The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Weave, a leader in customer communication and one of Utah’s fastest-growing tech companies, will expand its operations in Utah, creating 997 new jobs in the next 10 years.
“We’re excited that yet another technology company has decided to expand in Utah,” said Val Hale, GOED executive director. “Working with companies like Weave to grow its operations in the state will help build upon Utah’s exemplary economic success.”
Headquartered in Lehi, Utah, Weave was founded in 2008. Weave services small and medium businesses with its VoIP (Voice over Internet Protocol) phone system, software and payment solutions that aims to improve overall customer experience. The company’s platform serves as a complete business toolbox to improve communication between businesses and their patients or customers. Weave has more than doubled in employee growth and revenue in the past year and recently raised $70M in funding to support its expansion into industries beyond dental and medical.
“We’re thrilled to be able to expand our footprint in Utah’s burgeoning tech sector, and we’re very excited that we get to do it with the support of the Governor’s Office of Economic Development,” said Brandon Rodman, co-founder and CEO of Weave. “This opportunity will be instrumental in our recruiting efforts and product development. Utah has a very competitive job market, especially in the tech industry. We’re proud to be in good company with so many of these Utah-based tech companies. We hope to continue to attract top talent to the state and add even more value to the Silicon Slopes landscape.”
Weave Communications may earn up to 20% of the new state taxes it will pay over the 10-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 $5,184,765. Each year that Weave meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“We’d like to congratulate the city of Lehi for leading out on this project and helping another high-growth technology company,” said Theresa A. Foxley, president and CEO of EDCUtah. “We know that Weave will find Silicon Slopes a productive place to continue growing its business.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$65 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.