An Ottawa-based network infrastructure provider has quietly closed an $8.5-million funding round that is part of a technology research and development initiative the company will announce in the coming weeks, according to a company executive.
Sally Bament, BTI System's senior vice-president of global marketing.
BTI Systems received the funding from Boston-based Bain Capital Ventures, which has previously invested in the company.
The funding is good news for Ottawa, said Sally Bament, BTI Systems’ senior vice-president of global marketing.
“Any time a tech company has an investment in R&D, the nice thing is that means we’re investing in people as well as equipment,” she said.
The company’s two largest tech centres are in Ottawa and Littleton, Mass., and Ms. Bament said it “absolutely” expects to add to the teams there in 2013. Exact numbers have yet to be determined.
The funding is a boost on top of some “very strong” revenue growth. While final numbers have not yet been compiled, Ms. Bament said she expects the company to report a 40 per cent compound growth rate over the past six years, from 2007 to 2012.
BTI Systems has thus far remained quiet about the funding round because of additional news that will be reported in a few weeks, according to Ms. Bament.
“We’re tying it into a bigger launch initiative that will be pretty exciting for the market,” she said.
Providing Internet, fibre and hosting services, the company equips service providers to build out bandwidth networks. It was founded in 2000 and has regional offices across the globe.
Currently, 160 employees work out of its Kanata facility.
Last August, BTI Systems experienced its strongest quarterly growth on record with 30 new customers and increased revenues. It marked BTI Systems’ sixth straight quarter of growth. The privately held company does not disclose its financial data.
The company made Deloitte’s Technology Fast 50 list for 2012, with revenue growth of 334 per cent. The list honours Canada fastest growing tech companies.