Province pumps millions into tech company

This comes as Tories continue calls to end corporate welfare

The province is pumping up to $120 million dollars into Ontario tech firm OpenText, with hopes it will create up to 1,200 jobs through expansion.

That would double its workforce to 2,400.

Premier Kathleen Wynne was in Kitchener-Waterloo to make the announcement. The new jobs are not only expected to pop up there, but also in Toronto, Richmond Hill, Peterborough, Kingston and Ottawa.

The software company will invest $2 billion of its own money over the next seven years into expansion in the province.

This announcement comes as Progressive Conservative leader Tim Hudak continued calls to end corporate welfare.

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  1. Mark posted on 04/25/2014 05:45 PM
    It sounds like this company is flush with money ( IE - will invest billions ) so why would taxpayers be dumping more money into the pants of this rich company.

    Could it be to protect a liberal MPP ?? or could it be just another stupid liberal waste of money ??
    1. Sonny posted on 04/26/2014 10:03 AM
      @Mark It would be to help create 1200 new jobs in Ontario rather than NY State which is offering tax free status for relocating there.
  2. Suz58 posted on 04/26/2014 08:07 AM
    I am thinking this is just a good investment. Not a bailout, yes could be a vote grab. Open Text has been a reputable company, self sufficient, showing growth and very profitable. It has provided many jobs and will now, create many more. Good investment! Better than outsourcing and sending all our jobs to anywhere but Canada.
  3. Brief and to the Point posted on 04/26/2014 09:11 AM
    Let's listen to Tim so we can lose these 1200 highly paid jobs to northern New York state.
    More short-sightedness from the Con ideology.

    Congratulations to Premier Wynne for investing in our future.
  4. Ernie posted on 04/26/2014 10:07 AM
    I live about 1 km away from Open Text and can tell you that this is nothing but a Liberal attempt to buy votes in Waterloo. Open Text is located right next door to Blackberry. You can throw a baseball from the front door of one building to the front door of the other.

    Open Text has long been a stable and well run company. Spending $100,000 per job in taxpayer money is totally unnecessary for Open Text to grow their business. True, without that money the growth may be a bit slower, but slow growth is more stable growth.

    Waterloo does not need the roller coaster type rises and falls associated with truck loads of money being delivered. I am a taxpayer too and resent how my taxes are funnelled towards this company while tens of dozens of good businesses that can ultimately create more work at even lower investments go unnoticed.

    Some of what stinks with this deal is that the riding was formally conservative - Elizabeth Witmer for many many years. With her resignation to take on an appointment by Dalton McGuinty to head the Workers Compensation Board, there was a by-election won by newcomer NDP Cathrine Fife. Obviously the LIberals see this riding as a huge target for them to win.

    I am not against corporate welfare in the right circumstances, but this isn't it!
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