August 16, 2023
Today, the Utah Governor’s Office of Economic Opportunity awarded OmniTeq a post-performance tax reduction for its expansion in Davis County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, OmniTeq projects to add over 4,000 new, high-paying jobs and invest $33 million in Utah during the next 10 years.
“We congratulate OmniTeq on its decision to expand operations and relocate its headquarters to Utah,” said Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “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.”
“Today marks an exciting chapter in OmniTeq’s journey as we relocate our headquarters and expand our operations in Utah,” said Jim Royston, CEO of OmniTeq. “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.”
OmniTeq provides Artificial Intelligence/Machine Learning and predictive analytic solutions specializing in data management, advanced data analysis, and custom data visualization. With a commitment to empowering organizations through data-driven decision-making, the company offers end-to-end solutions that enable clients to harness the power of their data.
“We’re thrilled to see more innovative companies like OmniTeq join Falcon Hill’s dynamic ecosystem,” said Scott Cuthbertson, president and CEO of EDCUtah. “OmniTeq will bring hundreds of high-paying jobs to northern Utah residents.”
“OmniTeq is a terrific addition to Northern Utah’s rich aerospace and defense sector,” said Chris Roybal, president of Northern Utah Economic Alliance (NUEA). “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.”
“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.”
Tax Credit Projections Timeline: 10 years
New state tax revenue: $53,735,603
EDTIF new state tax credit: 25%