The Governor’s Office of Economic Development (GOED) and Indus Valley Partners (IVP) announced today the opening of an IVP Utah office creating 200 new high paying jobs.
“Utah is increasingly known as the ‘emerging Wall Street of the West,’” Governor Gary R. Herbert said. “The opening of the new office by Indus Valley Partners demonstrates the capabilities of Utah’s educated and hardworking workforce, and their contribution to the strength of Utah’s growing economy.”
Indus Valley Partners is the leading provider of technology solutions to alternative asset managers. Providing flexible and modular solutions that can be tailored to the specific requirements of any fund, across strategies and asset classes, IVP’s 380+ employees, serve their 85+ clients who manage more than 630bn in assets using IVP technology from offices in London, New York, New Delhi and Mumbai.
“Utah has done an impressive job of attracting both technology and financial services firms. As a provider of financial technology solutions experiencing strong growth we selected Utah as a second delivery office to enable IVP to strengthen its client service teams as well as create a core development hub for some add on product modules.” said Gurvinder Singh, CEO of Indus Valley Partners. “IVP is also happy to support the Governor’s initiative to put our returning veterans to work and will be actively encouraging the veterans to apply for the open roles at its expanding Utah site,” noted Singh.
The State and IVP have entered into an 11 year agreement during which, the company will pay out more than $91,909,000 in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage including benefits.
At that same time, Indus Valley Partners will pay approximately $5,362,085 in new state taxes and will invest over $500,000 in capital expansion at the Utah based offices.
“Our productive workforce, superior location, along with an unparalleled quality of life continues to keep Utah in the forefront as one of America’s best states for business,” says Jeff Edwards, President and CEO of Economic Development Corporation of Utah. “Indus Valley Partners decision to open an office in Salt Lake is reflective of Utah’s continued success attracting successful companies to the state.”
As part of a contract with IVP, the GOED Board of Directors has approved a maximum cap tax credit of $1,072,417 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes IVP will pay over the 11 year life of the agreement. Each year as IVP meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.