The Governor’s Office of Economic Development (GOED) today announced Podium, Inc. will expand in Utah, adding up to 426 jobs to the community and an estimated $10 million in capital investment.
“Podium is a homegrown Utah company, and we congratulate them on their success and rapid growth,” said Val Hale, executive director of GOED. “Our infrastructure, resources and quality of life support long-term business success, and we are pleased that Podium has made the decision to continue to grow in Utah.”
Founded in 2014, Podium provides technology that makes the interactions between local businesses and consumers simple and convenient. The platform enables communication via familiar channels like text message to drive online discovery, answer general questions about the business, and collect in-depth customer feedback and online reviews.
“We’re excited at the opportunity to increase employment and expand operations here in Utah,” said Eric Rea, CEO and co-founder at Podium. “Not only do businesses have the governmental support through business-friendly policies, but an expanding pool of local talent means access to essential resources for maintaining momentum. At Podium, we are committed to grounding our rapid growth in Utah and contributing to the local economy for the long term.”
Podium will create up to 426 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 $124,689,998. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,421,960 over five years.
“Podium represents another great example of Utah’s ability to start and grow successful IT companies,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We are excited and congratulate them for their decision to continue that growth within the state of Utah.”
Podium may earn up to 20 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 Podium, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,084,392. Each year as Podium meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with the local community to determine the best location for the project. Exact location will be determined at a future date.