2 Utah firms get $2.3 million in tax credits to grow, create jobs
Two Salt Lake County tech companies were granted tax breaks Thursday for the promise of creating more than 700 jobs over the next five to seven years and expanding their operations.
South Jordan-based HireVue, which has created a digital platform for video interviews and the hiring and vetting of new job candidates, was given more than $1.5 million in a post-performance, non-refundable tax credit, by the Governor's Office of Economic Development.
In the next seven years, the company will be expected to add 540 jobs that could yield more than $172 million in wages. The company, which employs 100 people and was founded in 2004, will pay about $10 million in new state taxes and invest more than $30 million in its expansion.
"HireVue has an almost decade-long track record of equipping companies of all sizes to hire and expand their workforces utilizing our digital interviewing platform," HireVue CEO Mark Newman said in a statement. "This partnership with the state is fueled by our record growth to date and the substantial addition of clients to our roster."
MasterControl, a Cottonwood Heights-based company that produces management software to help companies meet compliance guidelines, has received an $836,000 tax credit.
The company, which started in 1993 and has about 175 employees, said it will add 197 jobs over a five-year period, which would result in more than $54 million in new wages in the state. In the same period, the company is expected to pay more than $4.1 million in taxes and invest $15 million in capital expansion at its headquarters.
"We purposely place our product design, engineering, and services employees close to our customers," MasterControl CEO Jon Beckstrand said in a statement. "That definitely runs counter to most of our competitors who have chosen to outsource their technical jobs far away from customers in lower-cost markets. They may see short-term gains, but our strategy is focused on long-term value and success for our customers."