Purchasing Nortel assets during the Ottawa tech firm’s bankruptcy sale last year has paid off handsomely for Swedish telecom giant Ericsson, which posted record Q3 profits last week.
Now a consortium of Ottawa tech companies are in Sweden pitching Ottawa as an ideal city for more wireless firms to do business.
Looking to convince more European companies that Ottawa is ideal for expansion, a delegation from the Ottawa Centre for Research and Innovation (OCRI) and member companies like SiliconPRO, TransGaming Inc, YOU I Labs Inc and Flick Software are showing off tax incentives and other benefits in Stockholm and Helsinki.
As well as tax incentives, Ottawa is also home to many R&D centres, both public and private sector.
The record profits at Ericsson are attributed to both profits in the handset division (held jointly with Sony) as well as savings that came from purchasing Nortel divisions.
Perhaps neighbouring companies will follow.