Lucid Software Will Expand Its Operations In South Jordan, Utah
The company creates cloud-based applications designed to improve visual communication and collaboration within work environments. Lucidchart offers an intuitive and collaborative platform for building complex diagrams to improve productivity, while Lucidpress enables brand-compliant layout and design for organizations of all sizes.
“We’re thrilled to be in Utah and truly believe that we couldn’t have picked a better location to build our business,” said Karl Sun, CEO of Lucid Software. “The state has done a fantastic job of creating an environment that businesses like Lucid want to call home. We’re excited to continue to grow right here in Silicon Slopes.”
“GOED is committed to the success of homegrown companies,” said Val Hale, Executive Director of GOED. “Our expanding tech industry is supported by multiple companies like Lucid Software that are established and headquartered here. Utah’s Silicon Slopes will continue to grow because of the state’s deep traditions of entrepreneurship and innovation.”
“Lucid Software is a great example of a Utah company with homegrown talent succeeding and competing at the highest levels,” said Michael Flynn, Chief Marketing Officer & Acting Chief of Staff at the Economic Development Corporation of Utah. “We congratulate them on their success and are pleased they have chosen Utah as the site for their long-term growth.”
Lucid Software may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Lucid Software, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $726,269. Each year as Lucid Software meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
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