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Salt Lake City — Indus Valley Partners (IVP) has announced the opening of an IVP office in Utah, which is expected to bring 200 new jobs. IVIVP has entered into an 11-year agreement with the state, during which the company is expected to pay out more than $91,909,000 in new state wages. All of the jobs are expected to pay at least 125 percent of Salt Lake County’s average annual wage including benefits. Indus Valley Partners is expected to pay approximately $5,362,085 in new state taxes and invest over $500,000 in capital expansion at its Utah based offices.
Indus Valley Partners is a provider of technology solutions to alternative asset managers. The company has more than 380 employees, 85 clients and offices in London, New York, New Delhi and Mumbai.
“Utah has done an impressive job of attracting both technology and financial services firms,” said Gurvinder Singh, CEO of Indus Valley Partners. “As a provider of financial technology solutions experiencing strong growth we selected Utah as a second delivery office to enable IVP to strengthen its client service teams as well as create a core development hub for some add on product modules.”
As part of a contract with IVP, the GOED Board of Directors has approved a maximum cap tax credit of $1,072,417 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes IVP will pay over the 11-year life of the agreement. Each year IVP meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.