Print
Technology

Wilmington Tech Company To Launch Nearly $5M Expansion, Create More Than 100 Jobs

By Cece Nunn, posted Sep 28, 2021
Ben Currin, CEO of Vantaca, said Tuesday that the tech firm's five-year growth plan is just the beginning. (File photo)
A Wilmington-based tech company plans to more than double its workforce as it launches a nearly $5 million expansion, officials announced Tuesday.

Vantaca, a cloud-based, software-as-a-service firm that works with association management companies, will add 104 employees to its existing 100-person Wilmington workforce, as previously reported when the then-unnamed company was approved for New Hanover County and city of Wilmington economic incentives.

"Although wages will vary for the new positions, the average annual salaries will be more than $80,000, creating a potential annual payroll impact of more than $8.3 million. New Hanover County’s overall average annual wage [is] $46,383," according to a news release from Gov. Roy Cooper's office Tuesday. 

In addition to local incentives, the Vantaca expansion will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee on Tuesday, the release stated.

"Over the course of the 12-year term of the grant, economists in the Department of Commerce estimate the project will grow the state’s economy by more than $204 million," according to the release. "The JDIG agreement authorizes the potential reimbursement to the company of up to $1,418,400 spread over 12 years.

"Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company."

Founded by David Sweyer, Vantaca worked with its first customers in 2017 and was recognized by the Coastal Entrepreneur Awards in the technology category this year. 

"We've committed to this job growth over the next five years, but we think we're going to do a lot more than that," said Ben Currin, CEO of Vantaca, on Tuesday. "We feel like we're just getting started. We feel like we're in the first inning of building Vantaca to be a great software company for our industry."

Currin said in the release that the expansion "allows us to continue to innovate our unique solution enabling our customers to transform their business digitally and more efficiently run their day-to-day operations. Quality of life and work-life balance is incredibly important to our team, and in that respect, we have found Wilmington to be an ideal home.”

The areas in which new positions are expected to be created include product management, marketing, sales, software engineering and customer service operations.

According to a Wilmington Business Development (WBD) release Tuesday, "Vantaca's Community Operating System redefines Homeowner Association (HOA) management and accounting with dynamic configurable workflows and extensive accounting automation. Its single comprehensive system is fully integrated with leading industry banks in a way that facilitates and automates real-time financial operations, enabling the company’s clients to work more efficiently."

Partnering with WBD, the city and the county in supporting Vantaca’s expansion were the N.C. Department of Commerce, the Economic Development Partnership of North Carolina, the General Assembly, the N.C. Community College System, Cape Fear Community College and UNCW, according to the release.

"We've had a relationship with WBD and in particular [CEO] Scott Satterfield and [Director of Business Development] Cliff Pyron from very early on in our existence and have always leaned on their guidance to know what options are out there," Currin said. "They really opened our eyes to how much the city of Wilmington, New Hanover County and the state of North Carolina do care about growing businesses in this region."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Capefearrealtors tomgale headshot

Protect Your Interest By Choosing A REALTOR®

Tom Gale - Cape Fear REALTORS®
Brookeskipper saltair headshot2

Tips For Preparing Your HVAC For Winter

Brooke Skipper - Salt Air
Mel profilephoto

Influencer Marketing: Tap Into Your Audience On A Budget

Mel Beasley - Wide Open Tech

Trending News

NCDOT: Hampstead Bypass Construction To Begin In March

Johanna F. Still - Dec 6, 2021

Partners In Riverfront Development Plan Hope For Another Chance At Zoning

Cece Nunn - Dec 6, 2021

Real Estate Firm Rings Up $3B In Home Sales

Cece Nunn - Dec 7, 2021

ATMC To Change Name To Reflect Shift To Broadband

Johanna Cano - Dec 6, 2021

Wilmington Health Welcomes Several Professionals To New Roles

Staff Reports - Dec 7, 2021

In The Current Issue

Seniors Find Health, Friends In Fitness

If there’s one word to describe the members of Sandy Sneakers, an exercise group for seniors, it’s “vivacious.” They have the energy of a 30...


Employers Monitor Vaccine Rules

With judicial review underway on the Biden administration’s vaccination mandate for businesses with 100 or more employees, leading employers...


New Stores, Eateries Aim To Boost Mall

The transformation of a portion of Independence Mall continued this year, with new stores and restaurants opening recently....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100