$4.4 million CAPEX
The Governor’s Office of Economic Development (GOED) and the Economic Development Corporation of Utah (EDCUtah) announced Cornerstone OnDemand (NASDAQ:CSOD), a global leader in cloud-based learning and human capital management software, will expand its operations to Salt Lake City and is adding up to 350 jobs, $6 million in new state revenue and an estimated $4.4 in capital investment over the next seven years.
“Cornerstone has expanded its worldwide business over the last 16 years and is a pioneer in the SaaS industry,” said Val Hale, executive director of GOED. “We could not be happier that Cornerstone will expand in Utah.”
With nearly 2,000 employees in 43 countries worldwide, Cornerstone is one of the largest cloud-based technology companies in the world. In 2017, the company recorded record revenue of $482 million, up 15 percent year-over-year. The new Utah Operations Center will be the company’s third office in North America and its 18th office worldwide.
“Our continued growth and success have created a new opportunity to expand U.S. operations outside of our global headquarters in Santa Monica, California,” said Brian Swartz, chief financial officer, Cornerstone OnDemand. “Utah meets our goals of managing expansion in a cost-effective and thoughtfully planned manner. In addition, Utah has a robust technology presence, a highly educated and trained workforce, and offers tremendous amenities for our employees, including cost-of-living and housing affordability. We have begun initial recruiting efforts and plan to be operational in Utah by the end of the year.”
Cornerstone OnDemand Inc. may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.
“We’re excited that Cornerstone OnDemand - a growing company known for its industry leadership and workplace culture - has chosen Utah,” said Theresa A. Foxley, President and CEO of EDCUtah. “This represents a big win for Utah, and we look forward to seeing all of the benefits that the additional jobs and investment will bring to our communities.”
Taylor Brightwell, business development manager, led ProjectMortarboard for EDCUtah.
For more information on this or other projects, contact Colby Cooley, at 801-323-4250, email@example.com.
Vice President of Business Developmentccooley@edcutah.org