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OTTAWA, June 02, 2022 (GLOBE NEWSWIRE) — Leonovus Inc., (“Leonovus” or the “Company”) (TSXV: LTV)
As previously announced, after several years of development, Leonovus and two other companies have been awarded standing offers from the Government of Canada (“GC”) for our secure file sharing, file transfer and file storage software as as a service (“SaaS”). called Torozo. Leonovus will now market Torozo to more than 100 government departments or agencies. In recent meetings with Shared Services Canada (“SSC”), the company has agreed to deliver two additional product enhancements, which Leonovus intends to address over the next two months. One of these is the multilingual features. SSC also indicated that other government departments were already inquiring about secure file sharing and that the companies awarded the standing offer.
One of SSC’s requirements is for security certifications. for business, people and technology, which begins with the implementation of 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”). The first phase of the call-up process invites approved suppliers of the standing offer to participate in a proof-of-concept process. The second phase selects a vendor for final testing and security validation, and the final phase is production. Leonovus was not selected, at this time, for the second phase with the DoJ. However, as SSC said, other departments are already learning about secure file sharing, and Leonovus is one of the few vendors approved to provide the service.
On April 28, 2022, the Company launched Torozo, its software as a service (“SaaS”) (www.torozo.com) to the public market. Torozo is a hyper-secure file sharing, transfer and storage service.
“We are excited to see our first customers, from the United States and Canada, using the platform. Legal and finance are two of Torozo’s primary target markets. Both markets require an easy way to share, transfer and store data where users need something safer than secure email. The award of the Government of Canada Standing Offer is a huge achievement and validation of our technology,” said Michael Gaffney, CEO of Leonovus Inc.
Initial target markets are law firms and financial users. Global Enterprise File Synchronization and Sharing Market was valued at USD 5.29 Billion in 2020 and is projected to reach USD 21.27 Billion by 2026 and grow at a CAGR of 26.3% over the period. forecast (2021-2026). Source: Mordor Intelligence. A sub-segment of this market, the global secure file transfer market, a key target for Torozo, will be worth 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 their online business operations with employees working from home. Consequently, the rise in remote working has increased the adoption of secure file transfer solutions, preventing data leaks and information breaches. Source: Arizton tips and information.
About LeonovusLeonovus is a secure data management software company. The Leonovus suite of data management tools provides customers with 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 that only you and the people you designate can use or see them. Only authenticated and authorized users and services have access to files, leaving ransomware, malware, bad actors, and even your admins with no way to access your valuable digital assets. Torozo encrypts data before it leaves your machine, in transit and at rest using our FIPS 140-2 validated cryptography. Plus, Torozo’s Encryption, Shredding, and Streaming (ESS) technology works seamlessly 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 the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:George PretliChief Financial Officer[email protected]
Source: Leonovus Inc.