Waterloo, Ont.-based Sandvine, which popped into the spotlight recently when it unveiled a study that cited the existence of 1,100 VOIP service providers, has raised US$15-million in private equity. The financing was led by Orinda, Ca.-based Newbury Ventures. The deal also includes BDC Private Equity Partners, Celtic House Venture Partners, Tech Capital Partners, and VenGrowth Capital Partners. Newbury's other Canadian investments include Meriton Networks, which won part of the BT's US$19-billion next-generation network contract; Abridean Inc. and Bridgewater Systems. Sandvine provides broadband service providers with technology to monitor network activity and deploy policies to protect and enhance traffic. Before starting Sandvine, the company's founders created Pixstream Inc., which was acquired by Cisco Systems Inc. for US$369-million in 2000.

PalmOne introduced its LifeDrive device today. While I haven't had a chance to evaluate it, I get the feeling it falls somewhere between the Palm and Treo. With 4GB of memory, Wi-Fi and Bluetooth capability and the traditional Palm software, the LifeDrive is an intriguing option. Given my disappointing experience with the Treo 650, I'd be interested in using a LifeDrive along with my cellphone. But at C$699, it's an expensive upgrade from my m515. In some ways, perhaps I'd be better off buying a mini iPod for C$250, and simply juggle multiple devices. In an ideal world, I'd like to see the Treo become less buggy and its memory beefed up to 4GB. This would be closer to the perfect all-in-one device.

Now that the CRTC has shackled ILECs when it comes to VOIP, Vonage Canada has decided it's time to crank up its marketing machine. This will see Vonage sponsor two high-profile events in Toronto this summer - the Molson Indy and the Distillery Jazz Festival. From a marketing/advertising perspective, it will be an interesting summer for the VOIP industry as existing players get more aggressive, and Rogers launches its cable telephony service in July. You have to expect Bell Canada will respond by promoting its own VOIP service - Bell Digital Voice - and/or market the benefits of its traditional phone service. Consumers are going to have a plethora of VOIP options so you wonder how long it will take for someone to launch a Canadian version of whichvoip.com.

Nortel hasn't held an annual meeting since 2003 so you figure the embattled company would put on an investor-friendly event next month for its 2004 and 2005 AGMs. Well, Nortel is holding them in Toronto, home to Canada's financial epicentre, but it's nowhere near Bay St. (Toronto's equivalent of Wall St.) where all the analysts and institutional investors hang out. Instead, the AGM will be held in suburban Toronto near the airport. If you're a Nortel employee, this is a convenient choice because it's only a 20-minute drive from corporate headquarters in Brampton. If you're a senior Nortel executive, it's great because most of them don't live in Toronto. This way, they can fly in and quickly fly out. If you're an analyst, journalist or shareholder who doesn't live near the airport, it's a long taxi ride or a battle through morning commuter traffic.
Perhaps Nortel wants to avoid a repeat of the 2002 AGM in Halifax where shareholder advocate Robert Verdun took control of the proceedings, and grilled management on a variety of issues, including the lack of financial transparency. The AGM lasted nearly four hours, which prompted a call for an intermission so everyone could eat lunch. If you're a conspiracy theorist, it's hard not to get the idea Nortel may not want a lot of people to attend this year's AGM so it can just get the whole thing over with quickly. Then again, this is the opportunity to question the new senior management team, and discover if Bill Owens has a big-picture strategic vision, so shareholders would be loathe to take a pass.