Toronto-based Clarity Systems, which specialized in automated financial reporting applications and had a very high profile in the sector, was purchased by IBM in 2010.
“Nashman brings enormous value to the OMX,” said OMX investor and Board member Rob Segal. “His expertise ranges from his in-depth knowledge of highly secure reporting software to experience in establishing procedures, processes and policies to take a good technology startup to a 400-person business”
”The OMX is ideally placed to help government contractors manage their offset obligations in the defence, aerospace and security industries in a more automated and more efficient manner. I see tremendous opportunity for the OMX to become the industry standard electronic marketplace for offset obligations in Canada. I'm excited to participate in this new venture”, said Nashman.
This financing enables the OMX to continue to ramp up investments in developing the technology to build a full platform for service companies with obligations to spend in Canada under the International and Regional Benefit (IRB) process administered and regulated by Industry Canada. The platform will serve its members at all steps from connecting them to suppliers in the marketplace, to managing all of the documentation, to tracking and reporting of business transactions and financials.
The company is well on target to meet its follow-on software releases in the coming months, with the complete platform launching in the spring of 2013, says OMX CEO Nicole Verkindt. Verkindt notes that a new release of the platform, which will allow large contractors much greater flexibility in managing contacts and transactions, is slated for release in February 2013.
The OMX can be found at theomx.com.
Since its founding in February 2012, OMX has been working directly with industry leaders to develop features and requirements needed by the sector.
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