RENO, NV--(Marketwire - September 05, 2008) - While the U.S. real estate market sits in the doldrums, home sales in Canada are expected to rise 5.3 percent this year while in BC, OneMove Technologies, Inc. (TSX-V: OM) is taking a byte of the market through a proprietary online platform dubbed econveyance(TM).
Canada actually surpassed the U.S. in the depth of broadband market penetration making new software applications easier to deploy. Add to that, breakthroughs in the conveyance software market from companies like OneMove in British Columbia and Teranet Income Fund (TF) acquisition of Do Process Software Ltd. in Ontario and you've got a recipe for success.
OneMove, which went public in 2006, was just named number one in Business In Vancouver's Top 100 Fastest Growing Companies and perhaps for good reasons. According to the Company's third-quarter statement, sales for the period grew 41% over the same period last year, though OneMove is still bleeding red ink.
OneMove CEO Martin Johnson told AXcess News in an interview Friday that, "Domestically there are a number of markets where the OneMove solution could be implemented," implying that his conveyance software company has plenty of room to grow. And the direction Johnson's OneMove is eyeing is the province of Alberta.
"We have announced our intention to deploy in Alberta, but as yet have not initiated any marketing campaign," Johnson explained.
The government of Alberta has announced its intention to provide its market the choice of electronically filing completed documents with its Land Registry. Johnson says that some of OneMove's BC customers are already using specific features of econveyance(TM) for their Alberta filings, which may make it easier for OneMove to enter the market.
According to OneMove, the conveyance software market in Alberta is about three-fourths the size of that in British Columbia, which Johnson estimates at $15 million. "Our investigations have revealed that there are few firms using established conveyance software at this time and it is our intention to deploy in the New Year capitalizing on the paradigm shift to electronic filing in the same manner as we have in BC," Johnson said.
While OneMove eyes neighboring Alberta, it's rumored that others are eyeing Johnson's company. In February, Teranet Income Fund acquired one of the largest providers of conveyance software services to Canada's legal community that according to a February CIBC Report, held 80% of the conveyance software market in Ontario.
CIBC World Markets analyst Paul Lechem wrote in that Report, "Going forward, we expect tuck-in acquisitions to continue as Teranet builds out its value-added services offering."
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