A California-based firm focusing on advanced cyber threat protection, FireEye, plans to invest more than $2 million to expand to Salt Lake City, Utah, with expectations of creating approximately 250 jobs.
The company recently raised $50 million in venture capital from such major financial firms as Sequoia Capital, Norwest Venture Partners, and Juniper Networks, the Utah Governor’s Office of Economic Development said. FireEye CEO Dave DeWalt, formerly the CEO of McAfee, helped McAfee become a leader in its segment and sold the company to Intel for $7.6 billion.
FireEye has entered into an agreement with the state that is expected to bring more than $14 million in new state tax revenue and approximately $152 million in new state wages over the lifetime of the agreement. These wages are anticipated to be at least 125 percent of Salt Lake County’s average annual wage including benefits. Currently the company has not finalized a specific location for that facility.
“We are very happy to be locating our Americas customer support group in Utah,” said Tony Kolish, FireEye senior vice president, customer services. “With a talented technical workforce and favorable business environment, Utah offers an excellent location for FireEye to put a technical customer support center.”
“Utah’s economy and its IT and Software industry is continually being recognized internationally as one of the most vibrant business communities in the US. FireEye will now be a part of Utah’s dynamic growth which has seen such companies as Adobe, eBay, IM Flash, and most recently Vivint in the headlines reporting their spectacular growth in Utah,” GOED executive director Spencer Eccles said.
“FireEye’s decision to expand in the State is another example of Utah’s ability to attract industry leaders in the IT/Cybersecurity sector,” said Jeff Edwards, president & CEO of EDCUtah. “This expansion demonstrates how Utah’s quality workforce and business-friendly environment continue to attract high-paying, state-of-the-art technical jobs to the State.”
The GOED Board of Directors has approved a post-performance Economic Development Tax Increment Financing refundable tax credit of $3,603,155, or 25 percent of the new state revenue paid by the company over the 10 year life of the agreement.