Vantaca, a software-as-a-service provider, will add 104 new jobs in New Hanover County. The company will invest more than $4.9 million to expand its operations in Wilmington.
“North Carolina is one of the fastest-growing technology hubs in the nation,” said Governor Cooper. “When combined with our reputation for financial technology, a talented workforce and premier quality of life, it’s great news that Vantaca is expanding right here in its hometown of Wilmington.”
Headquartered in Wilmington, Vantaca provides software-as-a-service through its cloud-based platform for homeowner associations and community management organizations. The company’s system automates workflows and accounting functions to offer an integrated solution that streamlines communications and user activity while facilitating financial operations in real-time.
“This expansion allows us to continue to innovate our unique solution enabling our customers to transform their business digitally and more efficiently run their day-to-day operations,” said Ben Currin, CEO of Vantaca. “Quality of life and work-life balance is incredibly important to our team, and in that respect, we have found Wilmington to be an ideal home.”
“North Carolina’s fintech industry has seen steady growth from the mountains to the coast,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Startups and entrepreneurs, like Vantaca, are the heart and soul of North Carolina’s innovation economy. To maintain our rank at the forefront of innovation, North Carolina remains committed to developing the very best talent for the burgeoning fintech industry.”
Although wages will vary for the new positions, the average annual salaries will be more than $80,000, creating a potential annual payroll impact of more than $8.3 million. New Hanover County’s overall average annual wage of $46,383.
This expansion by Vantaca will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, economists in the Department of Commerce estimate the project will grow the state’s economy by more than $204 million. The JDIG agreement authorizes the potential reimbursement to the company of up to $1,418,400 spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Vantaca is expanding in New Hanover County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $157,600 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as New Hanover, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“This is an exciting announcement for New Hanover County,” said N.C. Senator Michael V. Lee. “Vantaca is a great example of the opportunities that are available for entrepreneurs that do business in our state. We welcome these great paying jobs and increased investment in our community.”
“Vantaca’s expansion is the result of the diligent economic development partners that supported this project,” said N.C. Representative Ted Davis, Jr. “The company’s continued commitment to this region is a testament to the talent, innovation and growth potential for our region’s fintech industry.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Cape Fear Community College, New Hanover County, Wilmington Business Development, and City of Wilmington.