Endace granted $4.4 million

Networking technology company Endace has gained a $4.44 million investment grant through TechNZ to accelerate its development programme.

TechNZ is a foundation for Research, Science and Technology administered fund. It is designed to help fast track research ideas into sellable products and boost job growth within the technology industry.

“This grant will help Endace accelerate a number of significant projects that will ensure that the company remains at the cutting edge of packet capture and analysis technologies,” said chairman Ian Graham.

“It is especially timely given the increased investments we are currently making in our sales and marketing activities.”

Last year it spent US$8.8 million on research and development. To March this year its profit was US$4.5 million. The company has 98 staff with offices in Auckland, the UK and US.