Software Developer SpringCM Plans $8 Million Expansion In Chicago And Elk Grove Village, Illinois
According to Governor Pat Quinn’s Office, the firm projects growth of more than 50 percent annually for the next several years. If it meets its targets, the company’s payroll will generate close to $2 million a year in additional state income tax revenue by 2019.
As an incentive, the company will receive a $2.25 million state investment, administered by Illinois Department of Commerce and Economic Opportunity, which will allow it to expand facilities in two locations at 180 N. LaSalle St. in Chicago and 1905 Lunt Ave. in Elk Grove Village. The company currently employs more than 90 people at the two locations. Terms of the investment require SpringCM to retain its current staff count in Chicago and Elk Grove Village, create 200 jobs within two years and another 300 within five years.
“SpringCM has a massive opportunity as a cloud software provider to help companies put contracts and critical documents to work, fuel competitive advantage and drive bigger outcomes,” Founder/CEO of SpringCM Greg Buchholz said. “That's the same philosophy of the DCEO grant, to help growth companies expand right here in Illinois. SpringCM was intentionally founded and headquartered in Chicago because of the tremendous talent base and culture of the Midwest and because of the quality of life it offers our employees. Bottom line, the economic environment of Illinois enables us to build a world-class tech company much more cost-effectively than in Silicon Valley, Massachusetts or New York.”
“SpringCM is a great example of our growing tech and entrepreneurial industries that are creating jobs across Illinois and helping to fuel our economic comeback,” Governor Pat Quinn said. “As we continue to create jobs in communities across the state, we have seen good news for our economy but there is more work to be done. Investments in Illinois are further proof that we are headed in the right direction and SpringCM’s expansion here is testament to the strength of our workforce and position as a hub for technology and innovation.”
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