The Government of Canada and the Province of Prince Edward Island today announced funding of $1,138,000 for Aquilium Software Corporation of Prince Edward Island.
The announcement was made by the Honourable Pat Binns, Premier of Prince Edward Island, and George Proud, MP for Hillsborough, on behalf of the Honourable Pierre S. Pettigrew, Minister of Human Resources Development Canada, and the Honourable Fred Mifflin, Minister of Veterans Affairs and Secretary of State for the Atlantic Canada Opportunities Agency.
Aquilium Software Corporation designs and markets a modular customer information, billing and accounting software application for water, electrical and natural gas utilities. Its software product, Customer Service Management (CSM) is fully Year 2000 compliant. CSM is a Windows NT software solution for utility companies that is affordable, flexible and easy to use. The firm is currently distributing to markets in Canada and abroad, and is continuing to grow. Aquilium shares are traded on the Alberta Stock Exchange.
In order to remain competitive in this market, Aquilium will be increasing its staff in the areas of marketing, sales, software development and service. Aquilium Software was recently awarded a contract to modernize the water utility software for the City of Ann Arbor, Michigan. The company also signed a contract this year to supply the South African city of Umtata with its CSM software.
"Aquilium Software is an excellent example of an Island-based company that has the ability to compete on a global scale," said Premier Binns. "Their ability to focus on an idea and perfect it to its fullest potential has made them a success."
The Government of Canada is participating in this partnership with the Province of Prince Edward Island which has identified information technology as a priority for economic development. This project will help create 24 full-time jobs in the first year, and could create as many as 25 additional jobs in the second year. The project has brought together Human Resources Development Canada, ACOA and the provincial government to help Prince Edward Island's information technology industry.
"With Aquilium Software Corporation's focus on growth comes increased long-term job opportunities for Prince Edward Island residents," said Mr. Proud. "And, with jobs comes economic growth. The Government of Canada is pleased to be able to play a role in Aquilium's development."
To assist this project, Human Resources Development Canada is contributing $475,000 through its Transitional Jobs Fund, the provincial government has provided equity financing of $440,000, and ACOA is providing a repayable contribution of $223,000 through its Business Development Program. In addition to the federal and provincial contributions, Aquilium has received $2,250,000 in private equity investments to be used toward this project.
"The federal and provincial governments' funding of local technology companies like Aquilium is key to ensuring long-term highly-skilled jobs," said Stephen Pate, President and CEO of Aquilium Software. "This funding will not only help secure Aquilium's future, it is also a positive step in the development of the information technology sector in Prince Edward Island."
This project supports the Government of Canada's Jobs Strategy. The Jobs Strategy is based on strengthening the economic fundamentals and establishing a favourable climate for job creation by making strategic investments in priority areas where the government can make a difference — areas such as youth, trade, technology and infrastructure.