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Salt Lake City – SolarWinds, Inc. a Texas-based company that builds IT management software products, has announced plans to bring operations to Utah, bringing an expected 1,040 new jobs to the state.
The Governor’s Office of Economic Development (GOED) board of directors approved for the company a $32,864,576 economic development tax increment finance (EDTIF) post-performance refundable tax credit, or 30 percent of the new taxes paid by the company over the lifetime of the incentive. Over the lifetime of the agreement, SolarWinds expects to pay approximately $109 million in new state taxes and stimulate over $50 million in capital expansion at the site.
The expected 1,040 new jobs are expected to total more than $1.4 billion in new state wages over the 20-year lifetime of the agreement with the state and will be at least 125 percent of the county’s average annual wage including benefits.
“We are very excited about the opportunity to establish our strategic, western location in Utah,” said Kevin Thompson, president and CEO of SolarWinds. “While our corporate headquarters will remain in Austin, we plan to make Utah an important hub from which we plan to drive significant future growth. The commitment and cooperation shown by GOED, along with the available deep and talented technology employment base, have been important indicators not only of the strength of the area, but also the potential of a meaningful, long-term relationship between SolarWinds and the State of Utah. ”
SolarWinds’ software addresses a range of IT management problems, including basic network availability, performance monitoring, cloud computing, BYOD and big data. Last October, Forbes named SolarWinds the "Best Small Company in America," citing high-functioning products for low costs and impressive company growth. The company employs more than 900 people worldwide.
“Utah’s Information & Technology strategic industry cluster has shown great strength through the recession and is showing considerable growth as Utah leads the nation in its economic recovery,” said Spencer Eccles, executive director of GOED. “SolarWinds is a great addition to that market sector and they will find our Utah workforce second to none.”
SolarWinds will be part of Utah’s IT industry cluster, which is one of six economic clusters in Utah and has been present in the state for almost three decades. It is the largest industry cluster statewide and includes over 48,000 companies in Utah.