NC: Global Company Ipreo Holdings to Create 250 Jobs in Wake County
16 Apr, 2013
Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker announced Ipreo Holdings, a global company that provides market intelligence, data and technology solutions to capital markets and corporate professionals around the world, will establish a business center in Wake County. The company plans to create 250 new jobs in North Carolina by the end of 2017 and invest over $3 million in its Raleigh location.
“Ipreo is just the kind of company we want to attract to North Carolina,” said Governor McCrory. “The new IT and financial jobs will strengthen the downtown Raleigh corporate mix and be an example to others of the strong talent pool and attractive quality of life that characterizes Raleigh, Wake County and the state.”
Ipreo is a global leader in offering market intelligence, platforms that facilitate the issuance of equity and debt securities, and investor communications tools to the world’s leading investment banks, financial firms, and publicly traded companies. The company is headquartered in New York and employs more than 650 people in offices on five continents.
“The North Carolina Research Triangle combines one of the deepest pools of technology talent in the US with a highly respected university system from which we can recruit the caliber of individual that we at Ipreo demand and our clients expect,” said Scott Ganeles, CEO of Ipreo. “This, along with support from the North Carolina Department of Commerce and the initial warm reception we have received from the local universities, have led us to our decision to make a major commitment to the region. We’re looking forward to playing an active and productive role in the Raleigh community.”
“We are committed to creating new jobs in North Carolina and know that Ipreo will become a strong corporate partner for us,” said Sharon Decker, North Carolina Secretary of Commerce. “We applaud the Ipreo executives for their commitment to invest in North Carolina and expand their global footprint in Wake County.”
Ipreo plans to establish a business center in Raleigh that will both mirror its New York City headquarters operations and serve as a base for future growth. Staffing plans include product development, client services and analytical functions.
Compensation for the new positions will vary by job function, but total payroll is estimated to be $15.7 million plus benefits. The average annual wage in Wake County is $46,280.
“I am excited that Ipreo Holdings has decided to bring these magnificient jobs to Raleigh,” said Senator Dan Blue. “These kind of jobs in the financial/financial services sector is further affirmation of Raleigh’s emergence as a major software center and proof that we have reached critical mass to be a major 21st Century city with high paying, sustainable jobs. It’s certainly fitting for our superbly trained and highly educated and motivated citizenry.”
The project was made possible in part by an award to Ipreo from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Ipreo is eligible to receive up to nine annual grants equal to 65 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over nine years, the JDIG award could yield aggregate benefits to Ipreo of up to $3,783,000.
In addition, up to $1.26 million in additional funds from the company’s JDIG award could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Wake, 25 percent of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, N.C. Community Colleges, Wake County, Research Triangle Regional Partnership and the Raleigh Chamber.
For more information about Ipreo, including job opportunities, visit www.ipreo.com.