Evalueserve, a research and analytics company, announced Monday that it will open its first U.S. center in Wake County and create 400 jobs over the next four years.
The company expects to invest $5.9 million in the center, which will focus on data analytics and financial services research, including risk modeling, investment banking support and equity and fixed-income research. The jobs will pay average annual wages of $59,629, above the Wake County average of $48,042.
The state awarded Evalueserve a Job Development Investment Grant Monday that could be worth $2.95 million if it meets hiring and investment goals. The company formed in 2000 and now employs more than 2,600 people in similar research centers in China, India, Chile and Romania, according to its website.
Evalueserve officials couldnt be reached for comment Monday. The company hasnt disclosed where in Wake County its new center will be located.
Building our presence in the U.S. is integral to our growth strategy, especially as we strive to forge deeper and more strategic relationships with our clients, said Marc Vollenweider, the companys CEO, in a statement.
Ken Atkins, Wake Countys executive director of economic development, said he met with the companys chairman, Alok Aggarwal, during a recruiting trip to San Francisco earlier this year.
Aggarwal said he wanted to open a U.S. office and was considering both the Triangle and Austin, Texas, Atkins said. Atkins said Aggarwal asked him about the states JDIG program. While Aggarwal lives in San Francisco, the bulk of the companys employees are based in India, Atkins said.
Wake County provided no incentives to the company.
Evalueserves announcement is the latest example of how the Triangles growing financial services sector is drawing companies that sell technology to banks.
In April, Ipreo Holdings, a New York firm that provides market intelligence and technology to investment banks and other businesses, announced it would open an office in downtown Raleigh that is expected to hire 250 workers by the end of 2017. MetLife also announced in March that it would add 1,300 jobs in Cary, which will be a hub for the insurers global technology and operations unit.
Evalueserve says it works with a number of Fortune 500 companies. Atkins said the companys customers include several that have a presence in the Triangle, including Credit Suisse.
In 2004, Credit Suisse was the first major financial services firm to relocate a substantial portion of its operations to the region. It has since been joined by Fidelity Investments and Deutsche Bank, among others. The Triangle also has the benefit of being home to SAS, the Cary company that is the industry leader in analytical software, according to research firm IDC.
Ben Brooks, a partner with Raleigh venture capital firm Southern Capitol Investors, said he now fields countless pitches from analytics firms targeting the financial services sector. These companies promise to analyze enormous quantities of data in order to extract information about potential customers, customer habits or ways to make banks more efficient.
I guess what it does tell you is how big the financial services market is, Brooks said. And with the aging baby boomers, how big its expected to be.