(July 12 – 11:20 ET) – Microsoft Canada Co. and Canadian Imperial Bank of Commerce are acting in a joint initiative that will provide growth funding for qualified Canadian independent software vendors (ISVs). The aim of the fund is to foster growth and innovation in the sector.
CIBC will invest in Canadian vendors that develop software applications that run on one or more Microsoft platforms. Microsoft Canada will assist in identifying candidates. Through the fund, CIBC expects to invest up to $50 million to qualified vendors over the next two to three years.
“The phenomenal growth we’re seeing in the ISV sector means enormous export potential for made-in-Canada technologies,” said Ken Kilgour, managing director and head of CIBC’s merchant bank, CIBC Capital Partners. “We’re pleased to have the opportunity to help advance their future success.”
A recent IDC Canada study found that of the $6.4 billion per year generated domestically by the Canadian software market, the ISV industry was responsible for approximately $4.7 billion. IDC predicts the Canadian software industry will grow to as much as $9.9 billion in 2002.
-IE Staff