Leonovus boss bullish on struggling Ottawa software firms future
Summary
An Ottawa software firm hopes its decade-long struggle to generate cash flow from its secure data-transfer technology will finally bear fruit after getting the green light to sell its products to more than 100 federal government departments and agencies. The firm says it has successfully tested its products at three federal departments – agriculture, justice and national defence – and sees its new approved-vendor status as the key to finally unlocking a revenue stream that’s been shut tight for years as the company continually searched for the right market fit. “If you can get justice and DND to give you some validation of your technology, we can probably sell to most anybody, including the private sector,” he says, adding the company is currently in talks with one such potential customer, a software firm that stores data for law enforcement agencies. Originally targeted at the hotel industry, Leonovus’s software has been 11 years in development – a multimillion-dollar effort that’s taken several detours as the firm rolled out new versions of the product and reoriented its focus to the federal government. Meanwhile, the company was beset by other woes, losing more than half a million U.S. dollars in early 2019 in what it called “a sophisticated bank fraud scam.” Through it all, Leonovus kept evolving its product offerings in a bid to hit on a market winner.
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