The City of Hamilton recently announced the sale of the Hamilton Technology Centre (HTC) to Clearcable, in what is described as a win-win business transaction for both parties.
HTC was established in 1993 as a small business incubator. Due to the age of the building, it requires immediate capital improvements, and it has ongoing operating costs. As the City invests and supports various small business programs, the property was declared surplus by City Council in February of this year.
“Clearcable will adopt the original vision of HTC by applying their own expertise contacts within this industry, and continue to foster the development of emerging technology companies such as theirs,” said Hamilton’s Mayor, Fred Eisenberger, in a press release. “We see Clearcable as a business and community leader in supporting Hamilton’s technology sector.”
Clearcable is a Hamilton-based, specialized telecommunications technical consulting firm specializing in the needs of broadband service providers and rural municipalities. Established in 2004, Clearcable has been a tenant at HTC since April 2016, and since moving to the facility, has experienced considerable growth in its operations. The company had been looking for opportunity to expand in the development and incubation process in the technology sector, and the acquisition of HTC allows this to occur.
“This acquisition will help us realize our vision of a private technology innovation centre,” added Rob McCann, president and founder of Clearcable. “As a business operator with close ties to Hamilton, both personally and professionally, I look forward to an opportunity to invest in Hamilton’s success.”
Clearcable plans to make changes that provide some space for co-working as well as accelerator spaces, where entrepreneurs can work individually or together. Capital improvements to the facility are in the plan, as well as supporting the ongoing operating costs.