MasterControl will invest more than $15 million to expand its Salt Lake City, Utah headquarters, with plans to create 197 jobs in the region.
The firm produces software products that enable companies, in a highly regulated environment such as Life Sciences, to get products to market in a timely, cost effective and efficient manner. The firm’s headquarters is located in the technology-prime Cottonwood Heights area of Salt Lake City, in a new LEED Gold Certified sustainable building space that features offices and conference rooms named after famous Utah natural landmarks.
“We operate on the principle of delivering success to our customers, with the view that our employees are the most significant contributors and resource in that value stream,” said MasterControl CEO Jon Beckstrand. “As a result, we purposely place our product design, engineering, and services employees close to our customers. That definitely runs counter to most of our competitors, who have chosen to outsource their technical jobs far away from customers, in lower cost markets. They may see short-term gains, but our strategy is focused on long-term value and success for our customers.”
“Utah is renowned for its business friendly climate,” Gov. Gary R. Herbert said. “Like Utah, MasterControl recognizes the importance of sensible regulation and is in business to help key industries innovate and grow.”
"The most reliable indicator of a strong business climate is the decision by a company in an existing industry to expand locally," said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. "We are pleased that MasterControl has made that choice in Salt Lake City."
As an incentive to assist with its expansion plans, the Governor’s Office of Economic Development Board of Directors approved a $836,059 Economic Development Tax Increment Finance post-performance refundable tax credit, which the company can earn, or 20 percent of the net taxes paid by the company over the lifetime of the incentive.