Monday, June 24, 2024

Wilmington tech company expansion to bring $4.9M investment, 104 jobs to area

The governor’s office said Vantaca’s local expansion will be a $4.9 million investment, with salaried positions at $80,000. (Port City Daily/Courtesy photo)

WILMINGTON — Gov. Roy Cooper announced 104 new jobs will be coming to New Hanover County with a $4.9 million expansion of a local software company’s Wilmington operations.

Located on Wrightsville Avenue, Vantaca started in 2017 and currently employs 100 people. Its added salaried positions will pay out more than New Hanover County’s average annual wage — over $46,000 — by almost double. Jobs will pay up to $80,000, which will create over $8.3 million in payroll annually.

“North Carolina is one of the fastest growing technology hubs in the nation,” Cooper said in the release. “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.”

The tech company oversees community operating systems for homeowner associations and community management organizations. Its software services include full banking integration, customized workflows and reports, and comprehensive communication systems, all while assisting with real-time financial operations and accounting needs. More than 130 organizations currently use Vantaca’s platforms, according to the Wilmington Business Journal.

“This expansion allows us to continue to innovate our unique solution enabling our customers to transform their business digitally and more efficiently run their day-to-day operations,” Vantaca CEO Ben Currin added in the release.

A Job Development Investment Grant (JDIG), approved by the state’s Economic Investment Committee Tuesday, will reimburse Vantaca up to $1,418,400 over 12 years. The grants are performance-based, and companies that accept the incentives must show job creation and investment targets are being met, as verified by the departments of commerce and revenue. All of the grant’s projects create more net tax revenue to the state treasury as well.

The grants are determined by a project’s location, the county tier designation, its creation of new jobs in the state, the level of investment made to the state and the company’s industry sector, which align with the state’s targeted sectors as well. The Department of Commerce economists have estimated that over the next decade or so, the project will aid the growth of the state’s economy by $204 million.

The Department of Commerce ranks North Carolina counties on an economic tier system, 1-3, with 3 being the best; New Hanover is Tier 2. With Vantaca’s expansion, it allows the JDIG agreement to move up to $157,600 into the state’s Industrial Development Fund – Utility Account. Money from this account is utilized to upgrade infrastructure in rural communities to help draw in future business.

“North Carolina’s fintech industry has seen steady growth from the mountains to the coast,” North Carolina Commerce Secretary Machelle Baker Sanders said in the release. “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.”

The project was overseen by the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, in addition to the North Carolina General Assembly, North Carolina Community College System, Cape Fear Community College, New Hanover County, Wilmington Business Development, and City of Wilmington.

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Shea Carver
Shea Carver
Shea Carver is the editor in chief at Port City Daily. A UNCW alumna, Shea worked in the print media business in Wilmington for 22 years before joining the PCD team in October 2020. She specializes in arts coverage — music, film, literature, theatre — the dining scene, and can often be tapped on where to go, what to do and who to see in Wilmington. When she isn’t hanging with her pup, Shadow Wolf, tending the garden or spinning vinyl, she’s attending concerts and live theater.

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