CT: Indeed to Invest $26.5M, Expand, Add 500-Jobs to Stamford Workforce
14 Jul, 2017
Governor Dannel P. Malloy and executives from Indeed announced that the Internet company has plans to significantly increase its presence in Connecticut by investing $26.5 million to expand its Stamford offices, where its workforce already exceeds 700 employees. The expansion project will see the creation of as many as 500 new jobs in the coming years, bringing the company’s Connecticut job presence to over 1,200 employees.
“This is a significant win for Connecticut’s economy and a testament to the quality of our workforce,” Governor Malloy said. “Indeed is an innovative, high-tech company that has been steadily growing services and adding hundreds of new, good-paying jobs, going from a handful of employees over a decade ago to 700 working in Stamford today. The company is now poised to significantly expand again, and we welcome the company’s capital investment in our state and the growth of hundreds of high-quality jobs that will follow.”
Indeed is the largest job site in the world, connecting job seekers to millions of employment listings in over 60 countries and 28 languages. The website is utilized across the world by more than 200 million people each month, conducting any number of employment-related activities, including searching for jobs, posting resumes, and researching companies. The job site’s “pay per performance” model has encouraged millions of employers to use Indeed to help with their hiring needs.
“From our start in small offices in Stamford and Austin to our current position as the global leader in job search with over 5,000 employees worldwide, we have always had the mission of helping people get jobs,” Dave O’Neill, Indeed’s Chief Financial Officer, said. “We have found a great talent pool in the State of Connecticut to help us achieve that mission, and we’re pleased to be continuing this successful partnership. Our Stamford employees are the face of the company to hundreds of thousands of our customers, and helped lay the groundwork for our global expansion. It is a huge advantage for us to have access to a well-educated, tech-savvy employee population that is attracted by the high quality of life in the area.”
“We are excited that Indeed will not only be staying in Stamford, but will be increasing their workforce here in our city,” Stamford Mayor David Martin said. “The investment by Indeed into the expansion of the company in Stamford shows that Stamford is attractive to tech businesses. We have been working hard to make Stamford more business-friendly, and provide new residents and companies the opportunity to work, live, learn, and play in the city.”
Under the expansion, Indeed plans to lease additional office space at 177 Broad Street in Stamford and evaluate longer-term expansion options.
The Connecticut Department of Economic and Community Development (DECD) will provide a 15-year, $7 million low-interest loan to support the expansion. State funding may be used for new equipment and leasehold improvements. Indeed is also eligible for up to $15 million in tax credits through DECD’s Urban and Industrial Sites Reinvestment Tax Credit program, and loan forgiveness if certain employment obligations are met.
“It’s terrific that a fast-growing tech company like Indeed has chosen to expand its presence in Connecticut,” DECD Commissioner Catherine Smith said. “We’re confident today’s announcement is just the beginning of a long-lasting and productive association that will benefit the company, city, region, and the entire state.”
The company’s website is located at Indeed.com.