A New York firm that provides market intelligence and technology to investment banks and other businesses is opening an office in downtown Raleigh that is expected to hire 250 workers by the end of 2017.
Ipreo Holdings anticipates opening its new office in August or September and has targeted having its first 150 workers in place by the end of its first 12 months of operations.
“We wanted to go to a place that has a well-rounded, robust talent pool,” said Kevin Marcus, president and chief operating officer of the privately held company. He added that the local culture and lifestyle also was a plus.
Ipreo, which will be investing $3 million in its Raleigh office, is eligible to receive up to $3.8 million in state incentives over nine years if it hits job and investment targets.
Marcus said the company expects to sign a lease for space downtown shortly but isn’t disclosing the location until it’s a done deal. He also expects an “imminent” move into temporary space that the landlord would provide.
“We’re going to get going with our recruiting efforts right away,” Marcus said.
Marcus said the Raleigh offices will be “a mirror image” of its New York office as far as the breadth of functions. Ipreo will be looking for employees in sales and account management, client services, technology, data collection and data processing. It will also hire business analysts.
The company’s total payroll will be $15.7 million, not including benefits, according to information released by the office of Gov. Pat McCrory. That would work out to an average annual salary of $62,800 per employee.
The average annual wage in Wake County is $46,280, according to state data.
“Ipreo is just the kind of company we want to attract to North Carolina,” McCrory said in a prepared statement. “The new IT and financial jobs will strengthen the downtown Raleigh corporate mix.”
The Raleigh office will be headed by O’Hara Macken, executive vice president and managing director of global product applications, who will be relocating to the Triangle.
Ipreo, which has more than 650 employees worldwide, doesn’t disclose financial information. The business was acquired by giant private equity firm Kohlberg Kravis Roberts & Co. in 2011.
Ipreo’s market intelligence business includes helping the investor relations staff of publicly held companies understand the dynamics of the markets, including identifying their major shareholders and what drives their investments. It also works with investment bankers seeking to sell securities to giant pension funds and mutual funds.