Brice Wallace
A machine learning/artificial intelligence company is trading out Bee Cave for the Beehive State.
OmniTeq LLC has announced it will move its headquarters from Bee Cave, Texas, to the Falcon Hill Aerospace Research Park, a 550-acre development along the western edge of Hill Air Force Base, and create 4,000 jobs over the next decade.
The announcement came after the Governor’s Office of Economic Opportunity (Go Utah) board approved a tax credit incentive for the $33 million project. The board had approved a nonbinding vote of support during its{mprestriction ids="1,3"} regular August meeting but had to wait for a subsequent special meeting to officially approve the incentive, after it had enough members for the incentive vote.
“Today marks an exciting chapter in OmniTeq’s journey as we relocate our headquarters and expand our operations in Utah,” Jim Royston, the company’s CEO, said in a prepared statement. “This decision reflects not only our commitment to innovation and growth but also our belief in the immense potential of the Utah community. Utah’s dynamic landscape perfectly aligns with our vision for OmniTeq’s future.”
Established in 2010, OmniTeq provides AI/machine learning and predictive analytic solutions specializing in data management, advanced data analysis and custom data visualization. Empowering organizations through data-driven decision-making, the company offers end-to-end solutions that enable clients to harness the power of their data. Among the company’s customers are the Department of Defense, NASA, the intelligence community and civilian agencies.
“We congratulate OmniTeq on its decision to expand operations and relocate its headquarters to Utah,” said Ryan Starks, Go Utah’s executive director. “The company pushes the boundaries of innovation and will mesh well with Utah’s data-centric industries. Utah’s deeply skilled and knowledgeable talent pool will greatly benefit the significant number of jobs the company plans to create.”
“We’re thrilled to see more innovative companies like OmniTeq join Falcon Hill’s dynamic ecosystem,” said Scott Cuthbertson, president and CEO of the Economic Development Corporation of Utah. “OmniTeq will bring hundreds of high-paying jobs to Northern Utah residents.”
Chris Roybal, president of Northern Utah Economic Alliance, said OmniTeq is “a terrific addition to Northern Utah’s rich aerospace and defense sector.”
“With its impressive growth schedule, we look forward to matching our significant labor pool in aerospace, AI and software development to the company’s mission,” Roybal said.
“This historic investment into the state is a good indication that Utah has quickly become the nation’s deep tech frontier,” said Aaron Starks, CEO and president of the Utah Aerospace & Defense Association. “The innovation taking place at OmniTeq has global implications and will shape millions of lives. We are delighted to welcome their team to our Utah family.”
The state incentive is a tax credit of up to $13.4 million over 10 years, based upon anticipated new state tax revenue of more than $53.7 million during that time. New total wages are estimated at nearly $1.45 billion over a decade. Go Utah documents indicate the average wage of the incentivized jobs will be $116,599.
Go Utah does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with the state, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.{/mprestriction}
