IN: Woman-Owned Tech Company, Torchlite, Creating 140 Jobs in Indianapolis
7 Jun, 2016
Torchlite, a digital marketing service provider, announced plans to expand its operations in Indianapolis, Indiana, creating up to 140 new jobs by 2019.
"Here in the state’s capital city, the technology sector is growing at a rate more than triple the national average and creating a growing number of high-skill, high-wage Hoosier jobs,” said Governor Mike Pence. “Indiana’s innovative workforce and continued focus on cutting costs and taxes has been a driving force behind attracting jobs and top talent to the state, further solidifying Indianapolis’s footprint as a leading national tech hub.”
The woman-owned company will invest $514,086 to triple its Indianapolis office space, moving into a 5,500-square-foot space on the second floor of 342 Massachusetts Ave. Torchlite is currently on the fourth floor of the building and expects to complete the move this summer. The expansion includes the creation of collaborative break-out areas in addition to investment in information technology hardware infrastructure. The company, which was established in 2015, secured $1 million in recurring annual revenue within its first 40 days and has doubled its revenue every month since then.
"Torchlite is in a high-growth mode as we're getting ready to finalize another round of funding,” said Susan Marshall, chief executive officer and co-founder of Torchlite. “The tech community in Indianapolis has been unbelievably supportive of our venture and has played an integral role in our success as a company."
Torchlite, which was nominated for TechPoint’s Start-up of the Year award, was founded just last year by Susan Marshall, a former Apple employee and executive at ExactTarget and Salesforce. The firm helps marketers and other businesses keep up with online marketing activities through its customized and collaborative platform, which combines technology and talent to enable businesses to plan, execute and analyze digital marketing campaigns from a simple, unified dashboard. Torchlite’s largest clients are headquartered in Delaware, Florida and Georgia.
The Indiana Economic Development Corporation (IEDC) offered Torchlite Technologies Inc. up to $2,825,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These incentives are performance based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Torchlite is seeking additional funding from the Indiana Seed Fund, which accelerates the deployment of investment capital and is managed by Elevate Ventures in partnership with the IEDC. The city of Indianapolis supports the project in partnership with Develop Indy, a business unit of the Indy Chamber.
“This announcement further solidifies Indianapolis’ place as a hub for the tech industry,” said Mayor Joe Hogsett. “From our historic neighborhoods to our flourishing downtown, companies continue to grow in Indianapolis because of the amenities our city affords as well as the growing pool of new talent. Indianapolis is proud to welcome these 140 new tech jobs to our great city.”
According to TechPoint, Indiana’s technology initiative, computer and IT jobs in Central Indiana grew by 17 percent – at a rate more than double the growth rate of all occupations – from 2009-2014, creating more than 5,000 jobs and exceeding the national growth rate of tech jobs of 5.7 percent. The Indianapolis area ranks No. 2 in the nation for tech grads (DataFox), No. 5 in the nation for women in tech (Fast Company) and No. 6 in the nation for tech jobs (Fast Company).
Torchlite is a SaaS Marketplace that connects businesses to digital marketing experts, provides full visibility into campaigns, and allows real-time collaboration. Torchliters™, our certified digital marketing experts, focus on driving leads, online traffic, customers and revenue to help grow businesses. For more information, visit www.torchlite.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, focusing on helping companies grow in and locate to the state. Governed by a 12-member board chaired by Governor Mike Pence, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, public infrastructure assistance and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.