Quebec City, February 28, 2012 – For the first time, members of the Anges Québec network and Ontario’s Maple Leaf Angels are joining forces to invest in a company. Private investors from these two groups are investing $560,000 in the Canadian company Futurestate IT and its Application Currency Management Cloud™ platform.
Named by IDC as one of 10 Canadian companies to watch in the field of cloud computing, Futurestate IT developed AppRx, the first cloud-based platform that automates the monitoring and testing of applications
to ensure they are kept current, compatible and compliant
with changes in the IT environment. As Futurestate IT’s CEO Alex Topitsch explained, “Today, organizations are faced with an escalating backlog of out of date applications that puts them at risk of running unsupported software, being incompatible with new technology platforms and , potentially, application failure. With the end of Windows XP in April 2014, just over 24 months away, there is now even greater risk and urgency. We’ve developed AppRx to enable organizations to rapidly test applications for new technology platforms, such as Windows 7, and to continue to monitor their applications on an ongoing basis to manage and monitor their application portfolio risk.”
AppRx version 2.0 was launched in January 2012. Funding from Anges Québec and Maple Leaf Angels will help Futurestate IT continue to grow and to forge commercial partnerships aimed at quickly marketing its product in the US and Europe. As Anges Québec investor Nathalie Marcoux noted, “The Futurestate IT management team has solid experience running a company. Its members clearly know their market, and are extremely dynamic. They are also backed by a stellar board of directors that is well-versed in information technologies.”
“Futurestate IT caught our attention for two reasons”, according to Maple Leaf Angels investor Tim Lett. “First, they are on the cutting-edge of cloud computing. That means there’s no hardware or software to install and customers can be up and using the system in a matter of hours, which is a completely new paradigm in enterprise application management. Second, AppRx automates what are traditionally very manual and error-prone processes, which translates into an extremely compelling business case.”
François Gilbert, President and General Manager of Anges Québec, added, “For Anges Québec, this investment marks another milestone in our development. This is the first time that we’ve invested jointly with another member of North America’s 350 Angel groups.”
About the Maple Leaf Angels
Funding Ontario’s most promising new companies, Maple Leaf Angels is an experienced group of private investors looking for great entrepreneurs, great products and great companies to support. By bringing together investment, experience and a large network of contacts, we help companies to become market leaders in their industry.
For more information, go to www.mapleleafangels.com
About Anges Québec
Anges Québec is a network of 85 private investors that identifies, finances and coaches innovative Québec enterprises with high growth potential. Anges Québec members invest their capital and expertise in the most promising start-up companies. In this capacity, Anges Québec works closely with a number of Québec leaders in the development and growth of technological innovations.
For more information, go to www.angesquebec.com
An French version is available online at www.angesquebec.com/en/nouvelles
To keep track of news and activities, join Anges Québec on LinkedIn.com.