After a decade of “of accelerating Canadian mobile technology,” Wavefront Innovation Society (Wavefront) announced this week that it is ceasing all operations.
In a statement, the company said that after assessing its options in the face of “declining sources of revenue,” it was determined that the appropriate course of action is to cease operations to ensure that there is an orderly liquidation of its assets” for the benefit of its creditors.
For the past 10 years, “Wavefront was a recognized centre of excellence for mobile and IoT technologies in Canada,” the company said. “Working with companies across all industry verticals, Wavefront provided a variety of programs and services to startups, small and medium-sized enterprises (SMEs), large enterprises and government to help them grow, scale, and connect.”
In the last 5 years alone, the company said it has helped create 6735 jobs, and add $417M to the Canadian economy.
It also noted that more than 250 companies have been created through Wavefront’s programs and services,
Thank you to our incredible team, and government, corporate, SME partners that have supported us along this amazing journey,” said Wavefront.
The company added that it is the hope of its board of directors and management that “many of these services which have helped increase Canada’s global competitiveness will be maintained and supported by other organizations.”