Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer joined leaders from Inxeption, an industrial commerce and supply chain digitization company, to cut the ribbon on the company’s new Louisville headquarters, which will create 200 full-time jobs with a $125 million investment over the next five years.
“I would like to welcome Inxeption’s continued investment in the commonwealth and the 200 jobs the company will create in the coming years,” Gov. Beshear said. “Innovative, tech-based companies are an important part of our continued effort to move Kentucky forward and create quality opportunities for our residents. I am glad Inxeption is part of that vision and look forward to the company’s continued success in our state.”
Inxeption’s new headquarters is located in an 18,000-square-foot space on the 29th floor of the PNC Tower in downtown Louisville. Since the start of 2022, the company’s domestic logistics business has expanded by more than 180% with increased demand for real-time quoting and same-day truckload and LTL bookings. Inxeption provides industrial manufacturers with secure multimodal shipments through a single user interface. Its international logistics business grew by 270% in the first half of 2022, as the company supported U.S. import and export business.
“Inxeption is creating a revolution in industrial commerce by bridging ‘supply chain as a service’ applications with an unparalleled digital commerce platform,” said Farzad Dibachi, Inxeption co-founder and CEO. “Our new supply chain and operations headquarters in Louisville ensures we have the space to grow to meet the evolving needs of our customers. We have found fantastic talent and are delighted to promote economic growth in the great commonwealth of Kentucky.”
The company’s secure and scalable cloud-based digital commerce platform provides industrial and supply chain businesses with on-demand capital, data, products and services. Inxeption helps companies of any size and industry drive sales, gain operational visibility and realize cost savings. In addition to its new Louisville headquarters, the company maintains offices in Atlanta, Chicago and Cupertino, California.
Inxeption joins a growing number of service and technology companies in the commonwealth. Administration-to-date, the sector has seen more than 100 new-location and expansion announcements totaling $2.42 billion in new investment and over 13,100 announced jobs for Kentuckians. The company’s services also coincide with the distribution and logistics industry, which includes more than 600 facilities in Kentucky, employing over 90,000 residents.
Mayor Fischer applauded the company’s growth in Louisville.
“Congratulations to Inxeption on the opening of its new downtown headquarters, which continues its strong growth in our community,” Mayor Fischer said. “Louisville is rapidly upskilling its workforce through innovative partnerships with companies such as Microsoft, IBM and Humana and strategic investments in proven programs such as Code Louisville. As a result, companies like Inxeption can find the tech talent they need to grow, while taking advantage of the competitive cost of business and central location that make Louisville the right fit for B2B companies.”
Inxeption’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In the past year, the Beshear administration announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
The economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky’s financial outlook to positive in recognition of the commonwealth’s surging economy.
And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for four consecutive months, falling from 3.9% in April to 3.8% in May and 3.7% in June and July.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s rainy day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.