The Palm Beach County Commission approved a final incentive agreement on June 4 for Orbcomm, a New Jersey-based company that plans to move its headquarters to Boca Raton.
The commission approved $192,000 in state and local incentives through the state's Qualified Target Industry (QTI) program. That includes $153,600 from the state and $19,200 each from Palm Beach County and the city of Boca Raton.
"This confirms the trend of more technology companies coming to Palm Beach County and Boca Raton due to the workforce, quality of life and cost of doing business," said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County.
To qualify for those incentives, Orbcomm must create 32 jobs with average wages of $76,647 and maintain those jobs for at least three years. In addition, it must invest $580,000 in renovating and equipping a new 11,500-square-foot facility in Boca Raton.
The company could have an economic impact of $51.7 million in Palm Beach County over five years, according to the county.
Founded in 1993, Orbcomm produces equipment that can remotely monitor and track mobile assets for the transportation, heavy equipment, maritime, oil and gas, and utilities industries. Since 2011, it has acquired several firms, including WAM Technologies, Blue Tree Systems and Skygistics.
The company reported $66 million in revenue during the first quarter of 2019, slightly below the $68 million it reported for the first quarter of 2018. It expects its second quarter revenue to be between $66 million and $69 million, according to a news release from its investor relations department.
South Florida Business Journal