A Utah-based, high-growth company will construct a new building and grow by nearly 1,000 jobs in the next decade.
Weave, founded in 2008 and based in Lehi, will expand its operations there, creating 997 new jobs in the next 10 years. The customer communication company made the announcement after being approved for a tax credit of nearly $5.2 million by the Governor’s Office of Economic Development (GOED) board at the board’s December meeting.
“We’re thrilled to be able to expand our footprint in Utah’s burgeoning tech sector, and we’re very excited that we get to do it with the support of the Governor’s Office of Economic Development,” Brandon Rodman, co-founder and CEO of Weave, said in a prepared statement.
“This opportunity will be instrumental in our recruiting efforts and product development. Utah has a very competitive job market, especially in the tech industry. We’re proud to be in good company with so many of these Utah-based tech companies. We hope to continue to attract top talent to the state and add even more value to the Silicon Slopes landscape.”
Privately held Weave serves small and medium-sized businesses with its Voice over Internet Protocol (VoIP) phone system, software and payment solutions designed to serve as a complete business toolbox to improve communication between businesses and their patients or customers. The company’s customer base comprises mostly dental and optometry service providers but its platform subscribers also are in other client service small businesses, such as health medical spas and law firms.
The $65 million project is expected to result in new total wages of $651.8 million over 10 years and new state tax revenue of $25.9 million during that time. The average pay will be $91,000.
“One of the reasons we’re really excited about this is the high-paying jobs that this will bring — over 997 high-paying jobs, with average wages that are commensurate with tech wages in that area,” Tom Wadsworth, GOED associate managing director, told the GOED board.
“We’re excited about this. We’re excited about the long-term commitment that the company is making to the state of Utah, and we want to be supporters of that.”
“This is exciting,” said Jerry Oldroyd, chairman of the GOED board. “This is a local company that is growing very quickly with a unique platform.”
Alan Taylor, Weave’s chief financial officer, said Weave’s investors have pushed to diversify the company, “but the employee base here is second to none, and that’s the reason we like to stay here.”
“We’ve got a really wonderful company growing at a very rapid pace,” he said, noting that the company in 2016 had 112 employees but now has nearly 650.
“So, it’s been a rapid, rapid growth,” he said. “That’s been challenging to manage, but we’re trying to keep a culture that is extremely employee-friendly, and the performance of the company is a tribute to our employees and the fact that they are passionate about serving our customers.”
The company expects to have about 900 employees by the end of 2020 and nearly 1,000 by the end of 2021. Taylor said an initial public offering is in the plans but likely is 18-24 months away.
The company in October announced it had closed on a $70 million Series D funding round.
“We’re excited that yet another technology company has decided to expand in Utah,” Val Hale, GOED executive director, said in a prepared statement. “Working with companies like Weave to grow its operations in the state will help build upon Utah’s exemplary economic success.”
“We’d like to congratulate the city of Lehi for leading out on this project and helping another high-growth technology company,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We know that Weave will find Silicon Slopes a productive place to continue growing its business.”