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Matthews' Magor raises $5.9M ahead of TSX-V debut
A local videoconferencing technology provider chaired by Ottawa tech icon Terry Matthews is set to become the city's newest publicly traded firm after raising $5.9 from outside investors.
Magor Communications will start trading under the symbol "MCC" on the TSX Venture Exchange on Friday after receiving a green light from regulators.
"As of (this) morning, Magor becomes a tradable entity," said Ken Davison, the company's vice-president of marketing, in an interview.
Founded in 2007, Magor aims to make videoconferencing as easy as bumping into a colleague and striking up a casual conversation.
Named one of OBJ's Startups to Watch in 2011, the 30-employee company is betting on a major shift in the videoconferencing market to software-based solutions from being hardware-centric. Primarily targeted at government and health-care workers, its flagship product allows users to share control of desktops, applications, whiteboards and other materials. At the same time, the company says it is eliminating traditional obstacles to videoconferencing such as high infrastructure costs as well as latency and interoperability headaches.
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