Bloomberg News

Sandvine Gains Most in Three Years on Asian Order

January 08, 2013

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 elam87@bloomberg.net

To contact the editor responsible for this story:


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