10 December 2010
$6.7m Technology Development Grant to accelerate Endace growth
New Zealand technology company Endace will be the beneficiary of a Technology Development Grant worth up to $6.7 million over the next 36 months.
The grant, announced in Christchurch this morning by Hon Dr Wayne Mapp, Minister of Research, Science and Technology, will enable Endace to further accelerate its development of ultra-high performance packet capture and analysis systems.
Mike Riley, Endace CEO says: "We're absolutely delighted to have received this grant and would like to recognise the support the New Zealand government has given Endace in the past and continues to provide today. Research and development is the lifeblood of Endace and we're thrilled to see the government recognising and supporting organisations that have proven track records in creating and monetising Kiwi Intellectual property."
Endace products are used by government agencies, large enterprises and organisations that have the responsibility for protecting critical national infrastructure against cyber-attack.
Dr Richard Templer, acting Chief Executive, Foundation for Research, Science and Technology, says that Endace is a frontrunner in R&D.
“It’s no coincidence that Endace feature in the TIN100 list of leading technology businesses. Their commitment to innovation and expertise in using R&D to create products that have given them a competitive advantage have, in turn, benefited New Zealand.
“TechNZ support will ensure Endace have even greater financial certainty over the next three years and can just keep on doing what they are good at—developing innovative technology solutions that are in global demand,” Dr Templer says.
The Technology Development Grant was announced in the May Budget as a new initiative to increase business investment in R&D, with $189.5 million available over four years. It is designed to support firms with a good track record in R&D and which spend a significant proportion of their revenue on it.
One of New Zealand’s most highly awarded and successful high-tech companies, Endace came from humble roots, formed from a latency research project in the School of Computing and Mathematical Sciences at the University of Waikato.
In 2001 the technology was successfully commercialised and Endace was formed to service Telecommunication Companies, Govern¬ment Agencies and Fortune 500 organisations seeking to monitor, measure and secure their networks. Endace became the first New Zealand company listed on the AIM (Alternative Investment Market) in the UK when it floated in mid-June 2005.
Over the last ten years Endace has seen significant growth and has evolved into a fully-fledged systems business focusing on the Cyber Security Monitoring and Financial Services markets.
The Technology Development Grant is administered by the Foundation for Research, Science and Technology and is one of its investment products under TechNZ, the Foundation’s business investment programme.
In 2010/11, $92 million will be invested into 26 businesses in the high value manufacturing sector. This is the largest Government R&D investment into businesses ever.
The grant reimburses 20 per cent of eligible R&D expenditure on a business’s R&D programme, up to $2.4 million (excl. GST) a year.
Grants will be awarded for three years, after which a business will have to reapply for a grant alongside other businesses. The final amount businesses will receive depends on their actual R&D expenditure over the next three years.
For organisations that rely on their data networks to do business, Endace provides high performance traf¬fic analysis, latency measurement, network security and application acceleration solutions that capture, inspect and report on every single data packet.
Our product portfolio includes high-speed packet capture technology, open development environments, multi-function network monitoring appliances and a comprehensive range of powerful yet intuitive management, measurement, alerting and analysis applications. These products provide the broadest, most capable range of packet capture technology, for any interface, speed or packet type. We enable our customers to be confi¬dent in their service performance, traf¬fic monitoring, information security, and regulatory compliance.
Based in Auckland, New Zealand, Endace also has of¬fices in the UK and USA. Quoted on London's AIM, the stock code is LSE: EDA.