HALIFAX, Jan. 18 /PRNewswire/ - STI, Canada's leading provider of marketing and reimbursement intelligence solutions to the healthcare industry, is pleased to announce that it achieved record revenue and transaction levels in 2009. Along with that market momentum, it has received $2 million in additional financing from GrowthWorks managed funds and has brought Steve Nicolle on as the company's first CEO.
STI's incremental investment from GrowthWorks includes $1.5 million from GrowthWorks Atlantic Venture Fund and $0.5 million from GrowthWorks Canadian Fund. "Considering the global economic conditions of 2009, STI's continued growth and record performance strengthens GrowthWork's confidence in our investment," said Thomas J. Hayes President and CEO of GrowthWorks Atlantic Ltd. "STI is an excellent example of the passion, dedication and an entrepreneurial talent thriving in the Atlantic region."
STI continues to lead and innovate in applying its patent-pending SmartTechnology(TM) platform in providing transactional marketing and reimbursement intelligence solutions to pharmaceutical, pharmacy, and diagnostic device companies to give them increased marketing effectiveness, market share, reimbursement performance, and ultimately profitability, as well as improving the integrity of healthcare for physicians and patients. "Since inception, STI has contracted with over 60 pharmaceutical and diagnostic device companies for a total of over 200 programs in the market," said Bill Adams, Vice President and a co-Founder of STI. "Our record performance in 2009 is evidence that the industry has endorsed STI's approach".
Steve Nicolle brings his leadership experience, including roles as CEO of Tatara Systems and Sigma Systems, COO at March Networks, and Chairman at Searidge Technologies, to lead STI through its next phase of growth. "STI's tremendous growth since its inception is a result of the innovative solutions that the company has delivered to the Canadian marketplace. STI has changed the landscape of the industry in areas such as smart pharmaceutical sampling, innovative co-pay assistance, physician experience programs, and diagnostic device reimbursement," said Gerald McDole, Chairman of the Board of STI and former President and CEO of AstraZeneca Canada. "The ability to attract someone with Steve's background and experience to take the helm at STI is a testament to the opportunity in front of the company."
"Having spent the last 10 years of my career in New England, one of the most fertile venture investment regions in the world, I'm looking forward to bringing that experience to bear in my new role here in Nova Scotia," said Steve Nicolle. "STI is already a Canadian entrepreneurial success story and has tremendous potential to achieve even more."
GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks(TM) managed funds, including GrowthWorks Atlantic Venture Fund, the Working Opportunity Fund, GrowthWorks Canadian Fund, and GrowthWorks Commercialization Fund, have approximately $800 million in combined assets. GrowthWorks Atlantic Venture Fund is an Atlantic Canadian venture capital fund that provides tax savings for investors and investment capital for Atlantic Canadian businesses.
SOURCE STI (SAMPLING TECHNOLOGIES INC.)