Governor Bobby Jindal and Netchex founder and CEO Will Boudreaux announced the company will establish a new headquarters facility in Mandeville. Netchex will invest $5.3 million to lease 30,000 square feet of office space for two years followed by the completion of a new headquarters building. As part of the expansion, Netchex will retain 86 jobs and create 240 new direct jobs, with an average salary of $43,800, plus benefits. LED estimates the project will result in an additional 120 new indirect jobs, for a total of 360 new jobs in the region.
Netchex provides its clients with a comprehensive suite of Web-based services and the support of payroll services specialists. The company was established in Mandeville in 2003 and has grown into a leading provider of payroll, human resources, time and attendance, and benefit services in the South. The company has offices in Dallas, Atlanta and Jackson, Mississippi, and has an overall workforce of nearly 120.
“The unbeatable combination of low business costs and a skilled workforce found in our region has helped Netchex become the fastest growing company of its kind in the United States,” said President and CEO Michael Hecht of Greater New Orleans Inc. “This decision to expand their operations in Mandeville demonstrates that the Greater New Orleans region serves as the ideal location for business growth and success.”
Governor Jindal said, “Netchex is truly a Louisiana success story, and the expansion of the company’s headquarters is a testament to how Netchex is able to thrive in Louisiana’s nation-leading business climate. Netchex has grown from a small team to the fastest-growing business services provider of its kind in America, thanks in part to the company’s stellar leadership team and the highly skilled talent that could only be found in Louisiana. We congratulate Will Boudreaux and his entire team as they start this exciting new chapter in the company’s history.”
Founders Boudreaux and Stuart Ethridge had previous executive experience in the payroll industry for publicly traded firms before they set out to establish Netchex. Taking on industry giants, the pair embraced the tenets of Web integration, accountability for service, and value, eventually making Netchex one of the South’s largest employee services providers. The company’s steady growth led to the need for an expanded headquarters facility.
“As we looked at our growth trajectory, it was clear that we needed a larger footprint physically to support our efforts,” Boudreaux said. “The expansion plan includes migrating to a facility to absorb our growth, better manage our business and be reflective of the strong brand we have built. Additionally, this expansion plan serves as a real beacon to promote quality jobs here in St. Tammany Parish. We turned to LED for guidance and support when we recognized that rapid expansion was needed. They were tremendous in fully understanding our priorities and creating a custom package that met all of our needs. No doubt, their ability to leverage competitive state programs cemented our decision to grow Netchex right here in Louisiana.”
LED began discussing expansion plans with Netchex in January 2015. To secure the headquarters expansion, the State of Louisiana offered a competitive incentive package that includes the services of LED FastStart® – the nation’s No. 1-ranked state workforce development program. The company will participate in the state’s Digital Interactive Media and Software Development Incentive, and Netchex is expected to utilize the state’s Quality Jobs Program.
“Netchex has fostered strong relationships in Mandeville, and their desire to expand locally is a testament to the vitality of our local economy,” said Mayor Donald Villere of Mandeville. “Will Boudreaux, Stuart Ethridge, and their entire, enterprising team are a credit to Mandeville’s growing business community.”
Though Netchex has additional office locations in the South, Louisiana won the site selection competition with other states, including locations in Texas and Florida, to ensure Netchex would retain and expand its headquarters in Mandeville. The company will begin moving into the leased office space in early 2016. Hiring for the new positions has begun.
“Netchex’s expansion in St. Tammany Parish illustrates the ideal business retention success story, growing local human capital and further developing our workforce,” said CEO Brenda Bertus of the St. Tammany Economic Development Foundation. “Thanks to these innovative entrepreneurs, even more customers across the country will have access to cutting-edge information technologies developed right here in St. Tammany.”
About Greater New Orleans, Inc.
GNO, Inc. is the regional economic development organization for Southeast Louisiana. The GNO, Inc. Mission is to create jobs and wealth in the Greater New Orleans community. The GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best places in the country to grow a company, and raise a family.
More information can be found at www.gnoinc.org.
About Netchex
Founded in 2003, Netchex has grown to become one of the South’s largest employer services providers with offices in Louisiana, Mississippi, Dallas and Atlanta. Netchex’s single-source solution is a cloud-based, end-to-end platform for managing employees from hire to retire. Netchex currently services over 3,000 clients throughout the United States, with corporate headquarters in Mandeville, Louisiana, and offices in Dallas, Atlanta and Jackson, Mississippi. For more information, visit www.netchexonline.com.