Following in the footsteps of US President Barack Obama, Economic Development Minister Steven Joyce took to Twitter with his latest comments on policy.
Joyce took aim at ex-Endace CEO Selwyn Pellett after he took the government to task on R&D grants, the same program from which Endace received $11.1 million in funding.
“I remain unhappy about taxpayers’ previous R&D investment in Endace now being put in the hands of shareholders via the sales process without compensation to taxpayers. It’s an issue that needs addressing in a country strapped for R&D funding.”
The irony of Pellett complaining about tax payer investment in R&D whilst once again benefiting from it, this time as a shareholder, was not lost on Joyce.
Endace was founded in 2001 following the success of research undertaken at Waikato University. Now more than a decade on, the company is set to be sold to California-based Emulex following a $156 million cash offer to takeover the network security company.