“The Triangle” in North Carolina is home to one of the largest technology research and development parks in the world, and it’s about to get even bigger. Conduent Incorporated, the “world’s largest provider of diversified business services,” will open a global technology and innovation hub in the greater Raleigh area, bringing 200 new full-time jobs to the Research Triangle area. The company will invest $2.7 million in Morrisville NC (Wake County).
Conduent, headquartered in Florham Park, New Jersey and formed on December 31, 2016 after its separation from Xerox, serves customers around the world with leading capabilities in transaction processing, automation and analytics. The company provides services that touch millions of lives every day, including two-thirds of all insured patients in the US and nearly nine million people who travel through toll systems daily.
The new operation in Wake County will drive several leading-edge focus areas for the company, including data modeling and machine learning, artificial intelligence, and sensor technologies. NC’s pool of talented workers in these areas helped influence the company’s decision to locate in the state.
Said Ashok Vemuri, chief executive officer, Conduent:
“Given Conduent has a strong relationship in North Carolina already — with more employees here than any other state — opening a new global technology and innovation hub in the heart of the Research Triangle is the right move for our clients and our people.”
Said NC Governor Roy Cooper:
“North Carolina offers a deep pool of talented workers that attracts global technology companies. Conduent’s decision to select the Research Triangle is the latest example of how investing in a highly-skilled, educated workforce pays off for North Carolina.”
The North Carolina Department of Commerce and the Economic Development Partnership of NC (EDPNC) led the state’s support for the company’s expansion. Conduent will add a variety of job functions at the new site, including research scientists, software developers, information technology, corporate finance, legal, and human resources positions. Although salaries will vary by position, the average wage across all positions will be $100,000, which is higher than the current Wake County average wage of $53,783.
Partnering with NC Commerce and the EDPNC on this project were the NC General Assembly, the NC Community College System, Wake Tech, the Capital Area Workforce Development Board, the Town of Morrisville, Wake County, the Morrisville Chamber of Commerce, and Wake County Economic Development.
Conduent’s expansion in Wake County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $344 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2.1 million, spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
See more about Conduent and current job openings via www.conduent.com.
Sources: Ford Porter (Office of the Governor NC) and Sean Collins (Conduent)