VICTORIA – Over 30 years since its beginning, tech leaders Vecima Networks Inc. have found a home in Victoria.
Founded in 1988, Vecima has grown to become a globally recognized leader in technology solutions for network service providers.
“The company was founded in Saskatoon by Dr. Surinder Kumar under the name Wavecom Electronics,” says Head of Corporate Communications Anne-Marie DeSouza. “Our first commercial product was a line of modulators for the commercial television industry. We were pioneers in servicing the emerging internet and TV market, and at one point, over half of the world’s high-speed internet was running through Wavecom products.”
Just over 20 years ago, Vecima relocated its head office to Victoria, and in 2005, the company went public and rebranded as Vecima Networks. It has now grown to house several hundred employees with locations in Burnaby, Atlanta, Tokyo, and a major research and development facility in Saskatoon.
“Even though we keep a lower profile in the community, we are one of the more sizeable tech companies out there, with an annual market cap of close to a quarter billion dollars,” says DeSouza. “Many people are surprised to find out that a Victoria-based tech company has such a sizeable footprint.”
Though most of Vecima’s clientele are global blue chip companies, the company works to build into their own community through participation in the chamber, sponsoring events, participating on executive forum panels, and supporting various charities.
Today, the company is lead by CEO Sumit Kumar, who is Surinder’s son, and CFO John Hanna. Both leaders bring extensive experience to the table. Sumit has been with Vecima for nearly 25 years, working in research and development before moving into the business development side. Hanna joined the company in 2010, and brings over 20 years of experience and a background in corporate mergers and acquisitions.
Vecima is divided into three segments: Video and Broadband Solutions, Video Content Delivery and Storage, and Telematics.
Thanks to a series of acquisitions, the company has been able to stay on top of its industry, offering clients access to cutting edge technology.
Their Video and Broadband Solutions division includes award-winning platforms and modules that process data from cable networks and delivers it in formats suitable to be consumed on televisions and Internet devices.
“To date, our biggest seller is the Terrace Family of Products,” says DeSouza. “Since launching the line about 15 years ago, they have brought in about $332 million in sales.”
The Video Content Delivery and Storage division operates under the name Concurrent.
“Concurrent Computer Systems is a US-based software in the video on demand content delivery space,” says DeSouza. “We finalized our acquisition of Concurrent at the very end of 2017. This gave us a new video and data solution that allows us to take advantage of growing opportunities and become a stronger play in the global marketplace.”
DeSouza describes the Telematics division as pertaining to the “internet of things.” A Burnaby-based telematics system was purchased in 2016, with proprietary technology that handles a network of technology-embedded devices.
Currently, the division provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, NERO Global Tracking, and FleetLynx brands.
Moving forward, DeSouza says that Kumar and Hana are always looking to grow the business.
“We are always on the lookout for attractive investments in keeping with our overall strategy,” she says. “We’ve been more than happy with the acquisitions we have, and we’d like to develop them as much as we can, while keeping our ear to the ground to see what else is out there. We’re focussing on what we need to do to make our current assets successful.”