In a statement of claim filed in the province's Supreme Court on Thursday, Capital Market Technologies alleges the province failed to act honestly in the performance of its contractual obligations.
The claim contains allegations not proven in court.
The province's lawyer has filed a statement of defence that denies the claims in the document and argues the allegations are unfounded.
The lawsuit also names the province's former finance minister Wes Sheridan; Steve Maclean, the clerk of the executive council; Allan Campbell, former chief of staff to Robert Ghiz; Chris LeClair, another former chief of staff to Ghiz; Brad Mix, a director for Innovation P.E.I. and Cheryl Paynter, CEO of Innovation P.E.I.
The provincial lawyer who filed the statement of defence also represents those named defendants.
The lawsuit is also claiming $25 million against two Charlottetown businessmen who aren't represented by the province, alleging breach of fiduciary duty.