Firm expands to create science jobs in Connecticut
Posted on August 31, 2014
Datto, Inc., one of the fastest-growing information technology firms in the world, is investing in a new global headquarters in Norwalk and will be creating science jobs in Connecticut.
Datto will grow its presence in Connecticut by expanding its current space at the Merritt 7 office park and retaining or creating at least 250 jobs for Connecticut residents over the next two years.
The Connecticut Department of Economic and Community Development (DECD) will provide $6 million in state funding for Datto’s expansion project, which will cost an estimated total of $15 million. The state funding, consisting of a low-interest loan and a grant-in-aid, will be used for construction, leasehold improvements and the purchase of machinery and equipment. Datto anticipates hiring a minimum of 100 high wage employees over the next two years.
Datto will receive a loan of $5 million at an interest rate of 1 percent for a term of 10 years. Principal payments will be deferred for the first three years. The company is eligible for $2.5 million in loan forgiveness if it retains 150 full-time jobs and creates 100 full-time jobs within two years. Additional forgiveness is possible if the company reaches certain job milestones. If Datto creates a total of 250 new jobs within three years, the company will qualify for a grant of $1 million.
“When Datto began to think of expanding their presence in Norwalk, I met with them early on and immediately recognized their value and potential to help our community grow. Governor Malloy and Commissioner Smith have led a sustained effort to support high-tech businesses in Connecticut. I appreciate their support for this Norwalk company, and their commitment to growing these kinds of good paying jobs in our state,” said State Senator Bob Duff (D-Norwalk).
“This is great news for Norwalk and for the tech industry in Connecticut,” said State Rep. Chris Perone (D-137). “I thank the Bond Commission and Governor Malloy for making this important investment in Norwalk.”
“Connecticut is good for business and this announcement is further proof of that,” said State Rep. Bruce Morris (D-140). “Datto’s decision to build its headquarters in Norwalk will create jobs, strengthen our economy and improve our quality of life. Helping businesses like Datto grow is the kind of economic development we need and I thank Governor Malloy for leading the way.”