Government of Canada Supports Cloud Security Innovator in Bolton

BOLTON, ONTARIO--(Marketwired - Sept. 6, 2013) - The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), joined by David Tilson, Member of Parliament for Dufferin-Caledon, announced today that PerspecSys Inc. is receiving support from the Government of Canada to accelerate the development of its cloud security solution.

"Support for businesses like PerspecSys Inc. will boost private sector investment, creating jobs and growth in Bolton," said Minister of State Goodyear. "With Economic Action Plan 2013, we have renewed our government's commitment to investing in innovation to create long-term prosperity in southern Ontario."

Under FedDev Ontario's Investing in Business Innovation initiative, PerspecSys is receiving a repayable contribution of up to $742,500 to accelerate commercialization of new versions of its cloud gateway solution, which provides data privacy, residency, security, and compliance capabilities for enterprises using cloud software platforms. The company's Cloud Data Protection Gateway intercepts sensitive data and secures it before it is shared in the cloud. This project will enable the company to expand and enhance its gateway solution.

"This investment through the Investing in Business Innovation initiative will position PerspecSys Inc. for continued success," said MP Tilson. "This is an example of how the Government of Canada is supporting businesses in southern Ontario as part of our commitment to bring jobs, growth and long-term prosperity to the region."

The company expects that this project will create up to 15 high-value, full-time jobs.

"FedDev Ontario's financial participation enables PerspecSys to accelerate our product development plans and rapidly expand the reach of our solution," said David Canellos, CEO of PerspecSys. "We are known to be the innovator in the marketplace and our product breakthroughs have enabled us to quickly establish ourselves as the leader in our space."

FedDev Ontario's investment has enabled PerspecSys to attract additional investment from GrowthWorks, Intel Capital, Paladin Capital, and Ascent Venture Partners.

Investing in Business Innovation is boosting 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. The investor community includes accredited angel investors from recognized angel investor networks in southern Ontario registered with the Network of Angel Organizations - Ontario and venture capital providers who are members of Canada's Venture Capital & Private Equity Association.

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. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.

Follow us on Twitter @FedDevOntario

IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.

This news release is available online at www.FedDevOntario.gc.ca.