An expansion at the Wilmington headquarters of fintech firm nCino will allow for 600 new employees, according to an announcement Monday.
“nCino was founded in Wilmington, N.C., and this city has always been our home,” said Pierre Naudé, CEO of the cloud banking software firm, in an email. “We are proud to continue investing in Wilmington, and have begun construction on a new parking deck at our Mayfaire headquarters, which we expect to be finished around October 1, 2021. Once completed, it will hold space for approximately 640 vehicles.
“In addition, we are also building a new 90,000-square-foot office building adjacent to our main HQ building. Construction on this property will start this summer," he said.
nCino officials didn't share any further details Monday about additional employees or hiring expectations. The firm currently has more than 1,100 employees in seven offices around the world, about 700 of those in Wilmington. The average salary at nCino is about $100,000, Naudé said in September 2020.
Cloud Real Estate Holdings LLC, a Wilmington investment group comprised of entities affiliated with Cameron Management, SHP Acquisitions and Trask Land Co., has entered into an agreement with nCino to acquire, lease-back and develop the additional square footage at nCino’s headquarters.
Cloud Real Estate bought the property at 6770 Parker Farm Drive, including the existing nCino headquarters building, for $16.3 million in December.
Trask Land Co. is the developer for the expansion and Cameron Management is serving as co-developer, according to the release. Thomas Construction Group is the general contractor for the project and the Wilmington office of LS3P is the design lead, with Norris & Tunstall and Liggett Design Group serving as civil engineer and landscape architect, respectively.
“This is a great team and we are very excited to help bring nCino’s vision to life,” said Raiford Trask III, president of Trask Land Co., in the release. “The big story here is nCino’s unprecedented success and the continued positive impact that it will have on our community."
Hill Rogers, broker in charge of Cameron Management, added, "We are fortunate to have worked with nCino [founded in late 2011] since they were a startup company. What they have accomplished in a short period of time is truly amazing - although not that surprising - given the talent level, drive and culture of the corporation."
Officials with nCino, which debuted on the Nasdaq in July last year, recently reported an increase in revenues and an expanded international presence. nCino’s customers using the company’s Bank Operating System include banks and credit unions with billions of dollars in assets.
“We closed a record amount of business in the quarter while building one of the largest pipelines in the company's history, with over 50% of the pipeline reflecting international opportunities,” Naudé said in a fourth-quarter earnings news release.
As for the ongoing impact of COVID-19 on the nCino workplace, company officials said the offices are open for those who want or choose to go in, but all employees are predominantly remote through at least May 31.
“We are following all state guidelines and regulations and we will reassess as we get closer to the summer,” an email stated.
As for the office situation after that, “Our No. 1 priority has been and always will be our people. We want everyone to feel comfortable at work, whether that be in the office or at home. We’re looking forward to that in-person employee collaboration for what we think makes nCino’s culture truly special.”
Johanna F. Still - May 16, 2022
Staff Reports - May 16, 2022
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