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 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 Leonovus
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.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.com
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For More Information, please contact:
George Pretli
Chief Financial Officer
gpretli@leonovus.com
