The Governor’s Office of Economic Development announced that eShares Inc., doing business as Carta, will expand operations to Utah, adding up to 464 jobs, $5.7 million in new state revenue and an estimated $5.7 million in capital investment.
“Utah’s universities provide some of the finest education and training in the country and as a result produce some of the top talent in the fintech and technology industries,” said Val Hale, executive director of GOED. “Carta is growing quickly and is eager to tap into Utah’s talented workforce to support its rapid growth and innovation.”
Carta is pioneering the category of ownership management by making it simple for companies of all stages to turn their employees into owners. Their platform allows companies - from seed stage to public - to manage ownership electronically with the participation of their shareholders, employees, auditors and legal counsel. As an SEC-registered transfer agent, they help companies issue, value, and transfer securities. Carta’s powerful reporting and administrative tools keep public and private in compliance with the latest SEC and IRS regulations. Carta’s mission is to simply create more owners.
“We are excited to be partnering with Salt Lake City and GOED to bring 464 jobs to the Beehive State,” said Henry S. Ward, CEO of Carta.
Carta will create up to 464 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $122,687,203. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,735,389 over five years.
“Utah’s continued success in the finance and technology industries have fostered the growth of fintech in Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Carta’s investment in Utah is another sign that there is a positive outlook on fintech growth within the state.”
Carta 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 Carta, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,147,078. Each year as Carta meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with the local community to determine the best location for its expansion. Exact location will be announced at a future date.