Wilmington-based software company to add 104 jobs in $4.9 million expansion
WILMINGTON, N.C. (WECT) - Vantaca, a software-as-a-service provider headquartered in the Port City, will double its workforce by adding 104 new jobs as part of a $4.9 million expansion in Wilmington, Governor Roy Cooper announced on Tuesday.
“North Carolina is one of the fastest growing technology hubs in the nation,” said Governor Cooper. “When combined with our reputation for financial technology, a talented workforce and premier quality of life, it’s great news that Vantaca is expanding right here in its hometown of Wilmington.”
Vantaca, established in 2016, provides software-as-a-service through its cloud-based platform for homeowner associations and community management organizations. The company’s system automates workflows and accounting functions to offer an integrated solution that streamlines communications and user activity while facilitating financial operations in real-time.
According to the Chief Executive Officer of Wilmington Business Development Scott Satterfield, this expansion will improve the diversity of industry jobs available in our region.
“There’s a very healthy diverse type of industries that are expanding and locating and growing here and I think it’s fundamentally important that a community never get reliant on one sector,” said Satterfield. “When you look at the greater Wilmington region you see a myriad of companies.”
The wages for these new positions will vary, but the average annual salaries will be more than $80,000, creating a potential annual payroll impact of more than $8.3 million. New Hanover County’s overall average annual wage of $46,383.
“North Carolina’s fintech industry has seen steady growth from the mountains to the coast,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Startups and entrepreneurs, like Vantaca, are the heart and soul of North Carolina’s innovation economy. To maintain our rank at the forefront of innovation, North Carolina remains committed to developing the very best talent for the burgeoning fintech industry.”
This expansion by Vantaca will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. The agreement authorizes the potential reimbursement to the company of up to $1,418,400 spread over 12 years.
“Today’s news, along with the recent growth of companies like Live Oak Bank, nCino and others, is evidence that Wilmington is firmly establishing itself as a high-tech hub,” said Wilmington Mayor Bill Saffo. “Each of these companies creates homegrown jobs and opportunities that benefit the entire community. We’re proud to support Vantaca’s continued growth in Wilmington and congratulate the company for the success that has led to this major announcement.”
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