15:44:45 EDT Sat 22 Jun 2024
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LeoNovus Inc (2)
Symbol LTV
Shares Issued 20,900,996
Close 2022-06-02 C$ 0.155
Market Cap C$ 3,239,654
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LeoNovus to add multilanguage features to Torozo

2022-06-02 11:32 ET - News Release

Mr. George Pretli reports


As previously announced, after several years of development, LeoNovus Inc. and two other firms were awarded standing offers from the government of Canada (GoC) for its 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 multilanguage 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 1 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), to the public marketplace. Torozo is a hypersecure 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 e-mail. The standing offer award from the GoC is a huge achievement and validation of our technology," said Michael Gaffney, chief executive officer of LeoNovus.

The initial target markets are legal firms and financial users. The global enterprise file synchronization and sharing market was valued at $5.29-billion (U.S.) in 2020 and is expected to reach $21.27-billion (U.S.) by 2026 and grow at a CAGR (compound annual growth rate) of 26.3 per cent over the forecast period (2021 to 2026). A subsegment of this market, the global secure file transfer market, a key target for Torozo, will be $3-billion (U.S.) by 2025, growing at a CAGR of 10 per cent during the forecast period. The demand for secure file transfer solutions has increased with the increase in remote working. Organizations in the IT (information technology), health care, BFSI (banking, financial services and insurance) and education sectors have expanded on-line-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.

About LeoNovus Inc.

LeoNovus 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 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.

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