INFOTERRA
01 May, 2003: Ottawa Citizen
by Jason Fekete
An Ottawa e-business software firm has landed $3 million
in first round financing that it hopes will help break open
an e-government market.
Infoterra Inc., a company specializing in the automation
of public sector grants and contribution programs, announced
yesterday it's attracted investments from BDC Venture
Capital, RoyNat Capital Inc. and Axis Capital Corporation.
"We've hit on an area that's going to grow very quickly.
We've identified a new industry segment or vertical market
with e-grants," said Eric Alain, Infoterra's president and
CEO. "Our customers are the Jane Stewarts of the world who
in an instant can say we've granted this much money, we've
created this many jobs and helped this many people and know
the performance outcomes."
Included in the growing list of clients are Industry
Canada, the Australian Department of Transport and Regional
Services and the U.S. Department of Commerce.
And Mr. Alain said the company is finalizing details with
the City of Toronto that would help manage what he said is
about $2 billion in grants a year.
"Our pipeline is full. We have in the neighbourhood of
$70 million dollars in opportunities," he said. "We are
hiring now and expect to be tripling in size in the next six
to 12 months."
Infoterra currently has 25 employees based out of their
downtown Ottawa office. Mr. Alain said he'll be "beefing up"
his management team and will also be looking for business
analysts and Web developers. Their company also plans to
open offices in Toronto, Washington, D.C., and Canberra and
Melbourne, Australia, by the end of the year.
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