(Hamilton, Bermuda, Oct. 29, 2007): Paragon Advanced Development Ltd. is expanding its existing Nova Scotia office, adding to the province's international profile among leading global businesses.
Paragon, operating under the name Ignition, will create up to 150 new jobs within the next five years in Halifax, the location of its network operations centre supporting its Ignition Managed Services business.
From Nova Scotia, Ignition monitors its international clients' systems and provides IT, business software and other technology services to more than 6,000 users.
The Honourable Rodney MacDonald, Premier of Nova Scotia, made the announcement today, Oct. 29, while in Bermuda for the annual MARHedge international financial services conference.
"Ignition's expansion is more proof that Nova Scotia is the location of choice for companies expanding their global operations," said Premier MacDonald. "Nova Scotia has an educated workforce, IT and business infrastructure, and proximity to major markets."
To support the company's expansion, the province of Nova Scotia, through Nova Scotia Business Inc. (NSBI), is providing a five year payroll rebate set at a maximum of $1,260,000. Nova Scotia's Department of Economic Development is contributing to this growth with a $300,000 training and recruitment incentive. This deal is part of an ongoing strategy by NSBI to build a world class international financial services centre in Halifax.
"By strategically expanding in Nova Scotia, Ignition will be able to increase its overall operations," said Angus MacIsaac, Minister of Economic Development. "The government of Nova Scotia is pleased to assist an innovative international technology company's success in our province and on the world stage."
The company has been in Nova Scotia since 2001. It is part of the Paragon Technology Group that is headquartered in Bermuda and has additional locations in the Cayman Islands and Atlanta, Georgia, with further expansion plans throughout the Caribbean.
"Growing our Nova Scotia location makes sense for us," said Graham Pearson, CEO of Paragon and president of Ignition. "A favourable business environment with access to skilled labour made the province the clear choice for our expansion."
Ignition joins a number of international financial services and IT companies to capitalize on Nova Scotia's competitive edge. The list includes Citco Fund Services, Marsh, OC Financial Services, Butterfield Fund Services and Research In Motion.
"Ignition has recognized the many business advantages at play here in Nova Scotia," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "The company's expansion is another success story for the province and complements the growing finance and IT sectors in Nova Scotia."
The Paragon Group, and specifically Ignition, has been providing cost-effective IT solutions for the off-shore business community with a focus on the insurance and finance sectors. Technical help-desk, network monitoring and management, business recovery solutions and resource provisioning are included in the range of services being provided.
Nova Scotia Business Inc. is Nova Scotia's private sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.