OMX has received a $250,000 repayable contribution from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). It was announced by FedDev Ontario Minister of State Gary Goodyear at the Business Innovation Summit 2015 on Wednesday.
Nicole Verkindt, president of the online marketplace that manages and tracks jobs and innovation created from government procurements, said FedDev Ontario’s investment would not only help grow the tech start-up, but also support the build of a RFP (Request For Proposal) engine.
OMX’s software allows companies of all sizes in the aerospace and defence sector to manage their contractual obligations to source and invest in qualified domestic suppliers and partners. Verkindt said the government funding would help with the integration of streamlined systems for both suppliers and prime contractors.
It would also support business development and marketing activities to bring OMX to international markets, which could not only increase the company’s profile, but also generate export opportunities for the over 40,000 Canadian SMEs in the platform.
“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,” Verkindt added.
The investment in OMX was one of eight announced this week by FedDev Ontario’s Investing in Business Innovation initiative, which aims to strengthen the innovation ecosystem in southern Ontario.