Sir Terry Matthews appeared on BNN yesterday to talk about his latest venture, Magor (TSXV:MCC), which recently listed on the TSX Venture Exchange through a reverse merger.
Matthews says he became interested in Magor because the cost of hardware was plummeting, and the capability of the cloud to handle vast amounts of data has expanded. Magor’s cloud-based Aerus platform, aimed at heavy collaborators and enterprise clients, allows users to teleconference with high-def video while sharing material such as presentations and speadsheets from their tablets and smartphones.
The company raised $5.9-million recently by selling just over 10-million shares at $.59. On Monday, it received $500,000 from the Federal Economic Development Agency for Southern Ontario. That investment, says management, will allow Magor to attract further investment from the Southwestern Ontario Angel Group and Matthew’s own Wesley Clover International.
Matthews says the size of the market for Magor’s solutions is as much as $15-billion right now and is expected to double in the next few years.
A forecast last year by Gartner analyst Scott Morrison backs up Matthew’s claims. Morrison, in a report entitled “Market Trends: Videoconferencing, Worldwide, 2012,” said “Future demand for video infrastructure is predicated on far-reaching changes to the current architecture and commercialization of these solutions, from hardware to software and from capital investment to cloud-based delivery.”
At press time, shares of Magor were down 1.7% to $.59.