SALT LAKE CITY — The Governor’s Office of Economic Development recently announced that software firm Teem will expand its operations in Utah, adding up to 250 jobs, $3.1 million in new state revenue and up to $1 million in capital investment in Salt Lake City over the next five years.
Founded in 2012, Teem is a fast-growing company in the marketplace of workforce solutions, a news release stated. The company offers room booking, guest management, indoor navigation and analytics tools from mobile and desktop apps.
“We have enjoyed tremendous success in Utah in large part because this is such a great place to find and attract talent,” Teem CEO Shaun Ritchie said in the release.
The company plans to create up to 250 jobs over the next five years with total wages in aggregate required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement are estimated at $83.6 million. Projected new state revenues, as a result of corporate, payroll and sales tax, are estimated to be $3.1 million over five years.
Teem may earn up to 20 percent of the new state taxes it will pay over the life of the five-year agreement in the form of a tax credit rebate not to exceed $620,870. Each year that the company meets the criteria in its contract with the state, Teem will earn a portion of the rebate.Comment on this story
The GOED board also announced that Oatly Inc. will open its first factory in the West with a facility in Ogden, potentially adding up to 50 jobs, $2.9 million in new state revenue and up to $40 million in capital investment in Weber County over the next seven years.
Oatly is a food manufacturing company that develops and produces oat-based drinks and foods, including oat milk.
New state wages over the life of the agreement are expected to be $17.3 million, bringing an estimated $3 million in new tax revenues to Utah.
The company may earn a rebate up to 10 percent of the new state taxes it will pay over the life of the seven-year agreement, not to exceed $295,463.