The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Waystar will open an office in Utah, creating up to 70 new high-paying jobs in the next seven years.
“Waystar will be a great addition to Utah’s tech scene. We’re excited for the high-paying jobs they’ll bring to the state,” said Val Hale, GOED’s executive director. “This expansion will help Waystar better serve its customers in the western area of the country, and we wish them the best as they continue to expand.”
Waystar is a cloud-based healthcare payments platform used by more than 450,000 healthcare providers and 750 health systems across the country. The company’s state-of-the-art technology automates payments processes and manual tasks, offers price transparency for patients and enables providers to focus on improving care. Waystar is regularly recognized for its market-leading technology and high levels of client satisfaction.
“Waystar is grateful for the opportunity to join the Utah business community, and we greatly appreciate Gov. Herbert’s support and growth-oriented mindset. We’re excited by this next stage of expansion for our company and our team,” said Matt Hawkins, CEO of Waystar. “Fundamentally, any software business is a people business. We look forward to tapping into the Utah talent pool to find talented, tech-focused people ready to help us advance our mission of simplifying and unifying healthcare payments.”
“We are delighted to welcome Waystar to Utah and support its efforts to create meaningful jobs in our great state,” said. Gov. Gary Herbert. “We appreciate their dedication and hard work in helping to improve healthcare in a monumental way.”
Waystar may earn up to 15% of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $408,959. Each year that Waystar meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Waystar in some ways represents the convergence of Healthtech and Fintech, which are two areas of concentration in Utah’s economy,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “There is an abundance of talent here, and we look forward to helping them grow in our market.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$1 million|
About Utah Corporate Incentives
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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.