Xactware Solutions Inc., the Utah County-based technology company that produces management software for building and remodeling professionals, broke ground Thursday on its new headquarters in Lehi.
The 210,000-square-foot facility near Timpanogos Highway in the Traverse Mountain Business Park is expected to be completed in early 2014. The building will include a data center, beach volleyball courts, basketball courts and a fitness center.
President and CEO Jim Loveland said the company hopes to hire as many as 40 more employees by the end of the year — adding to its base of 460 — and eventually grow to a thousand workers.
“This is a definite ‘wow’ moment when I think about my dad and having him start this business in 1986 out of the basement of his house with one salesperson,” Loveland said at the groundbreaking, which included Gov. Gary Herbert.
Xactware develops computer and mobile software that helps in calculating building and repair costs.
Company officials say their products are used by about 80 percent of insurance repair contractors. Nineteen of the top 25 property insurers in the country use Xactware’s software for estimating structural repair costs. The company processes more than 14,000 claims files each day.
“We are very excited that Xactware has decided to come to Lehi,” Lehi Mayor Bert Wilson said in a statement. “We are building our own little Silicon Valley out here, and we are thrilled to have yet another high-tech business come to our city. The employees Xactware brings are nothing but high-caliber.”
Xactware is a subsidiary of New Jersey-based Verisk Analytics, which offers risk assessment services.
In May, the state of Utah gave the Orem-based software maker $32.3 million in tax incentives on the promise it would hire 860 workers over the next two decades.