With the introduction of new products and market segments, iTacit is considering raising equity capital for the first time in its almost decade-long history.

The Fredericton-based company has evolved over the past 10 years so it is now best known for an all-in-one communications app that allows large organizations to communicate with and train their staff. It has strength in such areas as compliance and team-building, all on an employee’s smartphone.

The iTacit website says the app is used by more than 100,000 individuals, but CEO Luke Megarity said in an interview the number is now closer to 150,000. And its clients include such household names as Royal Bank of Canada, Government of Canada, Cardinal Health, and Shannex.

“What we do is we bring it all together,” said Megarity. “There’s hundreds if not thousands of learning management applications out there, but being able to bring it all together is what sets us apart. We don’t have anything very, very innovative but what we do is we do it all in one spot really, really well.”

ITacit began almost 10 years ago when it was spun off by Accreon, a Fredericton tech consultancy that specializes in healthcare. Accreon had produced a communication product for its client RBC that worked especially well for industries with strict compliance regimes and decided the product could best grow in a separate company.

Two or three years ago, iTacit narrowed its focus on a cell-phone app and the emphasis on a device that’s in everyone’s purse or back pocket has paid off. The company continued to attract new customers in 2018 and 2019, then COVID-19 hit the global landscape in 2020.

After the initial panic that hit all companies, iTacit management found that its product was ideal for the pandemic. It allowed large companies and organizations to communicate with a remote staff, whether sending out memos or helping to train employees when they were at home.

Megarity said the company, which employs about 20 people, performed well in 2020, with sales increasing in the 50 to 75 percent range.

“We do a lot of research and development,” said Megarity. “We take a lot of time to hear out our existing clients, and new clients.  . . . We actually just launched a digital form module. We’re just realizing how big this market is.”

The digital form module allows companies to develop a range of forms that employees can fill out on their phones. It’s convenient for the company and staff, and cuts down on the use of paper in a big way.

Along with this development, iTacit has found that it is making sales in new industry segments, some of which are reaching out to the company due to word of mouth. ITacit has always had strength in finance, healthcare and long-term care homes, and now it’s moving into such industries as manufacturing, retail and logistics.

With this growth, Megarity and his board are facing a decision – whether to seek outside investment for the first time, or continue to try growing organically and possibly raise money at a later date. However that decision works out, he said there’s no sign of the company’s growth plateauing yet.

“Our growth is continuing,” he said. “We’re having conversations with some of the largest companies in the U.S. so 2021 is going to be a great, great year for us.”