(August 22, 2012 – Panama City, FL) The Bay Economic Development Alliance (EDA) announces the expansion of iSirona, a downtown Panama City-based medical software development company. iSirona, formed in 2008, has grown from 33 to 100 employees since January 2012 and projects to grow by another 100 jobs over the next three years. The company recently relocated its headquarters to the former ITT Exelis building in downtown Panama City.
“We look forward to providing job and economic opportunities in Bay County,” said Dave Dyell, chief executive officer of iSirona. “We are experiencing tremendous demand from hospitals wanting to integrate medical devices with their electronic health records systems to improve quality of care, patient safety, clinician workflow and efficiency.”
iSirona’s software helps healthcare providers make more informed decisions about patients by providing an easy-to-use approach to medical device integration. With iSirona, hospitals can connect almost any medical device to their clinical information systems, providing faster access to more accurate patient information and freeing nurses from the burden of hand-entering patient data.
“The advances iSirona is making in medical technology are strengthening Florida’s position as an innovation leader and a choice location for businesses to expand,” said Gray Swoope, president & CEO of Enterprise Florida, the state’s principal economic development organization. “It’s great to see these new jobs deriving from successful business practices.”
“The iSirona project is exactly the kind of job creation initiative contemplated by the Oil Spill Recovery Act,” said Senator Don Gaetz who sponsored the legislation that provided the state funding.
“With the expansion of 67 new, high-wage jobs in Bay County, an additional 29 jobs are projected to be generated in other Bay County businesses,” said Joey Ginn, EDA chair. “iSirona anticipates an even higher level of job creation over the long term and we are thrilled about their expansion in Bay County.”
The expansion is possible because of two incentive programs aimed at increasing high-skill, high-wage jobs in Florida. The company received a $350,000 grant from the Industry Recruitment, Retention and Expansion Fund (IRREF) Grant Program, which is administered by the University of West Florida. Senator Don Gaetz authored S.B. 2156, of which the Oil Spill Recovery Act was an important component. The Oil Spill Recovery Act allots $10 million per year for three years to eight Northwest Florida counties for the purposes of research and development, commercialization of research, economic diversification and job creation.
Separately, Florida’s Department of Economic Opportunity approved an $180,000 Qualified Target Industry (QTI) tax refund over the next six years to encourage the creation of 45 jobs with an average salary of $49,155, which is 150 percent of Bay County’s average annual wage. To date, the company has already satisfied its job creation commitment over an eight month period versus a three year period. Both incentives are performance-based; no money will be awarded until the jobs are created and maintained.
About the EDA
The Bay County Economic Development Alliance (EDA) is a public/private partnership working to establish a globally competitive business environment for Bay County which encourages economic growth, enhances the community’s quality of life and nurtures the creation and expansion of businesses.