Sandvine Gains Most in Three Years on Asian OrderEric Lam
Sandvine Corp., which sells Internet network management tools, jumped the most in more than a year after receiving about $6.5 million in follow-on orders from an Asian service provider.
Sandvine soared 12 percent to C$1.54 in Toronto, the biggest gain sine November 2011. The stock also closed at its highest level since May 31.
“This is a multi-phase project and the deployment has proceeded as expected,” Tom Donnelly, chief operations officer of sales and global services at Waterloo, Ontario-based Sandvine, said in a statement. “We are just beginning the second phase.”
The company said it first announced initial orders from the customer, a “top five” communications service provider in Asia, in May 2012.
Since that time, Sandvine has announced orders from Asian operators worth about $20 million, Donnelly said. The company has customers in Japan, Australia, Hong Kong, Singapore and Indonesia, according to the statement.