. . World news – CA – The sale of Ferraven is expected to inject capital and jobs into N.. . The. Technology sector | CBC News

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It’s the most striking deal Paul Preston can think of, at least in this corner of the world.

“As far as I know, I don’t know about a larger technology company acquisition in Atlantic Canada,” Preston said.. It will take some time before these records are surpassed.

Preston, CEO of Tech NL, the county’s industry association, said he had a feeling that international buyers were sniffing around St Street.. John’s, but didn’t expect a sale of this size: $ 2. A $ 75 billion cash deal was announced, Thursday morning, from money giant Nasdaq to local software developer Veravin..

For years, insiders have distinguished the small and thriving tech industry here as the province’s most famous success story. Exact numbers vary according to source, but around 200 companies in Newfoundland and Labrador employ around 6,000 people; Their products and services range from ocean technology to 3D lighting offerings.

Before yesterday’s news broke, “We thought they would grow to about 1,200 [employees] in the next three to five years,” Preston said.. “I think it will go beyond that.

While everyone from government officials to fellow entrepreneurs congratulate the 17-year-old fraud detection firm on the sale, Insiders dispel any concerns that Nasdaq will ship its operations out of the county.

« If I get a capital injection, you look, how can I invest in other local companies? What is the next big tech company? »

Preston expects the deal to see an extension of capital investments in other tech companies, stimulating startups and bringing international skilled workers to St.. John.

“This is the biggest gap we have here for our sector,” Preston said.. “I think this will help turn the tide a little bit. It will help attract the global talent that wants to come here.

The deal bodes well for an industry that has spent years grappling with labor shortages, says Michael Sims, CEO of the Genesis Center.. .

The Memorial Technological University incubator, where Veraven got its start, also profited from the sale: Nasdaq gave it $ 1 million for research and development..

This will help expats – as long as they can find enough people to work with, Sims said.

Earlier this week, the province announced new concessions for international technology graduates: a « migration path » to encourage retention. Sims said the timing couldn’t be better.

“We can tell them,” Listen, stay. You don’t have to leave. You can stay here, there is an opportunity here, there is an exciting business here.  ».

« The opportunities coming from this deal, I think we’ll be seeing decades from now, » Sims said..

“It is now known worldwide. It’s a company to look out for, not just across North America or across Canada. It will be searched all over the world as a place people want to work, and it will attract talent from far away.

The sale comes after months of turmoil and uncertainty inside the County’s Nest Egg: It was once thriving outside.

Preston does not see a sudden technological renaissance as a substitute for Newfoundland’s oil and gas sector.

“We need our natural resource economy. But the more cylinders of our economy we can release, the better..

“If we can get the resources, we can get technology, aquaculture and clean energy . . . The more hiring jobs in these sectors, the better. It certainly diversifies our economy.

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NASDAQ, Finance, Financial crime, Newfoundland and Labrador, Verafin

World News – CA – Verafin’s sale is expected to pump capital and jobs into the N. The. Technology sector | CBC News
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Ref: https://www.cbc.ca

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