SOUTH JORDAN — South Jordan-based Lucid Software and the Governor’s Office of Economic Development Friday announced the technology company will expand its Utah operations, adding up to 339 jobs and $11 million in capital investment to the community.
Founded in 2010, the company develops cloud-based applications designed to improve visual communication and collaboration within work environments. The company's new offices will occupy three floors of the new SoJo Station located on South Jordan Gateway.
“We’re thrilled to be in Utah and truly believe that we couldn’t have picked a better location to build our business,” said Lucid Software CEO Karl Sun in a prepared statement. “The state has done a fantastic job of creating an environment that businesses like Lucid want to call home. We’re excited to continue to grow right here in Silicon Slopes.”
According to GOED, the project will create up to 339 jobs over the next five years with the total wages in aggregate required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be just over $91 million, while forecasted new state tax revenues are estimated to be more than $3.6 million over the period.
Lucid Software may earn up to 20 percent of the new state taxes the company will pay over the five-year life of the agreement in the form of a postperformance Economic Development Tax Increment Finance tax credit rebate. As part of the contract with the company, the GOED board of directors approved a postperformance tax credit rebate not to exceed $726,269.
Each year Lucid Software meets the criteria in its contract with the state, the company will earn a portion of the total tax credit rebate.