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SALT LAKE CITY — The Governor’s Office of Economic Development announced Thursday that property management software company Entrata will expand in Utah, creating up to 191 jobs.
Founded as Property Solutions International in Lehi in 2003, the company employs 1,400 worldwide and is the nation’s largest provider of website portals and payment processing to the multifamily home industry, as well as a leading developer of property management software tools serving more than 20,000 apartment communities.
“The economic climate and booming IT infrastructure of Silicon Slopes has been integral to the growth and development of our company since day one,” said Entrata CEO Dave Bateman. “We’re proud to call Utah home and appreciate the support of our community as we continue to innovate and advance our technology in this great state.”
The company says the expansion plan will create up to 191 jobs over the next five years with total wages in aggregate 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 $38,135,356. In addition, projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,631,800 over the five-year period.
Entrata 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 tax credit rebate. As part of the contract with Entrata, the GOED board of directors approved a post-performance tax credit rebate not to exceed $326,360.
The GOED board also announced that Bay area software firm Peek will open a regional office in Utah — bringing up to 100 jobs.
Based in San Francisco, Peek is a leader in the global activities industry. The company combines an award-winning marketplace platform to book adventure activities, with Peek Pro — the top tour operator software in the U.S.
“We couldn’t be more excited about opening up this new office in Utah,” said Ruzwana Bashir, co-founder and CEO of Peek. “After extensive research and market diligence, it became incredibly clear that Utah provided the perfect mix of employee talent, technology DNA, and a hard-working culture to make this new operation a home run for our rapidly growing company.”
Peek has indicated that the expansion will create up to 100 jobs over the next five years with total wages 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 $17,248,103, while projected new state tax revenues estimated to be $1,374,770 over five years.
The company may earn up to 15 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 tax credit rebate. As part of the contract with Peek, GOED approved a post-performance tax credit rebate not to exceed $206,215.
Each year as the two companies meet the criteria in their contracts with the state, the firms will earn a portion of the total tax credit rebate.
