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Womply to Join Silicon SlopesNovember 10 2016 - 12:30 pm
For Immediate Release
GOED Communications Director
Womply to Join Silicon Slopes
SALT LAKE CITY (Nov. 10, 2016)—Womply and the Governor’s Office of Economic Development (GOED) today announced the small business data analytics company will open a Utah office, adding up to 175 high-paying jobs to the community.
“Womply is a Silicon Valley company that has identified an important niche market and is experiencing rapid growth,” said Val Hale, executive director of GOED. “Womply used a thorough vetting process to consider multiple markets for expansion and ultimately selected Utah for its high-caliber workforce. We congratulate the company on a wise decision.”
Founded in San Francisco in 2011, Womply uses technology and data to grow, protect and simplify small business. The company provides on a subscription basis a suite of business monitoring, analytics, and marketing tools that help merchants manage their businesses more easily and get more customers. For example, Womply provides complete monitoring and management of online reviews from sites such as Google and TripAdvisor. Womply is also the leading technology partner to the credit card processing industry.
“We are thrilled to be expanding into Utah County and to tap into the great pool of local talent,” said Cory Capoccia, president of Womply. “We aim to build a lasting presence in the area, and we are hiring aggressively for sales, operations, engineering and other critical roles to accelerate and support our already industry-leading growth.”
The Womply project will create up to 175 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $41,325,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,952,888 over five years. The project is expected to generate up to $100,000 in capital investment.
“We are excited to welcome Womply to Utah,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah. “This project represents another win in the ‘fin-tech’ industry and will bring more high paying jobs to the state. We are thrilled that Utah continues to make its mark in this growing industry.”
Womply may earn up to 15 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Womply, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $292,933. Each year as Womply meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Womply is working closely with the local community to determine the best location for the new operation. Exact location will be determined at a future date.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or firstname.lastname@example.org.
Womply is one of the fastest growing merchant-focused companies in America. Our mission is to use technology and data to grow, protect and simplify small business. Every day we serve tens of thousands of merchants, across 400 plus business verticals, in every corner of America. Womply helps merchant-focused companies and organizations acquire, retain and monetize merchants. To learn more, visit www.womply.com or email email@example.com.