CAMBRIDGE, ONTARIO--(Marketwire - Oct. 28, 2011) - Business networks will have access to better resources to protect them from cyber crimes, thanks to a Government of Canada investment in the rapidly growing technology company eSentire. The announcement was made today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our government is committed to making sure the people, businesses and communities of southern Ontario and the rest of Canada have the tools they need to succeed and prosper," said Minister Goodyear. "This investment in eSentire will help companies around the world secure their networks and increase their defences against cyber threats."
eSentire Inc. will receive an investment of up to $987,500 through FedDev Ontario's Investing in Business Innovation initiative. In addition to this investment by the Government of Canada, eSentire is backed by leading venture capital firms, Intrepid Business Acceleration Fund LP and VentureLink LP.
To help companies manage their cyber security business risks, eSentire offers a range of services that combine information security software, monitoring services and advanced security consulting. This investment will allow eSentire to enhance its information security system, helping the company to penetrate broader markets and grow its international presence. Approximately 17 jobs will be created for this project in Cambridge, Ontario.
"eSentire is one of the best kept secrets of the Waterloo tech region. We have grown from an idea 10 years ago to a market-leading internet security firm entrusted to secure the networks of financial services firms that manage a combined $700B in assets," said J. Paul Haynes, CEO of eSentire Inc. "Understanding that we had something unique to offer, we embarked on an aggressive growth plan exactly one year ago. We've since doubled our customer base and employees. Our future is extremely promising and with FedDev helping to fund development, and our venture capital investors funding our sales growth, we expect to grow to ten times our size in 4 years."
Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
Contribution to eSentire Inc.
Located in Cambridge, Ontario, eSentire Inc. is a technology company that provides information security and monitoring solutions that keep companies' critical information technology infrastructure secure and operational. eSentire's Collaborative Threat Management (CTM) system helps companies assess and mitigate information security threats and then continually monitors those companies to prevent future security issues from becoming major exposures.
FedDev Ontario is providing eSentire with a repayable contribution of up to $987,500 through the Investing in Business Innovation initiative. Currently focusing on providing their services to hedge funds and alternative asset managers, eSentire will now be able to penetrate the broader financial services market worldwide with enhanced solutions that further assist their clients meet regulatory requirements, such as Bill C-198 or the Sarbanes-Oxley Act.
For more information, visit www.esentire.com.
Investing in Business Innovation
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. The Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario.
Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the program guidelines available on the FedDev Ontario website at www.feddevontario.gc.ca.