SALT LAKE CITY — The Governor’s Office of Economic Development Thursday announced health technology company Collective Medical Technologies Inc. will expand in Utah, adding nearly 600 jobs over several years.
Based in Salt Lake City, the company is building the largest geographically contiguous, real-time data network in the United States. The system is expected to help payers and providers in the delivery of timely and accurate patient care using real-time alerts and collaborative care management tools. The network includes thousands of medical professionals and case managers across hundreds of hospitals, health systems, clinics and health care plans serving millions of patients nationwide.
The company is eligible for just over $1.8 million in tax incentives under an eight-year deal with the state.
The project is expected to create up to 587 jobs over the next eight years, with total wages required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be about $235.3 million, with projected new state tax revenues from corporate, payroll and sales taxes estimated to be $9.1 million over the eight-year period.
“We are honored and grateful to receive an offer of support from the Governor’s Office of Economic Development,” said Chris Klomp, chief executive officer of Collective Medical Technologies. “We are thrilled to partner with the state to continue to create attractive, high-paying jobs and further Utah’s reputation as a technology and innovation leader.”
The company may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract, the GOED board of directors approved a post-performance tax credit rebate not to exceed $1,818,305. Each year Collective Medical Technologies meets the criteria in its agreement with the state, the company will earn a portion of the total tax credit rebate.
“CMT is an excellent example of a company that is an innovator in its industry,” said GOED executive director Val Hale. “In addition to creating a significant number of jobs for Utah residents, the company will contribute to the state’s growing technology sector.”