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  • Disclosures: Strategic Investment Funds 2021/22

Disclosures: Strategic Investment Funds 2021/22

Tuesday, May 11, 2021

The following business development incentives in the form of payroll rebates were announced during the fiscal year of 2021-22. Payroll rebates are disbursed through the Strategic Investment Funds.

May 11, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Virtusa Corporation. Founded in 1996, Virtusa Corporation is headquartered in Southborough, MA. The company is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, and Technology industries. Virtusa has a worldwide presence of around 25,000 employees with offices throughout the United States, Europe and Asia. They are looking to increase their North American footprint by entering into Nova Scotia.

Virtusa Corporation has the potential to create up to 180 jobs and corresponding potential payroll investments of up to a stretch maximum of $32,200,000 within the five-year term of the payroll rebate.

It is also estimated that the new employees would contribute provincial tax revenues of around $4,125,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $2,457,000 over five years.

Media Contact:

Matt Berry

Tel: 201-370-9133 

Email: matt@conversionam.com 

May 11, 2021 

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for NOVONIX. Founded in 2013, NOVONIX is a battery materials and technology company enabling an electrified future for electric vehicles and grid energy storage. NOVONIX  R&D, hardware and and battery testing division are located in Bedford, NS and they have a materials production plant Chattanooga, TN. They are expanding their Bedford location and planning to add another facility in Dartmouth.  

NOVONIX Battery Testing Services Inc. has the potential to create up to 82 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $15,819,300 in salaries. 

It also estimated that the new employees would contribute provincial tax revenues of around $2,028,000 through their income and consumption taxes. In this scenario, the company would earn a rebate of up to $1,281,819 over five years. 

Media Contact: 

Chris Burns, CEO 

Tel: 902-449-9121 

Email: chris.burns@novonix.ca 

April 27, 2021

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Bomgar Canada Limited doing business as BeyondTrust. Founded in 1985, BeyondTrust is a worldwide leader in cybersecurity, offering Privileged Access Management (PAM) solutions that empower companies to secure and manage their entire universe of privileges. They have thirteen offices in eight countries, including one in Canada. BeyondTrust is expanding its Halifax, Nova Scotia office with this incentive. 

BeyondTrust has the potential to create up to 140 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates that the company could spend up to $55,000,000 in salaries.

It is also estimated that the new employees would contribute provincial tax revenues of around $7,593,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $3,630,000 over five years.

Media Contact:

Mike Bradshaw, Connect Marketing

Tel: (801) 373-7888

Email:  mikeb@connectmarketing.com

For media queries contact:
media@nsbi.ca
902.424.3527