A technology company with ties to Waterloo, Ont. is going by a new name after months of turbulence.
In a release on Monday, representatives said the company formerly known as Sandvine has rebranded as AppLogic Networks after restructuring efforts wrapped up.
Sandvine faced trouble last year as the company began bleeding money over alleged deals with authoritarian regimes around the world. It was also included on the U.S. Department of Commerce’s Entity List. The document is a list of foreign companies, organizations and people considered to be a national security concern. Companies on the list require a license to export, reexport or transfer some items.
Sandvine was eventually removed from the list, but the financial damage had already been done.
Company representatives appeared in court multiple times in November to try to protect its assets from creditors and restructuring to avoid bankruptcy.
In the latest release, the company said the restructuring and new name will mark the start of a new chapter as they move toward enhancing their use of artificial intelligence and machine learning, shifting to software-only solutions and transitioning operations to democratic jurisdictions.
“The Company has new leadership, new owners, new funding, and a refreshed mission to revolutionize network observability as the internet continues to grow into a universe of increasingly complex applications,” the release said.
“The Company has initiated a transition to a model where its technology is only sold in democratic jurisdictions and is committed to being a champion of digital human rights,” the release continued.
Sandvine was bought by a U.S. private equity firm, Francisco Partners, in 2017. AppLogic Networks is based in the U.S., but Sandvine had an office on Albert Street in Waterloo, which at one point was considered its headquarters.
In an email to CTV News on Monday, a company representative said AppLogic Networks plans to keep its Waterloo location. They confirmed there were some layoffs in 2024 but no further layoffs are expected.
The company’s headquarters will be in Plano, Texas, a suburb of Dallas. The company said the Waterloo location will focus on “key operations and back-office functions.”
