Accelerate Fund II invests in Passportal – security innovator for IT service providers
CALGARY, AB, May 10, 2017 – Accelerate Fund II is pleased to announce its investment in Passportal, a Calgary-based technology company that makes password and documentation management more secure and efficient for IT service providers. The company already serves partners in more than 30 countries.
Passportal’s initial product solved password security needs for IT service providers, like LastPass does for consumers. As IT service providers manage large volumes of passwords for clients accessing multiple systems, Passportal’s technology provides secure access, automation and audit capabilities that specifically match their business needs. In the last year, Passportal expanded their technology to provide password management at the service provider client and staff levels, automated password resets, as well as secure documentation management.
“One of the greatest security risks that businesses face today, is that employees set vulnerable passwords for critical systems and leave them in place for years at a time,” said Brad Johns, Partner, Yaletown Partners. “Many businesses outsource their IT to improve security and efficiency. Passportal’s opportunity lies in best helping IT service providers as they protect and serve those business clients.”
This is the first investment by Accelerate Fund II, an early-stage angel co-investment fund in Alberta, managed by Yaletown Partners and The A100.
“Yaletown and The A100 have demonstrated real commitment to our growth, already actively connecting us with new partners and a variety of industry players,” says Colin Knox, CEO of Passportal. “Funding from Accelerate Fund II will be instrumental in helping us expand our technology, sales and marketing, and continuing to scale our business.”
Passportal simplifies secure password and documentation management for IT service providers (ITSPs) and their clients. The IT security innovator offers channel partners an industrial-strength, fully-managed, cloud-based software platform called Ocular™ that automates password protection and makes storing, managing and retrieving passwords and documentation quick and easy from virtually any connected device. Available to VARs, MSPs and ITSPs worldwide, Passportal’s Ocular™ platform that includes +Docs, Site, and Blink™ promote compliance with industry regulations and helps protect businesses from data breaches, cyber security threats and network vulnerabilities. Founded in 2011 by successful MSP owner Colin Knox, Passportal is headquartered in Calgary and was recently named one of the “Top Emerging Vendors” in North America by CRN. In 2012, Passportal debuted as one of CRN’s “hottest technologies” for channel partners. For more information, visit www.passportalmsp.com or call 888-879-7840.
About The Accelerate Fund II
Accelerate Fund II is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund II invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, clean and energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund II is managed by Yaletown Partners with the support of The A100.
Alberta Enterprise Corporation is the Accelerate Fund’s Limited Partner. www.acceleratefund.ca
Accelerate Fund II/Yaletown Partners
Claudia @ Matertialinsight.com
MUrquhart @ passportalmsp.com