The Utah Governor’s Office of Economic Development (GOED) today announced Quick Base to expand its operations in Utah adding 485 jobs and $6.2 million in new state revenue over the next five years.
“We are excited that Quick Base has selected Utah to open a second location,” Val Hale, executive director of the Governor’s Office of Economic Development. “Quick Base will expand their Utah facility with sales executive, customer success, solution engineering, marketing, software developer and customer care roles.”
Quick Base is a market leader in the customized application building space, with more than 5,400 customers, serving businesses of all sizes across every industry. Quick Base delivers a significant return on investment for customers, empowering users with the ability to create their own solutions that can streamline processes, track and analyze real-time data and create efficiencies in their own work and their company’s operations. The company, headquartered in Cambridge, MA, was acquired by Vista Equity Partners in April 2019 and currently has 359 employees.
“Salt Lake City has become a vibrant technology hub with an impressive pool of talent, which made it an obvious choice as we looked for locations for our second office,” said Rick Willett, Quick Base CEO. “As companies across every industry continue to empower their employees with our application-building platform, we have added enhanced security, mobile access and a visual design tool to Quick Base. A second location in Salt Lake City and an increase in our headcount, will help us to further serve our customers across the U.S.”
Quick Base plans to create up to 485 jobs in Utah over the next five years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $169,425,308. The projected state tax revenue is a result of corporate, payroll and sales tax.
“This project is exciting on so many fronts. For one thing, it’s bringing very high-paying jobs to our state, and for another, it’s highlighting that downtown Salt Lake City has a tech vibe to match any locale in our entire Silicon Slopes,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah.”
Quick Base 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 Finance (EDIF) tax credit. As part of the contract with Quick Base, the GOED Board of Directors has approved an EDTIF post-performance tax credit not to exceed $1,257,983 representing 20 percent of the estimated $6,289,915 of new state revenue, which may be earned over five years. Each year Quick Base meets the criteria in its contract with the state, the company will earn a portion of the total tax credit.
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met.