UT: Connexion Point to Invest $9M, Expand HQ, Add 221 Jobs
18 Oct, 2016
The Governor’s Office of Economic Development (GOED) and Connexion Point announced the technology-enabled healthcare services company will expand at its Utah headquarters, adding up to 221 jobs and an expected $9 million in capital investment.
“Homegrown companies like Connexion Point are innovating the healthcare industry and continue to put Utah on the map as a tech leader,” said Val Hale, executive director of GOED.
Founded in 2010, Connexion Point connects the healthcare industry and consumers through streamlined data and analytics to simplify healthcare processes. Combining a disruptive technology platform, industry leading data science, true web-scale technology and human capital resources, Connexion Point creates outcome based custom solutions, built on replicable and scalable components, that deliver results unmatched in the healthcare industry. Its clients include some of the largest health insurance payers and providers in the nation.
“This partnership with GOED enables us to accelerate our growth plan, expand our software as a service and analytics solutions, and further invest in our XE platform,” said Robert McMichael, president and CEO of Connexion Point.
The Connexion Point expansion will create up to 221 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $73,838,450. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,722,853 over five years.
Connexion Point 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 Connexion Point, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $944,571. Each year as Connexion Point meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
About the Utah Governor’s Office of Economic Development (GOED) www.business.utah.gov
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or firstname.lastname@example.org.
About Connexion Point
Founded in 2010, Connexion Point is a privately owned, Utah-based, technology-enabled healthcare services company that specializes in outcome-based solutions. Connexion Point facilitates communication, throughout the lifecycle of the consumer, that connects the healthcare industry to consumers and consumers to their healthcare. Combining a disruptive technology platform, industry leading data science, true web-scale technology, and human capital resources Connexion Point creates outcome based custom solutions, built on replicable and scalable components, that deliver unmatched results. Its clients include some of the largest health insurance companies in the nation. Headquartered in Salt Lake City, Utah, the company has regional offices in Florida, Texas, Tennessee and Utah. It is ranked on the Inc. 500 and Inc. 5000 for the past three consecutive years, including ranking as the 86th-fastest growing privately held company in the nation, 12th-fastest growing in Healthcare and 1st-fastest growing in Utah. For more information, please contact: Christina Sears, (801) 448-4471 or email@example.com