Alain Lavoie, president and co-founder of Irosoft. (Photo: courtesy)
SME OF THE WEEK. Specializing in document and archive management, in particular legislative, the company Irosoft redesigned itself three years ago to build its international sales and become number one in Quebec in digital transformation services.
“After 22 years of existence, we have put ourselves in start-up mode”, acknowledges Alain Lavoie, president and co-founder. Born into its alliance with a mathematics graduate from the University of Montreal, René-Luc Morin, Irosoft has approximately forty employees and annual sales of between $ 2 and $ 8 million. But three years ago, the company, which develops content management software, chose to restructure to accelerate its growth.
“Previously we only specialized in the legal sector and we decided to become a fintech company that responds to the financial and government markets”, Mr. Lavoie, describing his desire to take the company “to another level”. A digital division was created, to compete with large consulting firms such as KPMG or Ernst & Young (E&Y) in information management and the move towards artificial intelligence.
Be number one
“Our goal is to consolidate the market and become number one in Quebec,” he said, noting that there are currently few skilled players in this field, which opens up opportunities. “It requires a change in our way of thinking. We’re sitting on 22 years of technology and expertise and thinking about how to multiply it ”.
Irosoft has thus been restructured into three divisions (Legal, Intelligence, Digital) each with its own advisory committee. The company is now targeting the international market, and especially the Commonwealth countries for the legal sector, while its intelligence branch, intended for insurers, is targeting all the cities that have -host the headquarters of large groups.
“Since the shift, we are aiming for growth of 30 to 40% per year. This is a figure we want to increase significantly, “added Alain Lavoie.
Several areas of growth
To do this, it intends to rely on some axes in, next year, the launch of a cloud computing pilot project with several Quebec municipalities, aimed at making the process of archiving and drafting by-laws of the city.
The company recently signed an agreement with a Montreal SME, Lexum, and the IVADO Data Valorization Institute (founded by the University of Montreal, HEC Montreal and Polytechnique Montreal) to develop another technology to anonymize texts and data from in the legal community.
“One of the current barriers to the use of artificial intelligence in the banking and legal sectors is the protection of personal information,” Alain Lavoie explains.
To consolidate its digital positions, Irosoft wants to make one or two acquisitions in Quebec, and develop strategic partnerships in the field of insurance and finance to support its growth. Alain Lavoie indicated funding needs were between $ 4 and $ 10 million.
“We’re not looking for a concentrated financial partner, but someone who can help you position us toward our goals,” he slips.
Irosoft has also just signed an agreement with Objectif Lune, another Quebec SME. The goal behind this agreement is for the two companies to integrate their expertise in the digital transformation sector and in supporting artificial intelligence projects.
Irosoft in their numbers
Year of creation: 1995
Annual turnover: 2 and 8 M $
Markets served: International
Headquarters location: Montreal
Goal for the coming year: Establish partnerships with companies to develop the finance and insurance sector and make one or two acquisitions in Quebec for its digital division.