Internet job site Indeed plans to significantly increase its presence in Connecticut by investing $26.5 million to expand its Stamford offices, which will result in the creation of as many as 500 jobs over the next few years. Indeed said its workforce in the state now stands at over 700.
Under the expansion, Indeed plans to lease additional office space at 177 Broad St. and evaluate longer-term expansion options.
The Connecticut Department of Economic and Community Development will provide a 15-year, $7 million low-interest loan to support the expansion. According to DECD Commissioner Catherine Smith, that state funding may be used for new equipment and leasehold improvements.
Indeed is also eligible for up to $15 million in tax credits through DECD’s Urban and Industrial Sites Reinvestment Tax Credit program and loan forgiveness if certain employment obligations are met.
“It’s terrific that a fast-growing tech company like Indeed has chosen to expand its presence in Connecticut,” Smith said. “We’re confident today’s (July 12) announcement is just the beginning of a long-lasting and productive association that will benefit the company, city, region, and the entire state.”
“We have been working hard to make Stamford more business friendly and provide new residents and companies the opportunity to work, live, learn, and play in the city,” Stamford Mayor David Martin said. “The investment by Indeed into the expansion of the company in Stamford shows that Stamford is attractive to tech businesses.”
“This is a significant win for Connecticut’s economy and a testament to the quality of our workforce,” Gov. Dannel Malloy said. “Indeed is an innovative, high-tech company that has been steadily growing services and adding hundreds of new, good-paying jobs, going from a handful of employees over a decade ago to 700 working in Stamford today.
“The company is now poised to significantly expand again,” Malloy said, “and we welcome the company’s capital investment in our state and the growth of hundreds of high-quality jobs that will follow.”
Indeed’s CFO Dave O’Neill said the company has over 5,000 employees worldwide. “We have found a great talent pool in the state of Connecticut,” he said. “Our Stamford employees are the face of the company to hundreds of thousands of our customers, and helped lay the groundwork for our global expansion.”
Indeed promotes itself as the No. 1 job site worldwide. According to its website, it gets more than 200 million unique visitors per month.
The job search engine was founded in Stamford and Austin, Texas in 2004, with its Connecticut office made up primarily of employees in sales and client services. The company also maintains offices in New York City, San Francisco, San Mateo and Seattle, Toronto and 10 cities overseas.