WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - Oct. 25, 2012) - IGEN Networks Corporation (OTCQB:IGEN) the industry-leading technology accelerator, is pleased to announce it has exercised its option to purchase a further 200,000 shares of the Gogiro Internet Group, at CAD$0.25 per share. This investment is consistent with an option agreement previously signed between iGen and Gogiro in November 2011.
"With this increased investment in Gogiro, iGen is demonstrating its belief in both the growth of cloud-based services for small and medium businesses, and the ability of Gogiro to continue to grow its services and revenues to address the needs of these markets," comments Neil Chan, chief executive officer of IGEN Networks. "Further, with new research supporting the accelerated adoption of cloud-based services into businesses' daily operations, our investment in Gogiro's thriving business model is strategically aligned with the broader opportunities presented by the cloud-based services and IT industry's forecasted growth."
According to the IDC report in September 2012, this year's global IT expenditure is already set to exceed $40 billion, shattering predicted levels that spending on cloud services will reach $100 billion by 2016.
About IGEN Networks Corporation
IGEN invests capital and management expertise in technology companies in complementary business areas. IGEN drives growth and optimizes profitability for technology companies that are providing products and services in industries that are experiencing large global growth: specialized wireless broadband infrastructure, cloud-based Software-as-a-Service (SaaS), and Machine-to-Machine (M2M). With a focus on accelerating companies to the next level through a combination of capital and hands-on management, IGEN is not just an investor in companies: it is a builder.
IGEN is a fully reporting company in both Canada and the United States, where it is publicly traded on the OTC market and quoted on the OTCQB. For more information, visit www.igen-networks.com. For recent industry news from IGEN, visit http://www.igen-networks.com/june-2012-issue/.
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