Tourism, Culture, Industry and Innovation
May 15, 2018
Premier Ball Announces Investment in Innovative Software Company
The Honourable Dwight Ball, Premier of Newfoundland and Labrador, today announced an investment of $750,000 to help support the development and growth of Quorum Information Systems. Premier Ball was joined at the announcement by the Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation; Mark Browne, Parliamentary Secretary for Tourism, Culture, Industry and Innovation; and Maury Marks, President and CEO of Quorum.
Through the Investment Attraction Fund, Quorum Information Systems will receive a $500,000 forgivable loan to improve efficiencies and prepare for expected future growth. This loan will create a minimum of 20 new full-time positions at its St. John’s office, and approximately 87 combined person years of employment between 2017 and 2022.
In addition, an investment of $250,000 from NL Innovation Council will help Quorum Information Systems develop a customer-facing tool that allows for a full auto purchasing process online. This will result in the creation of four new full-time positions. Through this funding, Quorum plans to allow the dealership’s customers to select a suitable vehicle, understand their financing terms including the equity in their current vehicle and possible payment options. As well, the company is developing software to allow for multiple financing options and credit checks, trade-in estimates and sales of additional products such as insurance and extended warranty.
Quorum is a publicly-traded company on the TSX-V and was recognized as a TSX Venture 50 top performer in 2016. The company’s primary effort is on developing, marketing, implementing and supporting its integrated, Windows and web-based Dealer Management System called XSELLERATOR™.
This investment in Quorum aligns with the Provincial Government’s Business Innovation Agenda, to support the acceleration of growth focused firms, and supports the Federal Government’s support of Accelerated Growth Service in Atlantic Canada. It also advances the work of the Cabinet Committee on Jobs – a key initiative of The Way Forward. The Cabinet Committee partnered with provincial tech firms to launch a Technology Sector Work Plan that maximizes private sector job creation and economic growth.
The Business Innovation Agenda, the Technology Sector Work Plan, and many other actions are delivering on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
“Our government put priority on fostering job creation and economic growth that diversifies our economy and creates new opportunities for Newfoundlanders and Labradorians. By investing in innovative companies like Quorum Information Systems, we are supporting high skill jobs in software engineering and manufacturing, while advancing economic development, and promoting leadership within the technology sector in Newfoundland and Labrador.”
Honourable Dwight Ball
Premier of Newfoundland and Labrador
“With established business relationships in over 341 dealerships all over North America, Quorum is a proven leader in dealer management systems. Quorum’s technology has the potential to transform how people purchase vehicles and will establish Newfoundland and Labrador as a leader in this technology. This company personifies the increasingly innovative, export-focused nature of our province’s business community, and its strong presence in our province is another sign of the strength of our local knowledge-based economy.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
“Our experience with growing and operating an office in Newfoundland and Labrador has been amazing. We have found that the availability of high-quality, skilled talent has exceeded our expectations. The support of the Newfoundland and Labrador Government has allowed us to quickly expand our St. John’s office, which is now Quorum’s largest office.”
President and CEO Quorum Information Systems
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Quorum Information Systems - quorumdms.com
Business Innovation Agenda - www.tcii.gov.nl.ca/innovation/pdf/BIA.pdf
Tech Sector Work Plan - www.tcii.gov.nl.ca/technologysummit/pdf/Technology_Workplan_Final.pdf
The Way Forward – thewayforward.gov.nl.ca
Office of the Premier
Tourism, Culture, Industry and Innovation
Quorum Information Systems
709-758-1450 ext 386
2018 05 15 10:30 a.m.