Governor Pat McCrory and N.C. Commerce Secretary Sharon Decker announced on April 11 that Ipreo Holdings, a global company that provides market intelligence, data and technology solutions to capital markets and corporate professionals around the world, will establish a business center in Wake County. The company plans to create 250 new jobs in North Carolina by the end of 2017 and invest more than $3 million in its Raleigh location. The N.C. Department of Commerce’s Vivian Powell was the developer on this project.
Ipreo is a global leader in offering market intelligence, platforms that facilitate the issuance of equity and debt securities, and investor communications tools to the world’s leading investment banks, financial firms and publicly traded companies. The company is headquartered in New York and employs more than 650 people in offices on five continents.
Ipreo plans to establish a business center in Raleigh that will both mirror its New York City headquarters operations and serve as a base for future growth. Staffing plans include product development, client services and analytical functions.
The project was made possible in part by an award to Ipreo from the state Job Development Investment Grant program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Ipreo is eligible to receive up to nine annual grants equal to 65 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over nine years, the JDIG award could yield aggregate benefits to Ipreo of up to $3,783,000.
In addition, up to $1.26 million in additional funds from the company’s JDIG award could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Wake, 25 percent of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations.
Other partners who assisted with this announcement include: N.C. Community Colleges, Wake County, Research Triangle Regional Partnership, and the Raleigh Chamber. Read more.
N.Y. financial support firm hiring 250 workers in Raleigh (The News & Observer – Raleigh, April 11)
Why Ipreo chose Raleigh for its 250-job expansion (Triangle Business Journal, April 11)