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SALT LAKE CITY — The Governor's Office of Economic Opportunity on Wednesday awarded post-performance tax reductions to two companies set to bring thousands of jobs to Utah.
OmniTeq, a Texas-based software development company with focuses in artificial intelligence, machine learning, data analytics and more will be relocating its company headquarters to Davis County.
Meanwhile, Gabb Wireless, the Utah-based company that makes safe smartphone options for kids, is expanding its Lehi operations.
The incentives offered to the two companies stem from Utah's Economic Development Tax Increment Financing program.
Here's a breakdown of what both companies will be adding to the Utah economy and job market.
OmniTeq
The biggest of the two investments, OmniTeq is projected to add upwards of 4,000 high-paying jobs to Davis County over 10 years.
"We congratulate OmniTeq on its decision to expand operations and relocate its headquarters to Utah," said Ryan Starks, executive director of the Utah Governor's Office of Economic Opportunity, in a statement. "The company pushes the boundaries of innovation and will mesh well with Utah's data-centric industries. Utah's deeply skilled and knowledgeable talent pool will greatly benefit the significant number of jobs the company plans to create."
Additionally, OmniTeq is projected to generate over $33 million in new state tax revenue over the 10-year timeline.
"OmniTeq is a terrific addition to Northern Utah's rich aerospace and defense sector," said Chris Roybal, president of the Northern Utah Economic Alliance, in a statement. "With its impressive growth schedule, we look forward to matching our significant labor pool in aerospace, (artificial intelligence) and software development to the company's mission."
In July, Brandon Fugal, a real estate mogul and lifelong Pleasant Grove resident joined OmniTeq's board of directors.
Gabb Wireless
While not quite as big as OmniTeq's Utah investment, Gabb Wireless' Lehi expansion is projected to add over 700 new jobs over a 10-year span.
Gabb Wireless provides safe technology for kids, notably cellphones and smartwatches that come with its software, which eliminates the distractions of social media and games while still letting the device function as a tool for communication.
"It is an honor to be expanding in Utah and to be involved with the Governor's Office of Economic Opportunity," said Nate Randle, CEO of Gabb, in a statement. "I'm proud to stand with over 200 Utah employees who are committed to growing our company here and proactively contributing to the economic footprint of our great state. Our mission will always be to build safe tech for kids, teens and families to protect them from the dangers and addictions of social media and too much screen time. Our Gabb technologies and services will continue to add to the fabric of our Utah business community. There is no better place to establish and grow a mission-driven business than the Beehive State."
Gabb Wireless is projected to generate just over $15 million in new state tax revenue over 10 years.
"Lehi city is excited to welcome the new headquarters of Gabb Wireless to our great city," said Marlin Eldred, economic development director for Lehi, in a statement. "It encompasses the entrepreneurial spirit that drives technology innovation in the heart of Silicon Slopes."
