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Canopy Ventures Invests in Online Backup Provider, eFileCabinet

Cliff Boodoosingh on July 10, 2008
 
Electronic Document Management Solutions Leader Maximizes Growth Opportunities with Venture Fund Support

LINDON, Utah, BUSINESS WIRE -- Canopy Ventures today announced an investment commitment of $1 million in Provo, Utah, based eFileCabinet. The company provides electronic document management and online backup solutions that help customers manage and protect their valuable data assets.

"eFileCabinet has developed a dynamic suite of products that make electronic document management and online backup easy," said Ron Heinz, managing partner of Canopy Ventures. "We are pleased to invest in eFileCabinet as they deliver positive growth prospects supported by innovative technology and a strong management team. We're confident that eFileCabinet will prove to be a solid addition to our overall investment strategy and portfolio of companies."

The capital infusion will allow eFileCabinet to drive an aggressive business expansion and accelerate the company's investment in sales and marketing. eFileCabinet's electronic document management software, as well as the company's recently launched Concentsus Online Backup service, are employed by more than 18,000 users worldwide in a diverse range of markets including accounting, human resources, financial services, medical and government.

"We are excited to embark with Canopy Ventures on a partnership that will allow us to further develop and market eFileCabinet products," said Matt Peterson, president and CEO of eFileCabinet. "Our new relationship with Canopy has already generated compelling ideas and resources. We look forward to leveraging their industry expertise as we enhance our product and service portfolio and expand our business globally."

About Canopy Ventures
Canopy Ventures is an early-stage venture capital firm targeting information technology companies in the western United States. Its primary areas of focus include enterprise software, IP video technologies, networking and communications, security software, wi-fi broadcasting, IT hosting and software as a service. Its offices are located in Lindon, Utah. More information may be found at www.canopy.com.

About eFileCabinet
eFileCabinet, Inc. offers smart, flexible and easily integrated electronic file management and online backup solutions. From individual user to enterprisewide deployments, eFileCabinet products and services improve efficiency, organization and productivity, while keeping valuable data secure. eFileCabinet is headquartered in Provo, Utah, and can be reached at 877-574-5505 and www.efilecabinet.com or www.concentsus.com.

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