HALIFAX - NovaLIS Technologies Ltd., a Halifax-based IT company that develops software products for managing land records, has received $2-million in financial assistance from Nova Scotia Business Inc., through convertible debenture, to help the company expand its international markets.
Widely considered to be the North American product leader in land records management, NovaLIS develops software that enables its customers to manage and analyze all aspects of land information. The company's integrated software suite automates five major areas of land records management. These include property assessment, land development, parcel mapping, land titling, and property tax billing and collection (the tax billing and collections product is currently under development for release in late 2004).
NovaLIS has used local expertise to build software products that are second-to-none in the world; products that contribute significantly to our IT exports, said Stephen Lund, President and CEO of Nova Scotia Business Inc. Our debenture will help NovaLIS build upon the export sales they’ve established over the past two years, and increase their North American market share.
Founded in 1993, NovaLIS currently employs about 90 people (77 in Halifax and 13 in the United States), up from 35 in 2001. It expects to hire nearly 20 more within the next two years. NovaLIS' customer base and potential markets consist primarily of North American governments on a city and county municipal level. The United States alone has more than 10,000 jurisdictions that manage land records.
We've grown our business by 300 per cent and more than doubled our number of employees over the past two years, said NovaLIS President and CEO Gary Waters. We have more than 200 customer sites across the United States, and continue to gain momentum in North America and worldwide. This investment from NSBI will assist us in capitalizing on more opportunities.
According to the company's customers, NovaLIS products have allowed the industry to become more efficient, reduce costs and increase productivity.
NovaLIS Technologies was the only vendor we found whose database could truly integrate seamlessly with GIS, said Property Appraiser Morgan Gilreath Jr., Volusia County, Florida. We are truly impressed with the technology we purchased and with the flexibility of the deliverable system. The ease of duplicating features that we did not want to lose in our legacy system, coupled with the ability to analyze data literally on the fly has been a true pleasure.
Nova Scotia Business Inc. is the province's business development agency, an organization that works with companies to provide business solutions. The private sector-led agency works to attract new businesses to the province and help those already in Nova Scotia expand through services such as export development and financing.