10 December 2010
1 M$ from Desjardins-Innovatech for AxesNetwork
PRESS RELEASE – Desjardins-Innovatech announced today that it is investing $1 million inAxesNetwork Solutions, a Sherbrooke company with about 20 employees that specializes in electronic payment solutions. This investment will allow the company to strengthen its North American development activities and significantly delve into the South American market, as well.
According to Marie-Claude Boisvert, Chief Operating Officer with Desjardins Venture Capital, which manages Capital régional et coopératif Desjardins, “These funds invested in AxesNetwork will not only strengthen the company’s base, but will also shine the spotlight on the innovative nature of Sherbrooke’s technology sector.”
Following an agreement concluded in July with Desjardins-Innovatech, Sherbrooke Innopole will be called upon to provide concrete support for AxesNetwork via its key sector in information and communication technologies.
Benoît Robitaille, President of AxesNetwork Solutions, says he is pleased with the company’s new partnership with Desjardins-Innovatech. “This agreement will help us reach our goals in terms of growth and market share. We work in an extremely competitive market where everything moves at a dizzying pace. Support from a significant partner such as Desjardins-Innovatech will be very beneficial to us as part of our growth plan,” he adds.
About AxesNetwork Solutions Inc.
Canadian based AxesNetwork Solutions Inc., located in Sherbrooke, designs, manufactures, operates and distributes state of the art Payment Transaction Systems for the international market. These systems provide a comprehensive accounting and payment-tracking solution that is secure and reliable and delivered at the lowest operating cost on the market. AxesNetwork systems currently manage over 220 million transactions per year and are offered in many locations in North and South America.
About Sherbrooke Innopole
As Sherbrooke’s local development centre (CLD), Sherbrooke Innopole ensures innovative, harmonious, and dynamic economic growth, promoting the development of new companies created from Sherbrooke ingenuity and research while supporting the growth of existing tertiary and manufacturing companies. Mobilization and concertation are top priorities for Sherbrooke Innopole which already enjoys highlevel recognition and established partnerships with key players in economic development. These priorities support a vision of sustainable development and profitable growth for the Sherbrooke
region, anchored in a key-sector strategy which provides the very foundation upon which Sherbrooke, City of Innovation, will be built.
About Desjardins-Innovatech S.E.C.
This company was created in July 2005 through a joint initiative of the Government of Québec and Capital régional et coopératif Desjardins. Its assets are managed by Desjardins Venture Capital. Innovatech S.E.C. activities in the region of Sherbrooke were initiated in 2008 and consist mainly in investing in start-up or phase one development companies, particularly those involving technological innovation or companies in the industrial sector.
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About Capital régional et coopératif Desjardins
Founded in 2001, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. With over 112,000 shareholders, the Company contributes to Québec’s economic development while driving the growth of cooperatives and the resource regions. Capital régional et coopératif Desjardins currently supports more than 230 companies, cooperatives and funds in various industries spanning all Québec regions. (www.capitalregional.com)