Leonovus Inc., provides a business update and announces that it is working on a Fall 2021 launch of a new product to protect companies from ransomware. Ransomware is a vast and growing global problem. The average ransomware payment increased 43 percent to $220,000 in 2021, according to an April 26 report by Coveware.
Leonovus plans to launch a SaaS product to protect private and public organizations data from ransomware this Fall. Much of the ransomware protection product technology is already available from our Smart Filer, Vault and XVault development initiatives. The real-time SaaS solution will protect an organization’s data from both confidential information exposure and the loss of access to ensure business continuity better than traditional backup systems.
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The Company continues to focus on the Canadian Federal Government (“FedGov”) for strategic sales and is expanding its marketing efforts on this front. After closing the last financing round in early May, the Company hired sales staff to increase our FedGov sales opportunities. The positive evaluation reports from the Departments of Justice and National Defence provided a strong foundation for our marketing message. Leonovus remains bullish that the FedGov will become a valuable long-term customer.
“The long government sales cycles are challenging. We have invested almost three years of effort and resources on the FedGov and continue to build on this strong foundation. We have also engaged a part-time Chief Information Security Officer with expertise across FedGov public safety departments to facilitate the additional certification and approval levels to expand our government market. Our private sector sales initiatives are also now ramping up. We completed several private sector proposals and partnership initiatives since the close of our financing,” said Michael Gaffney, Chair and CEO, Leonovus. Inc.
“The ransomware product was part of a ‘strategic new product’ review by the management team. Following our Annual General Meeting on July 13, 2021, the board met to discuss the opportunity to leverage our vast technology base with a new product offering to offset the risks of our current long sales cycles. Ransomware was always in our product roadmap. Given the rapidly increasing demand for protection from ransomware, we moved this product to the front of the queue. Ransomware is a strategic problem in both the public and private sectors and is aligned with and strengthens our core data management and data protection capabilities,” said Gaffney.
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