Crain's Chicago Business
Byline: Ryan Ori
Backed by nearly $11.9 million in state funds, health technology firm Valence Health Inc. plans to hire 500 new employees at its new West Loop headquarters.
Chicago-based Valence Health has leased 125,000 square feet in the 30-story office tower at 540 W. Madison St., where it will move late this year, the company and Gov. Pat Quinn's office said in a statement. Valence will move from a smaller space in an eight-story, 102-year-old building at 600 W. Jackson Blvd., also in the West Loop.
Valence, a technology and consulting firm that serves doctors and hospitals, currently has 325 employees, according to the state, which said Valence plans to create 500 jobs in Chicago by 2019.
“Our growing healthcare and technology sectors helped Valence commit to a strong future right here in Illinois,” Mr. Quinn said in the statement. “We are making a comeback and we are glad to have Valence be a part of it.”
The state is kicking in an estimated $11.86 million, mostly in the form of Illinois Department of Commerce and Economic Opportunity (DCEO) tax credits. The state is providing $50,000 for training new employees.
The incentives are contingent on Valence creating 100 jobs within two years and another 400 by 2019, with a minimum 10-year investment of $16.8 million for the lease and equipment.
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