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Area Development - Site Selection, Facility Planning and Workforce Development

Socio Expands Operations in Indianapolis, Indiana

11/05/2018
Socio, a business-to-business Software as a Service company, plans to expand its operations in Indianapolis, Indiana. The expansion will help the company keep up with growing demand from clients across 17 countries for its event technology platform.

To accommodate its growing team, Socio will invest $1.2 million in its Indianapolis headquarters over the next five years, the Indiana Economic Development Corporation said. The company recently renovated and moved into a 2,527-square-foot downtown office space at 115 W. Washington St. and is already exploring potential future Indianapolis office spaces that would support continued growth.

Socio plans to significantly scale up its Hoosier workforce, creating more than 100 new jobs by the end of 2022, state officials reported.

"With digitization and globalization changing the landscape of economic growth, we believe that Indiana, with its available talent pool, affordable cost of living and direct access to venture capital, is well on its way to becoming a hub for innovation and business prosperity," said Yarkin Sakucoglu, Socio CEO. "We are very excited to be part of the growing startup ecosystem and provide hundreds of jobs to fellow Hoosiers here in Indianapolis."

As an incentive, Indiana Economic Development Corporation offered Socio up to $2.2 million in conditional tax credits based on the company's job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports the project at the request of Develop Indy, a business unit of the Indy Chamber.

"Central Indiana's network of innovators continues to grow each day, and we're excited to see Socio commit to helping propel the tech industry even further," said Governor Eric J. Holcomb. "The world is more connected now than ever before, enabling companies like Socio to serve customers across the globe from a hub here in a pro-growth business climate with a skilled workforce."

Socio, which employs 15 full-time associates in Indiana as well as additional team members at its European operation in Istanbul, has already hired 10 associates toward its goal of 156 new jobs, state officials said. The company is currently hiring sales development representatives, account executives, customer service representatives, a digital marketing manager, a QA engineer, a product manager and a chief of staff.

"Indianapolis is a leader in marketing tech, and companies like Socio build our international profile, expanding homegrown innovation globally," said Indianapolis Mayor Joe Hogsett. "Our tech ecosystem continues to grow, providing a pipeline of talented individuals who choose to call Indianapolis home. We congratulate Socio on their success."

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