Talented workers in North Carolina's Research Triangle region a key factor in the company's decision
RALEIGH: Conduent Incorporated (NYSE: CNDT), the world's largest provider of diversified business services, has selected North Carolina's Research Triangle region for an all-new global technology and innovation hub that will create 200 jobs, Governor Roy Cooper announced today. The company will invest $2.7 million in Morrisville in Wake County.
"North Carolina offers a deep pool of talented workers that attracts global technology companies,"
said Governor Cooper. "Conduent's decision to select the Research Triangle is the latest example of how investing in a highly-skilled, educated workforce pays off for North Carolina."
Conduent, headquartered in Florham Park, New Jersey and formed on December 31, 2016 after its separation from Xerox, serves customers around the world with leading capabilities in transaction processing, automation and analytics. The company provides services that touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Conduent's clients include 76 companies from the Fortune 100.
The new operation in Wake County will drive several leading-edge focus areas for the company, including data modeling and machine learning, artificial intelligence, and sensor technologies. North Carolina's pool of talented workers in these areas helped influence the company's decision to locate in the state.
"Given Conduent has a strong relationship in North Carolina already - with more employees here than any other state - opening a new global technology and innovation hub in the heart of the Research Triangle is the right move for our clients and our people,"
said Ashok Vemuri, chief executive officer, Conduent. "We are honored to have the support of Gov. Cooper to enrich the area's labor market and economy all while creating all-new and innovative solutions for the world's best businesses."
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state's support for the company's expansion.
Conduent will add a variety of job functions at the new site, including research scientists, software developers, information technology, corporate finance, legal, and human resources positions. Although salaries will vary by position, the average wage across all positions will be $100,000, which is higher than the current Wake County average wage of $53,783.
Conduent's expansion in Wake County 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 this grant, the project will grow the state's economy by an estimated $344 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2.1 million, spread over 12 years. State payments 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.
"It's exciting to see a fast-growing company like Conduent select Wake County,"
said N.C. Senator Jay Chaudhuri. "Everyone in our community welcomes this global company to our Research Triangle, which further cements our reputation as the home of innovation."
"North Carolina is one of the nation's leading locations for technology companies,"
said N.C. Representative Joe John. "We're proud of Conduent's decision and I congratulate the many state and community partners who worked hard to bring this new facility to Wake County."
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Wake Tech, the Capital Area Workforce Development Board, the Town of Morrisville, Wake County, the Morrisville Chamber of Commerce, and Wake County Economic Development.
- Contact: Ford Porter