SALT LAKE CITY — The Governor’s Office of Economic Development announced Thursday the expansion of Jive Communication’s Utah County operations.
Founded in 2006, Jive Communications provides enterprise-grade Hosted Voice over Internet Protocol and Unified Communications to businesses and institutions. The company has grown by more than 100 percent annually for the past three years.
To keep up with rapid growth, the company, which has added more than 100 employees in the past year, is expected to create more than 570 jobs over the next five years. Each of the tax-incentive supported jobs will include health and retirement benefits and a salary that is at least 125 percent of the Utah County average wage.
Over the five-year period, Jive Communications will pay nearly $6.3 million in new state taxes and $130.9 million in new state wages. Capital investment for the expansion will be approximately $6.4 million.
As part of a contract, the GOED Board of Directors has approved a maximum cap tax credit of $938,321 in the form of a post-performance Economic Development Tax Increment Finance incentive, which is 15 percent of the net taxes Jive Communications will pay over the five-year life of the agreement. Each year as the company meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.