The Governor’s Office of Economic Development (GOED) announced today that Overstock.com, Inc. will establish a new Utah software engineering office in Provo, Utah, which will nearly double the company’s current software engineering staff.
150 new full time positions will be created by the company, 100 of which will be hired within the next 12 months. The creation of the new positions was facilitated by a 10 year post-performance incentive offered by the Governor’s Office of Economic Development. New state wages will be in excess of $95 million over the same period. Average wages for the jobs will be in excess of 150% of the Utah County average wage and will include full benefits.
“Overstock.com is pleased how the Governor’s Office of Economic Development is helping grow Utah-based businesses and the technology presence in the state,” said Jonathan Johnson, President of Overstock.com. “We’ve been able to build our business here in Utah as a result of the quality employees available in Utah and we intend to continue to grow in Utah. Developers that speak Java should apply for a position with Overstock at www.overstock.com/javajobs.”
“The new jobs that Overstock.com is creating, will significantly add to Utah’s vibrant Software and IT Development industrial cluster. As the Forbes ‘Best State for Business and Careers,’ we are excited to partner with Overstock and Provo City to enable this growth with a home grown Utah company”, said Spencer Eccles, GOED executive director
Overstock.com, headquartered in Salt Lake City, Utah, was founded in 1999. The company is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. It also operates an online auction business—a marketplace for the buying and selling of goods and services—as well as online sites for listing cars and real estate for sale.
In June 2010, Overstock.com launched the Main Street Revolution, a partnership between the retailer and small or minority-owned business owners across the United States. This initiative creates a national marketing and distribution channel for producers of consumer products by providing the opportunity to sell their products on Overstock.com.
All of the company’s 1,500+ employees are based in Utah. The company has received numerous awards for Customer Relationship Management and Customer Service. Forbes Magazine recently announced that Overstock.com is the best employer in retail in the United States. In addition, Utah Business magazine recently recognized Overstock.com as one of Utah’s top ten public companies by revenue.
Provo City Mayor expressed pleasure at the announcement of the new location in his city.
"We're excited any time a nationally known company chooses Provo over all its other options. It's great to be recognized for our vast talent pool and other favorable business conditions. We look forward to all that Overstock.com will add to our community,” said Provo City Mayor Curtis. In the Utah tradition of unprecedented partnerships GOED was assisted on this project by the Economic Development Corporation of Utah (EDCUtah) and Provo City.
The GOED Board authorized a 10 year post-performance refundable tax credit of up to $1,123,600. During the life of the incentive the State estimates the company will pay more than $4.4 million in new state tax revenue.
About the Utah Governor’s Office of Economic Development (GOED)
Web: www.business.utah.gov
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov
UT: Overstock.com, Inc. to Open New Software Engineering Office
New office in Provo, Utah made possible thru Utah incentive program