Halifax-based software company, 2nd Act Innovations, co-founded by local entrepreneurs Peter Hickey and Andrew Doyle, has secured seed financing of more than $1 million from institutional and private investors. Early success of the company’s Oris4 enterprise content management (ECM) product helped secure the financing round which closed on Friday, April 13.
“We are ecstatic to have the seed round complete and be able to focus on executing our business plan,” explained Doyle, CEO of 2nd Act. “Our early success has come from a focus on adding new customers, expanding into new markets and developing reseller agreements to sell our groundbreaking ECM product, Oris4.”
The institutional investors for the seed round are GrowthWorks Atlantic Venture Fund (GrowthWorks) and Innovacorp, Nova Scotia's early-stage venture capital organization, with each organization investing $250,000. A number of private investors as well as the Atlantic Canada Opportunities Agency (ACOA), with a repayable loan of $150,000, round out the initial raise and bring its total to more than $1 million. Precipice Capital served as exclusive advisor to 2nd Act on both the private and institutional investment and has also invested in 2nd Act.
“GrowthWorks Atlantic Venture fund is delighted to be able to partner with the great entrepreneurs leading 2nd Act as well as Innovacorp, the private investors and ACOA to see that they have the capital they require to move to the next level,” outlined Thomas J. Hayes, president and CEO of GrowthWorks Atlantic Venture Fund. “The company is well-positioned in a growing industry and poised to make a significant impact on its market. We are pleased to be part of the team allowing that to happen.”
“Innovative technology companies like 2nd Act are vital to Nova Scotia’s future prosperity,” said Economic and Rural Development and Tourism Minister Percy Paris. “This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy.”
2nd Act’s primary product, Oris4 (formerly 4sight ECM) is a software solution allowing organizations of any size to easily store, find, use and share their own information. The system self-organizes a company’s electronic files as they are saved, shares them with the right people or teams and makes it easy to find anything in just a few clicks.
“Oris4 addresses a common business pain – ‘how do I find the information I need to do my job when I need it?’” explained Doyle. “Our system ensures your information is easy to find and use, regardless of how and where you save it. We do the same with your email and news. Your information is so easy to find once it is in the system and all of your electronic data becomes useful to you and your colleagues right away, saving your organization time and money.”
Oris4 has been deployed to more than 50 customers in markets in the Northeast US and across Canada. Those customers cover a broad range of information based industries including consulting firms, lobby groups, government relations firms, legal, financial services, research and marketing companies. 2nd Act is also negotiating a number of reseller agreements with potential partners in Canada and around the globe.
“We are encouraged by our ability to add customers as well as companies who want to sell Oris4 on our behalf. They all see the gap in the market for an easy-to-use information management system,” stated Doyle. “Now we can focus on getting our product into the hands of our partners and customers quickly.”
For more information, contact:
Tom Hayes, President and CEO
GrowthWorks Atlantic Venture Fund Ltd.
About 2nd Act Innovations
At 2nd Act Innovations, we've developed a genuinely innovative and simple information platform targeted at the enterprise market – Oris4. The product is easy to use, scalable and delivers real ROI. It gathers and indexes all information whether it's internal or external, structured or unstructured and organizes it in a manner that lets you find anything in a few keystrokes. We can install it in a day and train you in less than an hour, putting all of your company’s information at your fingertips. It is the best corporate memory tool on the market.
GrowthWorksTM managed funds provides investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks is part of the Matrix Asset Management Inc. (TSX:MTA) group of companies and manages over $431 million in venture capital assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Clean Tech sectors. Building on more than 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. (www.growthworks.ca)
Innovacorp is Nova Scotia's early-stage venture capital organization. Target industries include information technology, clean technology and life sciences. (www.innovacorp.ca)
*GrowthWorks refers to GrowthWorks Ltd. and other companies within the venture capital operating division of Matrix Asset Management Inc. including: GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read GrowthWorks Atlantic Venture Fund’s prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. On December 16, 2005, the fund completed a merger by purchasing the assets of Workers Investment Fund Inc. in exchange for Class A shares distributed to former shareholders of that fund.
Halifax, Nova Scotia, April 20, 2012