Communitech’s Hub responsible for $500 Million in deals in Year One

Waterloo’s Communitech announced yesterday that they have played a “key role” in tech company deals totaling more than $500 million and the emergence of 164 new digital media companies during the first year of The Communitech Hub’s operation.

Communitech’s Hub, a digital media innovation center that brings entrepreneurs, multi-national companies, and academic institutions together under one roof to build global digital media companies, marked its first anniversary yesterday after a banner year.

More than 600 companies in total benefited from The Hub’s programs during its inaugural year. Along with nurturing the first crop of digital media startup successes, The Hub has hosted 5,000 visitors .

The Hub currently houses 28 start-up companies, 3 post-secondary academic offices, 5 multi-nationals including RIM and OpenText, and 14 professional services firms plus provincial and federal partners.

Companies resident at The Hub are provided with free meeting and networking space, mentoring programs, strategic events, and access to professional services. Other specialized digital media development infrastructure is also available such as the HIVE 3D interactive environment for which Christie Digital Systems Canada Inc. provided the infrastructure, and the Magor TeleCollaboration suite.