iWeb Realizes New Cash Infusion

iweb, one of Canada’s leading Internet infrastructure companies, announced earlier this month an infusion of investment capital from Fondaction to the tune of $2.5 million. Fondaction is an investment fund from the CSN whose purpose is to provide investment funding to companies that will create and maintain jobs in Québec. The addition of this new capital brings Fondaction’s total iWeb investments to some $13.5 million over the last four years. It is also the final investment in a package that was designed to fully privatize iWeb.

In an official statement iWeb CEO Eric Chouinard said, “iWeb has had an excellent relationship with Fondaction since 2007 and I’m really pleased with its development. We can now move on to another stage of our growth being better equipped financially to reach our goal of reaching $100 million in annual revenue.”

The company currently employs more than 200 professionals at four separate data centers. In addition, iWeb is active in 150 countries and services more than 25,000 accounts. In order to reach their future operational goals the company has teamed up with one of their primary investors, Novacap Technologies. Between iWeb’s technical expertise and Novacap’s business prowess the two expect to expand iWeb’s global reach significantly in the coming years.

“Novacap is proud to partner with a well established company in the promising area of the storage of computer data,” said Novacap Sr. Partner Stephane Tremblay. “By combining the technical expertise of iWeb executives with years of operational and financial experience of the Novacap team, we believe that this formula will position the company to achieve the objectives for growth and profitability.”

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