Growing demand for web-based applications as Software-as-a-Service (SaaS) and video services has required Montreal-based iWeb to expand its IP network capacity to 50 Gpbs, from just 9 Gbps a year ago. "The fact is that many companies today are using web-based technologies to keep IT spending under control, or to reduce spending. IT budget restrictions mean that the companies we work with are outsourcing their infrastructure to iWeb faster than planned in order to meet their targets." Eric Chouinard, iWeb's president/CEO said in a statement. "Capacity is scheduled to increase again shortly and continually throughout the coming year, which is a clear indication of the direction in which technologies are heading - everything is going online," he added. In other news, iWeb recently completed a $22-million financing agreement with investment banking giant Goldman Sachs.