The Governor’s Office of Economic Development and Connexion Point announced the technology-enabled healthcare services company will expand at its Utah headquarters, adding up to 221 jobs and an expected $9 million in capital investment.
“Homegrown companies like Connexion Point are innovating the healthcare industry and continue to put Utah on the map as a tech leader,” said Val Hale, executive director of GOED.
Founded in 2010, Connexion Point connects the healthcare industry and consumers through streamlined data and analytics to simplify healthcare processes. Combining a disruptive technology platform, industry leading data science, true web-scale technology and human capital resources, Connexion Point creates outcome based custom solutions, built on replicable and scalable components, that deliver results unmatched in the healthcare industry. Its clients include some of the largest health insurance payers and providers in the nation.
“This partnership with GOED enables us to accelerate our growth plan, expand our software as a service and analytics solutions, and further invest in our XE platform,” said Robert McMichael, president and CEO of Connexion Point.
The Connexion Point expansion will create up to 221 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $73,838,450. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,722,853 over five years.
Connexion Point may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Connexion Point, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $944,571. Each year as Connexion Point meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.