INDIANAPOLIS (Dec. 21, 2011) - Governor Mitch Daniels and executives from two home-grown Hoosier firms today announced new investments in Central Indiana expected to create a combined 365 new jobs over the next four years.
Quality inspection service provider, Stratosphere Quality, LLC, and financial software provider, Archway Technology Partners, Inc., will invest a combined $4.3 million to expand their individual headquarters in Central Indiana. Stratosphere plans to create up to 225 new jobs by 2015 and Archway plans to add up to 140 new jobs by 2015.
As part of the rapidly growing quality-assurance industry, Stratosphere provides sorting and inspection services to manufacturers of parts and components in the automotive, medical device, appliance, construction and recreational vehicle industries. The company, which has more than 800 associates in North America, plans to invest $2.6 million to expand and upgrade its Fishers headquarters and has already begun hiring additional accounting, human resource and finance positions. It also plans to hire new quality inspectors and project managers across the state to interact directly with customers on site.
"We are pleased to see that the careful planning and work being done by Governor Daniels' team is paying off with such a positive business environment," said Tom Gray, Stratosphere chief operating officer. "We continually invest in our employees, technology, equipment and facilities in order to maintain our competitive edge and are excited to have the opportunity to continue to grow and provide more jobs and training in our home state of Indiana."
Archway supports and integrates back office operations for firms in the investment management industry. Its systems support business functions required for the management of more than $120 billion in market assets. To accommodate its expanding global client base, the company will invest $1.7 million to nearly double its current 6,000 square-foot headquarters on the north side of Indianapolis. Archway has already begun the hiring process for the additional associates. The new high-wage positions will be across the company, including software engineering, business development and professional and client services.
"We have been fortunate to find a significant pool of talent from which to build our team, and we greatly value the Central Indiana business community," said Jason Brown, president and chief executive officer of Archway. "In addition, we aspire to build a great partnership with both the city of Indianapolis and state of Indiana. We are excited to make a long term commitment to growth in the state."
The Indiana Economic Development Corporation offered Stratosphere Quality, LLC up to $1.5 million in conditional tax credits and up to $200,000 in training grants based on the company's job creation plans. In addition, Archway Technology Partners, Inc. was offered up to $2.4 million in conditional tax credits and up to $100,000 in training grants based on its job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis will support Archway with grant funds at the request of Develop Indy.
"Companies are eager to invest in Indianapolis, thanks to our stable tax climate and business-friendly, pro-growth economic environment," said Indianapolis Mayor Greg Ballard. "As we continue our aggressive pursuit of new jobs, we are pleased to welcome this investment and expansion of businesses in Central Indiana and eager to build upon our efforts to grow our local economy, bringing quality jobs to Hoosier workers."
Stratosphere and Archway join 33 other companies that committed to locating or growing their headquarters in the Hoosier State this year, creating more than 4,100 projected new headquarters and operations jobs. In 2011, the IEDC secured job commitments from a total of 219 companies from across the country and around the world, an increase from 200 companies in 2010 and more than any other year on record. These 219 companies project to create more than 19,000 new jobs and invest more than $2.7 billion in their Indiana operations.
About Stratosphere Quality
Stratosphere Quality is a leading provider of quality assurance and outsourcing solutions, including sorting and inspection services, to manufacturers of parts and components in the automotive, medical device, electronics, home appliance and recreational vehicle industries. As a partner in quality, Stratosphere Quality helps suppliers and OEMs identify the root cause of quality problems, minimize defects, improve quality, increase efficiency and reduce costs associated with quality issues. Headquartered just northeast of Indianapolis, Indiana, Stratosphere Quality services manufacturers across the US and Ontario.
About Archway Technology
Archway Technology Partners is a global software company supporting the financial operations of single family offices, multi-family offices, hedge funds, fund administrators, fund of funds and investment advisors. Archway's flagship platform, ATWeb, is a web deployed enterprise software solution for the investment industry. An investment accounting software platform, ATWeb successfully integrates a full G/L with investor relations, portfolio accounting, fund accounting and partnership accounting. ATWeb also manages accounts payable, accounts receivable, cash management and budgeting & forecasting - a true standard in one solution.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Lynne Kelley (Stratosphere Quality) - 317.525.4085 or firstname.lastname@example.org
Lauren Albert (Archway Technology) - 317.819.5454 or email@example.com
Katelyn Hancock (IEDC) - 317.234.2294 or firstname.lastname@example.org
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