Brice Wallace
A Cottonwood Heights-based software company plans to add 155 high-paying jobs over the next six years.
MasterControl Solutions Inc. made the announcement after being approved for tax credit incentive by the Governor’s Office of Economic Opportunity board at the board’s December meeting.
“Right now we’re about a $150 million revenue company, looking to double over the next few years,” Michelle Newman, the company’s chief financial officer, told the board. “So, one of the reasons we’re here today with you is because in order to double, we’re going to be hiring a lot of people.”
MasterControl provides cloud-based process, document and quality management software solutions to pharmaceutical, medical device, biotechnology, food and beverage, healthcare, laboratory, aerospace/defense, automotive, chemical and government clients. It also provides various business services. Founded in 1993, the company was previously known as Document Control Systems Inc. It changed its name to MasterControl Inc. in 2005 and to MasterControl Solutions Inc. in November 2022.
In addition to its Utah operations, the company has offices in the United Kingdom, Japan, Australia and Singapore.
“We’ve really seen tremendous growth and have really believed that the talent available in the Salt Lake City area and the facilities in Salt Lake have really facilitated a global presence for our company,” said Alicia Garcia, the company’s chief people and culture officer.
The company started as a way to help companies retain their documents in a safe place, but has evolved into a software-as-a-service platform “that helps medical device and pharmaceutical companies get their products to market faster,” she said.
“So if you think about someone that is needing an experimental cancer treatment and it has to receive approval from the FDA, they would use our system to go through all the mandatory regulation in order to get that product deemed safe for that patient to use. We have a great tie to helping people to change their lives for the better.
“The COVID pandemic definitely pushed our industry into a new realm, where these facilities normally worked in person, they suddenly needed a virtual system like ours and the ability to have licenses quickly to get their people working from home.”
“MasterControl started in Utah more than 30 years ago, and we are delighted to be expanding once again as we develop quality and manufacturing software that will help our customers bring life-changing products to market,” Jon Beckstrand, CEO, said in a prepared statement. “Utah offers a healthy business environment, a highly educated workforce, and lifestyle amenities that are all important aspects for MasterControl’s continued success.”
The GOEO board approved a tax credit incentive of up to $453,613 over six years for the $40 million project. The project is expected to generate new total wages of more than $61 million over six years, with the new jobs paying an average of $112,500. New state tax revenue is projected to be more than $2.2 million during that time.
Hope Goeckeritz, business development specialist for Cottonwood Heights, spoke in favor of the tax credit incentive. “We’re so excited to be supporting our city business and seeing them continue to thrive, and we’re here to support MasterControl’s continued growth and success in any way that we can,” she told the board.
“We are pleased to see the expansion of a globally reputable company such as MasterControl as it reflects Utah’s thriving spirit of progress,” Ryan Starks, GOEO executive director, said in a prepared statement. “MasterControl’s expansion speaks to Utah’s reputation as a hub for tech innovation and underscores the company’s commitment to economic growth within our state. We congratulate them on this strategic decision.”
“In addition to being a Silicon Slopes company itself, MasterControl is a key contributor to several of Utah’s targeted industry sectors, including software and IT, life sciences, and aerospace and defense,” said Scott Cuthbertson, president and CEO of the Economic Development Corporation of Utah. “We’re pleased to see one of Utah’s anchor companies continue to grow right here in Utah.”
MasterControl last December announced its first outside funding, a $150 million Series A round led by Sixth Street Growth. The funding valued the company at $1.3 billion.
In 2013, GOEO, then known as the Governor’s Office of Economic Development, approved a tax credit of up to $836,059 for the company, tied to the creation of 197 high-paying jobs over five years. The $15 million project was projected to generate more than $54 million new wages and nearly $4.2 million in new state tax revenue.
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with the state, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.