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Waterloo's Sandvine to expand by 75 employees thanks to $15M grant from province

Last Updated Mar 16, 2016 at 2:59 pm EDT

Premier Wynne at Waterloo's Sandvine on March, 16, 2016. Photo: Jeff Pickel - 570 News

The province is providing up to $15 million in grant money to Waterloo’s Sandvine to aid research and development.

As a result, the company will be able to hire 75 new employees and will help retain 267 employees.

Premier Wynne made the announcement at Sandvine on Wednesday morning.

The Premier had high praise for Waterloo Region saying, “Together we have worked to transform Ontario into a high tech hub of the global knowledge economy, and if Ontario is the hub, then Waterloo Region is the fulcrum, the absolute centre of our provinces ITC (information communications technology) success.” Said Wynne.

Ontario’s Minister of Economic Development, Employment and Infranstructure, MPP Brad Duguid said, the grant shows the government is making strategic investments to increase global competitiveness.

“We are competing in a fiercely competitive global economy, and the days when you could just spread out a tax a credit to everyone to give them a little bit of help, and not being invested in your fast runners is gone.”

Minister Duguid added, “We need to be invested in our fast runners so they compete in that firefly competitive global market.”

In total the grant is supporting 342 jobs in Waterloo.