PerspecSys Breaks Down Security Concerns That Inhibit Cloud Adoption

David Canellos: PerspecSys is a privately held company based in Toronto, Canada that specializes in eliminating the security barriers that inhibit enterprise companies from embracing cloud computing.   Many companies want to move to the cloud for operational business purposes however are concerned about how to protect their mission critical data along the way.  The PerspecSys solution allows organizations to encrypt or tokenize information previously it leaves their environment, so they can make the move to the cloud knowing that their sensitive business data remains protected and in their control.

Michael Canellos: PerspecSys' Cloud Data Protection solutions are licensed by organizations, so we generate revenue from the sale of our software products and the associated services we provide to support them.  We sell direct to our customer and indirectly through key partnerships with companies like Oracle and Salesforce.com and other channels.

David Canellos: We have a proven solution in other words in production with multiple clients who selected us because of our superior innovation and service model.  For instance, our tokenization research coupled with encryption offers clients a better, more flexible solution at the time our competitors, who rely broadly speaking on encryption.  We as well allow enterprise clients to address multiple cloud applications - making us vendor agnostic and eliminating vendor lock-in for them.  And, we have a solution that scales to meet enterprise needs better than the competition, and is helping us win business as a result.

David Canellos: Terry Woloszyn founded PerspecSys a few years ago.  The primary business challenge that was anticipated then was the loss of data control and security that organizations would be wrestling with as they looked to make the move to the cloud, especially with mission-critical applications just as CRM and HCM.  So for us, the challenge was three-fold, how could we preserve the functionality of the applications for the business users, and how could we meet the scalability and usability requirements of enterprise IT organizations.  These are the three challenges we set out to address - and we have.

David Canellos: PerpecSys announced the closing of an $8M series A financing in 2011 led by Intel Capital that included existing investors GrowthWorks and MaRS Investment Accelerator Fund. This funding is being used for the strategic expansion of the business and to increase our technological advantage in cloud data security solutions.