Leonovus Business Update Regarding Government of Canada Standing Offer for Secure File Transfer SaaS
June 02 2022 - 7:17AM
Leonovus Inc., ("Leonovus" or the "Company")
(TSXV: LTV)
As previously announced, after several years of development,
Leonovus and two other firms were awarded standing offers from the
Government of Canada ("GoC") for our secure file sharing, file
transfer, and file storage Software as a Service ("SaaS") called
Torozo. Leonovus will now market Torozo to over 100 government
departments or agencies. In recent meetings with Shared Services
Canada ("SSC"), the Company agreed to provide two additional
product enhancements, which Leonovus intends to address over the
next two months. One of these items is deals with multi-language
features. SSC also indicated other government departments were
already inquiring about secure file sharing, and the companies
awarded the Standing Offer.
One of the SSC requirements is security certifications. for the
Company, employees, and technology which starts with implementing
Leonovus information security policy and controls, namely, ISO
27001, 27017, 27018 and SOC2 Type2, which began in March 2022. The
Company plans to complete these certifications by the end of
September.
The first department to issue a call-up was the Department of
Justice ("DoJ"). Phase one of the call-up process invites the
approved Standing Offer vendors to participate in a
proof-of-concept process. The second phase selects one vendor for
final testing and security validation, and the last phase is
production. Leonovus was not selected, at this time, for the second
phase with DoJ. However, as stated by SSC, other departments are
already inquiring about secure file sharing, and Leonovus is one of
the few vendors approved to deliver the service.
On April 28, 2022, the Company launched Torozo, its software as
a service ("SaaS") (www.torozo.com) to the public marketplace.
Torozo is a hyper-secure file sharing, file transfer and file
storage service."
"We are delighted to see our first customers, from the USA and
Canada, using the platform. Legal and finance are two of the key
target markets for Torozo. Both markets require a simple way to
share, transfer and store data where users need something safer
than secure email. The Standing Offer award from the GoC is a huge
achievement and validation of our technology," said
Michael Gaffney, CEO Leonovus Inc.
The initial target markets are legal firms and financial users.
The global enterprise file synchronization and sharing market was
valued at USD 5.29 billion in 2020 and is expected to reach USD
21.27 billion by 2026 and grow at a CAGR of 26.3% over the forecast
period (2021-2026). Source: Mordor Intelligence. A subsegment
of this market, the global secure file transfer market, a key
target for Torozo, will be USD 3 billion by 2025, growing at a CAGR
of 10% during the forecast period. The demand for secure file
transfer solutions has increased with the increase in remote
working. Organizations in the IT, healthcare, BFSI, and education
sectors have expanded online-based business operations with
employees working from home. Hence, the increase in remote working
has increased the adoption of secure file transfer solutions,
preventing data leakages and information breaches. Source:
Arizton advisory and intelligence.
About LeonovusLeonovus is a secure data
management software company. The Leonovus suite of data management
tools offers customers a complete end-to-end data-centric solution.
Torozo.com is its main product. Torozo is a data-centric security
architecture focused on securing and protecting files so only you
and those you designate may use or see them. Only authenticated and
authorized users and services have access to the files, leaving
ransomware, malware, bad actors, and even your administrators with
no path to access your valuable digital assets. Torozo
encrypts data before leaving your machine, in transit and at rest
using our FIPS 140-2 validated cryptography. In addition,
Torozo's ESS (encrypt, shred, and spread) technology works
transparently behind the scenes to further protect your data like
no other system on the planet.
To learn more, please
visit www.leonovus.com and www.torozo.comNeither TSX
Venture Exchange nor its Regulation Services Provider (as defined
in the policies of the TSX Venture Exchange) accept responsibility
for the adequacy or accuracy of this release.
For More Information, please contact:George
PretliChief Financial Officergpretli@leonovus.com
LeoNovus (TSXV:LTV)
Historical Stock Chart
From Mar 2024 to Apr 2024
LeoNovus (TSXV:LTV)
Historical Stock Chart
From Apr 2023 to Apr 2024
