April 29, 2015, TORONTO, ON – OMX, an online marketplace that manages and tracks jobs and innovation created from government procurements, has received a notice for funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The Government’s investment will not only increase employment and innovation at this fast-growing Canadian tech start-up, but it will also assist OMX to build a RFP (Request For Proposal) engine, which will bring direct opportunities to Canadian SMEs, tech companies and academic institutes, as well as international export opportunities.
The secure OMX online software allows government contractors to proficiently manage their contractual obligations to source and invest in qualified domestic suppliers and partners. The Government of Canada’s investment in OMX will also help fund the integration of streamlined systems that will be used by both suppliers and prime contractors. A portion of the funding will also go towards increasing business development and marketing activities to bring OMX to international markets. This will not only drive exports for OMX, but also for over 40,000 Canadian SMEs in the platform. A repayable contribution of $250,000 for OMX was announced by FedDev Ontario Minister of State Goodyear at the Business Innovation Summit 2015. OMX estimates it will create five new jobs and maintain eight current positions at its headquarters in Toronto, ON.
"Our Government is proud to invest in companies like OMX with innovative solutions that will in turn help other Canadian businesses in the aerospace and defence industries," said the Honourable Gary Goodyear, Minister of State, FedDev Ontario.
"At OMX, we expect to leverage the contribution made by FedDev Ontario to focus our efforts in expanding our business capabilities and growing our professional team in Canada. The Canadian government's investment will also contribute to the RFP engine and internationalization of the OMX platform which is currently underway, steering our business into new markets around the globe where we plan to export our software technology," added Nicole Verkindt, OMX President.
The investment in OMX was one of eight announced on April 29, 2015, through FedDev Ontario’s Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors. OMX can be found at theomx.com.
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The OMX platform provides access to tens of thousands of Canadian companies by region, size, local content, certifications and capability, with effective web-based software tools to manage supplier and customer relationships collaboratively across an organization. It consolidates all of the related information required to complete a project, which will make defence contractors more competitive in a sector where there tends to be a lot at stake and entry costs can be heavy.
Major features include