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New Zealand Research Grant Offered To Mako Networks

Mako Networks : 22 August, 2011  (Company News)
PCI specialist intends to use multi-million dollar research grant for several projects in the Payment Card Security industry
New Zealand Research Grant Offered To Mako Networks
Mako Networks has received a significant grant from the New Zealand Ministry of Science and Innovation to boost its Research & Development (R&D) programme over the next three years. With a Technology Development Grant of $4,321,000, Mako Networks intends to undertake a series of projects to accelerate the growth of its operations in the UK, US and around the world.

Murray Knox, Research & Development Director for Mako Networks, says, “The Grant will allow us to start research efforts sooner than we anticipated and to carry out multiple R&D projects in parallel. This will enable us to bring new products to market earlier than would otherwise be possible. Given the highly technical nature of our products and services, this grant permits us to get started on projects faster, take on more rigorous development initiatives and stay ahead of our competition.”

Mako intends to use the Grant to focus on four key initiatives to satisfy international data security issues, including new product development; increasing capacity in existing cloud-based management nodes; accelerating support for new IPv6 addressing protocols; and creation of new device management features.

A large portion of the grant funding will also be used to add more local staff in development and support roles during the next three years.

“Mako Networks has clearly demonstrated its expertise in using R&D to create products and services that have given them a competitive advantage that, in turn, benefits New Zealand,” Brett O’Riley, Deputy Chief Executive Business Innovation and Investment of the Ministry of Science and Innovation said.

Much of Mako Networks’ recent research activities have focused on payment card security and new rules set up by the major credit card companies known as the Payment Card Industry Data Security Standards. As well as connecting, protecting and controlling small-site business networks, Mako’s system helps combat the threat of credit card fraud for merchants using broadband Internet connections.

The Ministry of Science and Innovation Grant reimburses 20 per cent of eligible R&D expenditure on a business’s R&D programme, up to $2.4 million (excl. GST) reimbursement per year. Mako Networks is required to meet reporting, compliance and performance objectives along the way as a funding recipient.

To qualify, applicant companies had to be based in New Zealand, have a good track record in R&D and spend a significant proportion of their revenue on this area. Prime Minister John Key announced Mako Networks as one of 19 selected recipients in a press conference this week.

The Technology Development Grant is administered by the Ministry of Science and Innovation, and is one of the investment products of the Ministry’s business investment programme.
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