­tel will pay in­come ben­e­fits to LTD ben­e­fi­cia­ries and to those re­ceiv­ing sur­vivor in­come ben­e­fits and sur­vivor tran­si­tion ben­e­fits through De­cem­ber 31.

Med­i­cal and den­tal ben­e­fits to Nor­tel pen­sion­ers and sur­vivors and Nor­tel LTD ben­e­fi­cia­ries will also be paid un­til the end of the year.

March 16

IT ser­vices provider The Util­ity Com­pany re­ceives $1 mil­lion in fund­ing from BDC Cap­i­tal Inc. to ex­pand its fran­chise pro­gram in the mid-mar­ket space and to build re­la­tion­ships with in­dus­try as­so­ci­a­tions.

The Ot­tawa-based firm, which bills it­self as a “ vir­tual IT depart­ment” for small and medium-sized busi­nesses, said the growth cap­i­tal will be used for the sales and mar­ket­ing of the soon-to-be-launched as­pects of its Con­nected Of­fice ser­vice port­fo­lio, in­clud­ing the CO En­ter­prise Pro­gram that pro­vides ad­di­tional ex­ter­nal sup­port for com­pa­nies that al­ready have an in­ter­nal IT depart­ment.

April 21

An­other piece of the for­mer Nor­tel Net­works em­pire is sold, with the Cana­dian com­pany’s in­ter­est in a Korean op­er­a­tion go­ing to LM Eric­s­son for US$242 mil­lion. Nor­tel an­nounces the sale of its 50-per­cent-plus-one share in­ter­est in LG-Nor­tel Co. Ltd., the com­pany’s joint Korean ven­ture with LG Elec­tron­ics Inc.

April 27

Mi­tel Net­works Corp. an­nounces that it raised about US$147.37 mil­lion through its ini­tial pub­lic of­fer­ing. The Ot­tawa-based tele­com in­fra­struc­ture com­pany, which launched its IPO on April 22, says it closed the of­fer­ing of 10,526,316 com­mon shares at $14 each, down from the orig­i­nally stated share price tar­get of be­tween $18-20. Mi­tel’s share price will con­tinue to dwin­dle in 2009, sitting at around $5.50 at press time, and OBJ CEO of the Year Don Smith will even­tu­ally an­nounce his up­com­ing re­tire­ment from the com­pany later in the year.

May 11

Mem­ory chip maker Si­dense Corp. lands Ot­tawa’s sec­ond ven­ture cap­i­tal deal of the year, a $5-mil­lion Se­ries-B round that in­cludes par­tic­i­pa­tion from both Cana­dian and in­ter­na­tional in­vestors.

Si­dense – which de­vel­ops logic non­volatile mem­ory in­tel­lec­tual prop­erty cores – says it re­ceived the growth cap­i­tal from a group of in­vestors led by Ven­tureLink Funds of Canada, with par­tic­i­pa­tion from its ex­ist­ing fund­ing part­ners, Tech Cap­i­tal part­ners and Trel­lis Cap­i­tal of Canada and Is­rael’s Ver­tex Ven­ture Cap­i­tal.

The com­pany says it will use the money to ex­pand the de­vel­op­ment of its em­bed­ded, one-time pro­grammable mem­ory prod­ucts and to ramp up sales and mar­ket­ing ef­forts.

May 27

Smart ther­mo­stat maker En­er­gate Inc. se­cures $7.2 mil­lion in ven­ture cap­i­tal fund­ing, mark­ing the sec­ond VC round raised by a lo­cal com­pany in just over two weeks.

En­er­gate says the se­ries-B fund­ing round would be used to drive sales growth and cus­tomer de­ploy­ment ini­tia­tives, while sup­port­ing the com­pany’s on­go­ing prod­uct de­vel­op­ment and strate­gic part­ner­ships.

The in­vest­ment was co-led by the clean­tech fo­cused, Mon­treal-based Cy­cle Cap­i­tal Fund I LP, with new and ex­ist­ing in­vestors and the pro­vin­cial gov­ern­ment’s Emerg­ing Tech­nol­ogy Fund par­tic­i­pat­ing in the VC round.

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