Thursday, February 27, 2014

IBJ Reports Gusto, LLC Offered Tax Credits for Expansion in Indianapolis

From the Indianapolis Business Journal:

Gusto LLC, a tech startup founded by former ChaCha and executive Shawn Schwegman, plans to grow operations in Indianapolis, creating as many as 150 jobs by 2018, the company announced Thursday.

The firm, which plans to develop applications for smart phones, tablets and desktop computers, said it will invest $975,000 to launch the company and its debut product: an iPhone app that combines mobile e-mail with built-in cloud storage.

Schwegman said the company will hire as many as 35 people this year, followed by as many as 150 to 250 over the next four to five years. The company's office should be operational by April.

“Success breeds success, and Indiana has proven that home-grown entrepreneurial companies can become national powerhouses,” said Schwegman, CEO of Gusto, in a prepared statement. “We are proud to build a company here and look forward to growing it with the support of Indiana."

The Indiana Economic Development Corp. offered Gusto up to $2.65 million in conditional tax credits and up to $100,000 in training grants based on the company's job-creation plans. The tax credits are performance-based and won't be paid unless the company meets job commitments, the state said.