Ipreo US, a global provider of financial services, technology, data and analytics, will add 250 jobs over the next four years in Wake County.
The New York-based company, which has offices in Raleigh, will invest $2.1 million in the expansion.
“Over the past five years, Ipreo’s operations in North Carolina have become an important element of our global business,” said O’Hara Macken, executive vice president of global infrastructure and head of Ipreo’s North Carolina operations. “This region offers a talented and innovative workforce, a strong university system, and a collaborative business environment.”
“North Carolina is home to financial services and tech companies that are leaders in their industries and partners to their communities,” Gov. Roy Cooper said.
Ipreo’s services support the capital-raising process for all market participants, including sell-side banks, public and private companies, buy-side investors, and research, asset management and wealth management firms. The company’s U.S. headcount has doubled since 2013, with one third of its U.S. workforce located in North Carolina. With this expansion, the company will focus on its financial software, capital markets intelligence and real-time data and analysis products.
“Ipreo has achieved significant growth since coming to Wake County in 2013, and I trust this success will continue,” said North Carolina Commerce Secretary Anthony M. Copeland.
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led the state’s support for the company’s expansion.
Once all positions are filled, the average salary will be $66,720, which is higher than the current average salary in Wake County of $56,244.
Ipreo’s expansion in Wake County will be supported, in part, by a Job Development Investment Grant (JDIG). Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $549 million. Using a formula that takes into account the tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,085,000, spread over 12 years. State payments only occur after the company has met its incremental job creation and investment targets.
Because Ipreo chose to expand in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving nearly $695,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Partnering with state Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Wake County, the city of Raleigh and Wake County Economic Development.