Sandvine Corp. (SVC), which sells Internet network management tools, jumped the most in more than three years after receiving about $6.5 million in follow-on orders from an Asian service provider.
Sandvine soared as much as 18 percent to C$1.63, the highest since April 2009, and was up 8.7 percent to C$1.50 at 11:33 a.m. in Toronto. A close at that level would be the highest since June 5.
“This is a multi-phase project and the deployment has proceeded as expected,” Tom Donnelly, chief operations officer of sales and global services at Waterloo, Ontario-based Sandvine, said in a statement. “We are just beginning the second phase.”
The company said it first announced initial orders from the customer, a “top five” communications service provider in Asia, in May 2012.
Since that time, Sandvine has announced orders from Asian operators worth about $20 million, Donnelly said. The company has customers in Japan, Australia, Hong Kong, Singapore and Indonesia, according to the statement.
To contact the reporter on this story: Eric Lam in Toronto at firstname.lastname@example.org
To contact the editor responsible for this story: