Utah’s information technology sector is growing at such a rapid pace most states can’t even begin to keep up. The Governor’s Office of Economic Development (GOED) announced today that Utah-based, HireVue, will expand its operations in the Salt Lake County. The company is the industry’s leading on-demand digital interviewing platform provider.
“HireVue’s digital interview platform is a great example of Utah’s IT sector continuing to find ways to use innovative technology to improve business,” said Governor Gary R. Herbert. “With HireVue and other software companies expanding in the state, we continue to hear the term ‘Silicon Slopes’ – referring to the rapid growth of Utah’s IT industry at the base of our world-renowned mountains.”
The job expansion by HireVue shows Utah’s commitment to growing the strongest IT sector in the nation. Over the seven year life of the agreement with the state, HireVue will create 540 new high-paying jobs, paying out more than $172,876,212 in new state wages.
All of the incented jobs will pay at least 125 percent of the county’s average annual wage including benefits. HireVue will pay approximately $10,090,489 in new state taxes during the term of the agreement and will invest over $30,000,000 in capital expansion.
“HireVue has an almost decade-long track record of equipping companies of all sizes to hire and expand their workforces utilizing our digital interviewing platform,” said Mark Newman, CEO, HireVue. “We’re excited to put our solution to work on our behalf as we expand our employee base here in Salt Lake City. This partnership with the state is fueled by our record growth to date and the substantial addition of clients to our roster.”
HireVue currently employs some 100 talented people in engineering, support, customer success, sales and marketing. HireVue’s award-winning on-demand interview platform greatly reduces the time and cost it takes to find, interview, vet and hire employees, while simultaneously improving interview quality and consistency.
“We are very pleased that HireVue is moving forward with their expansion plans in Utah,” says Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “It is extremely rewarding to see a quality Utah-based company grow and expand in our State, reinforcing our belief that Utah has a unique combination of assets that allows businesses, specifically in the IT sector, to flourish.”
The GOED Board of Directors approved a $1,513,573 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn over the seven years of the agreement. The tax credit is calculated on a base rate of 15% percent of the net taxes collected from the company annually.