Cyber tech firm thrilled at $4.4m government funding
The London-listed, Auckland-based firm Endace has been awarded a TechNZ grant of $4.44m to continue advanced cyber security technology research.
Endace chief executive officer Mike Riley was delighted at the grant.
“This funding will allow us to maintain our traditionally strong investment in new product development, something we wouldn’t otherwise have been able to do.”
The government grant will cover half the cost of a series of major product developments over the next two years.
Research, Science and Technology Minister Wayne Mapp described Endace (AIM: ENA) as an emerging leader in cyber security research and an example of the type of company that would drive New Zealand’s economic growth.
“Cyber security is of increasing importance to organisations whose networks carry sensitive commercial and government intelligence,” he said.
“This area is a growing niche for New Zealand companies such as Endace who have access to Western markets.”
Endace, listed on London’s Alternative Investment Market (AIM), was formed in 2001 to help telecommunication companies, government agencies and Fortune 500 organisations monitor and secure their networks.
The company is based in Auckland and employs 98 staff in New Zealand, many in research and development. It also has offices in the UK and US.