The agreement, in a form of a Memorandum of Understanding (MoU), formalizes the mutual interaction and strengthens the existing relationship between OMX and Three Lefts at both the strategic and working level, focusing on the development of the supply chain and procurement management of the future.
“Distributed production is fast becoming a preferred practice by enterprises in globalized and complex supply chains. Procuring services & products from a dispersed network bring a new level of value to the bottom line but also new challenges to overcome. We believe the decentralized trust offered by the single, shared, and real-time record of truth through the blockchain provides the foundation of fully realizing this potential” said, Zachary Skeith, Chief Strategy Officer of Three Lefts.
OMX is a leading procurement technology platform that specializes in sourcing local and diverse and measuring the socio-economic impacts of complex projects.
Three Lefts has worked with leaders in the industry from the Fortune 500 to cutting-edge disruptors to all levels of government in researching and developing first-of-its-kind decentralized ecosystems. Three Lefts’ has built tangible value chain solutions in a wide variety of industries, including media & entertainment, financial services, healthcare, real estate, and community safety & policing – among others.
“The IBM Canada Innovation Ecosystem connects startups and entrepreneurs with leading edge technology and business partners that help grow the Canadian economy. We’re delighted to have played a role in connecting Three Lefts and OMX and look forward to working with these two organizations in the coming years as they continue to innovate in Canada” said, Regan Watts, Head of Innovation, Citizenship and Government Affairs at IBM Canada.
“This strategic partnership will help provide a benchmark of success for Canadian tech commercialization. Where only approximately two per cent of Canadian tech start-ups successfully scale to become major tech players, it’s this type of ecosystem that will drive technology success, innovation and the Canadian economy as a whole. ITAC applauds this innovative supply chain and proactive business connection and looks forward to working with other industry leaders interested in forming strategic partnerships that will help Canada’s tech industry thrive.” said Angela Mondou, President and CEO, ITAC (Information Technology Association of Canada)
OMX and Three Lefts have a shared vision to transform procurement and supply chain management to become more efficient, transparent, and equitable. Both organizations believe that the integration of Three Lefts’ leading enterprise-grade blockchain technology is a natural progression to enhance OMX’s industry-leading expertise in building the complex and globalized supply chain networks of tomorrow – to track and trace key data.
OMX, founded in 2012, is a Toronto-based technology company specialized in procurement.
Three Lefts, founded in 2014, is a Toronto-based research and development firm of cutting-edge emerging technologies for the enterprise and government, currently focused on leading enterprise-grade blockchain. StonePaper, Three Lefts’ patented and tested blockchain solution, has been leveraged in a wide variety of industries to bring more control and visibility to the ever-evolving value chain.