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SALT LAKE CITY — The Governor’s Office of Economic Development announced Friday that Utah-based Pluralsight will expand its operations, adding approximately 2,400 jobs, $86.2 million in new state revenue and an estimated $371.7 million in capital investment.
Founded in 2004, Pluralsight offers on-demand, digital technology learning tools, including more than 6,000 expert-authored technology courses, adaptive skill tests, custom curriculums for individuals and businesses, and live mentoring serving 40 percent of Fortune 500 companies.
“What began in Utah will stay in Utah. Silicon Slopes’ deep talent pool for software engineers and other technical jobs is thriving,” said Pluralsight founder and CEO Aaron Skonnard. “That’s why we plan to keep investing in this community. We’ve loved our home in Farmington, and are looking forward to creating a new, much larger home south of Salt Lake City.”
Pluralsight will create up to 2,464 jobs over the next 10 years, with total wages exceeding 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $1.42 million.
Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $86.2 million over the 10-year contract period.
The company may earn up to 25 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate.
The Governor’s Office of Economic Development approved a post-performance tax credit rebate not to exceed $21.5 million. Each year as Pluralsight meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working to determine the best location for its new headquarters. During the exploration and building phases of its new headquarters, Pluralsight will accommodate its extensive growth by moving many software engineering and other technical functions from its Farmington and Lehi locations to a new location in South Jordan next month.
All other functions will remain in Farmington until construction is finished on its new headquarters. The location of Pluralsight’s headquarters will be announced at a future date.
Meanwhile, the Governor’s Office of Economic Development also announced that AvidXchange Inc. will expand its Utah operation, adding up to 218 jobs to the community, and nearly $1.8 million in new state revenue and $3.5 million in capital investment.
The office's board of directors approved a post-performance tax credit rebate not to exceed $359,247.
Headquartered in Charlotte, North Carolina, the company selected Utah for its West site expansion to better serve a wider customer base. AvidXchange is a leading provider of accounts payable and payment automation solutions for midmarket businesses with more than 6,000 customers nationwide.
“AvidXchange is thrilled to expand our operations in our Salt Lake City location and support the economic development in the state of Utah,” said Michael Praeger, the company's CEO and co-founder. “Utah is a great hub for technology and innovation, and AvidXchange looks forward to being a larger part of the tech community and creating a positive impact on the local economy with the creation of over 200 jobs.”
Under its contract, AvidXchange will create up to 218 jobs over the next five years with total wages required to exceed 110 percent of the county average wage.
Projected new state wages over the life of the agreement are expected to be approximately $47 million, while projected new state tax revenues are estimated to be $1.8 million over that period.
