(Image via Medallion Resources.)
Canada’s tech sector covers a wide array of industries that, on their own, would otherwise appear unrelated. Taking a look at some significant news among players in market, the connection becomes clearer ….
Sangoma Technologies Corporation (TSX-V: STC) expects to release its fiscal
Q3 2020 unaudited results on May 27th and members of management will host a conference call in the afternoon.
STC delivers Communications as a Service solutions (UCaaS) for businesses of all sizes, service providers and original equipment manufacturers. This announcement comes after the company reported its revenue for
Q2 2020 was up 10% to a record high of more than $32 million (CAD) and EBITDA exceeded $5 million per quarter for the first time ever.
Analysts have forecast that the global unified UCaaS market to grow from $15.8 billion (USD) as of 2019 to
$24.8 billion in four years’ time, at a Compound Annual Growth Rate (CAGR) of 9.5%.
An interesting segment of Canada’s tech sector to watch is aerospace.
Magellan Aerospace Corporation (TSX: MAL) begins its
normal course issuer bid today, which goes towards its operations throughout North America, Europe, and India. For the aerospace market, MAL designs and manufactures aeroengine and aerostructure assemblies and components, for defense and space agencies, it develops advanced proprietary products.
This company has had its obstacles to overcome as of late, reporting earlier this month a
$31 million decrease in revenue
and a $6 million decline profit between Q1 2019 to Q1 2020. However, it should be noted that American and European figures were down for Magellan, while Canadian revenue increased 3.9%, mainly due to increased volumes in its casting business.
Magellan is keeping busy and announced just two days later that it had secured a
$46.4 million contract to supply complex machined rotating engine components for military aircraft platforms. The work will be carried out at Magellan’s Mississauga, Ontario facility.
Another item on today’s agenda will be of interest to resource investors.
Vancouver, BC-based
Medallion Resources Ltd. (TSX-V: MDL) will host a webinar discussing its proprietary technology to
extract rare earth elements (REEs) quickly and cost-effectively from mineral sand mining by-products in the United States.
Have you found success with any companies that also worked as a good play in the tech market? Let us know in the comments below.