UT: Centrify to Invest $4.5M, Expand, Add 200 Engineering Jobs
9 Mar, 2018
The Governor’s Office of Economic Development (GOED) announced Centrify will expand its presence in Utah and grow its Engineering team, adding up to 200 jobs, $2.7 million in new state revenue and an estimated $4.5 million in capital investment.
“We welcome Centrify to Utah and look forward to a long-term partnership creating new jobs while providing the company with a strategic location for expanding its Engineering Department,” said Val Hale, executive director of GOED. “Centrify’s presence will bolster our efforts to develop a cyber security micro-cluster comprised of leading-edge companies on the forefront of one of the biggest risks in today’s world.”
Centrify delivers Zero Trust Security through the power of Next-Gen Access. The Centrify Zero Trust Security model assumes that users inside a network are no more trustworthy than those outside the network. Centrify verifies every user, validates their devices, and limits access and privilege. Centrify also utilizes machine learning to discover risky user behavior and apply conditional access - without impacting user experience.
The company has had a presence in Utah since 2014 with customer support and sales development teams. The addition of engineering teams is a result of Utah’s highly educated and skilled workforce.
“Creating jobs is the cornerstone for strengthening our national economy,” said Tom Kemp, chief executive officer at Centrify. “But make no mistake, we’re in a cybersecurity war, and identity is the primary attack vector, showing no signs of slowing down – and creating market demand. As we grow, we need to attract the best talent available, and Utah has very skilled candidates to enhance our product innovation and leadership for Zero Trust Security.”
Centrify will create up to 200 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $69,204,079. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,784,718 over five years.
“Centrify is one of many companies tapping into the strong and highly educated IT workforce in Utah,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We have enjoyed working with Centrify over the past three years and are excited to see this project come to fruition.”
Centrify may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Centrify, the GOED Board of Directors approved a post-performance tax credit rebate not to exceed $556,944. Each year as Centrify meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with the local community to determine the best location for its expansion. Exact location will be announced at a future date.