Toronto, July 07, 2014 – Scarsin Corporation, a software development and services company specializing in providing enterprise-class Business Intelligence (BI) to billion dollar global organizations, is excited to have recently been approved for funding from SOFII (Southern Ontario Fund for Investment in Innovation). Scarsin will be utilizing the funding to invest in an aggressive marketing, sales and growth strategy which includes adding new resources to the team to support customer acquisition, retention and product commercialization.
Launched by the Government of Canada in July 2012 as part of a Prosperity Initiative, SOFII is a government sponsored program to support innovation and growth in small and medium sized enterprises (SMEs) across the region.
Scarsin underwent a multi-month rigorous application process in order to be eligible for the SOFII loan. The process included providing the Federal Economic Development Agency (FedDev Ontario) the program sponsor, with detailed business, financial and product plan reviews, formal board presentations and information on the company’s operations and growth strategy.
“Scarsin exemplifies the very best of a small Canadian innovative company that has created an enterprise scale software solution and sold it on a global basis. They compete against large, established players in the market, but their end-to-end integrated offering at a reasonable price differentiates Scarsin. In this business environment where massive amounts of data exist in an organization, Scarsin provides the infrastructure enabling management to make sense of the data and formulate competitive strategic plans,” says Carol Armstrong, Executive Director of the Eastern Ontario CFDC Network and SOFII.
“Commercializing innovation on a global scale can be an arduous journey at times with many obstacles. We are grateful to the SOFII program which is providing financing to accelerate our key growth strategies. In return, Scarsin is expanding its global customer portfolio and increasing its employee base at its headquarters in Uxbridge,” says Paul Minshull, CEO and founder of Scarsin Corporation. “The rigorous approval process involved in the SOFII evaluation challenged us to further refine the clarity of our strategic initiatives and that, is always a benefit to future success.”
About SOFII (Southern Ontario Fund for Investment in Innovation)
Launched by the Government of Canada in July 2012, the Southern Ontario Fund for Investment in Innovation (SOFII) is supported through FedDev Ontario's Prosperity Initiative and is being delivered by the Eastern Ontario CFDC Network Inc. SOFII provides interest-bearing business loans to support innovation and growth in small and medium sized enterprises (SMEs) across the region. This program supports high-growth, innovative Small and Medium-sized Enterprises (SMEs) in rural and urban communities by offering loans of up to $500,000 to support all aspects of growth challenges facing them.
Scarsin is a software development and service company specializing in enterprise-class Business Intelligence. Scarsin’s Integrated Insight Environment (i2e) platform supports global organizations' critical business processes. i2e is an end-to-end BI platform designed to integrate all complex BI processes into a unified solution, with a focus on business friendly processes and direct integration with Microsoft Office. Enterprise data management, collaborative forecasting and predictive analytics, robust production PowerPoint reporting and interactive web and mobile scorecards can now be easily managed solely by business teams. Customers choose i2e based on the speed, agility, cost effectiveness and business friendly processes.