Anticipating Growth at Homegrown Health-Care IT Company, STI

Mar 7, 2014

STI provides over a million patients in Canada with more choice in their medications and is now looking to expand even more.

STI_logoFrom a three-person start-up company, to helping millions of patients save money on their brand name prescriptions, STI Technologies Inc.is a local company providing comprehensive technology and solutions that benefit patients, doctors, pharmacies and drug manufacturers across Canada.

"The talent in Nova Scotia is world class and we've built our success on creating numerous challenging and rewarding career opportunities for both those who wish to remain in the region, as well as those who want to come and live here," said Steve Nicolle, chief executive officer, STI Technologies Limited. 

STI is gearing up to expand and has signed a five-year incentive agreement with Nova Scotia Business Inc. (NSBI) to encourage the company's investment and employment choices to happen in Nova Scotia.  

To start, STI must create at least seven full-time equivalent positions in the first year of the agreement. Once that happens, the company is eligible to earn a rebate on the payroll it spent creating the new positions. This rebate applies to new positions between the minimum of seven and maximum of 48.    

STI will add over $9 million in salary costs if the company creates 48 new positions. Employees would then pay provincial personal income taxes of about $1.13 million. As a result, the company can earn up to $669,320 in payroll rebates through NSBI's Strategic Investment Funds.

"Our market is the Canadian pharmaceutical industry, which is concentrated in Toronto and Montreal. This NSBI payroll rebate will allow us to continue to add even more jobs here in Halifax and overcome some of the challenges that represents to our competitive situation," said Mr. Nicolle. 

The venture-backed company currently employs more than 50 people, including software engineers, sales and marketing professionals, and a variety of other head-office personnel. STI's unique business approach has been successful in attracting professionals to Nova Scotia to live and work, in addition to hiring an equal number of new graduates of Nova Scotia universities; making up over 40 per cent of their current workforce. 

"STI is a tremendous example of home-grown entrepreneurship, with the majority of its leadership team having Dalhousie heritage", said Ed Leach, assistant professor and director of the Norman Newman Centre for Entrepreneurship, Rowe School of Business, Dalhousie University. "The region needs more companies like STI with a proven track record of cultivating a new generation of entrepreneurs, by providing rewarding job opportunities here in Atlantic Canada for our co-op students and graduates in business, computer science, and health sciences." 

STI offers intelligent reimbursement programs that help patients save money on many prescription medications. STI's programs broaden access and choice to medications and healthcare products for all Canadians, making them a leader in the healthcare industry.

For more information on STI and new job opportunities, visit smartsti.com or email the company directly at smartsti.com.