TicketNetwork Scores Millions
A little more than a year after TicketNetwork pondered a move from Vernon, Conn., to larger, greener pastures, the company has scored millions in state funding that will help facilitate its relocation to nearby South Windsor.
TicketNetwork recently became the second company in Connecticut to be selected for a “First-Five” program that gives incentives to businesses that create jobs in the region.
“TicketNetwork has been recognized as one of the fastest growing companies in the country,” Gov. Dannel Malloy said in a statement. “I want to make sure that these types of innovative enterprises establish roots here in Connecticut, and continue to create jobs and make capital investments that will directly benefit the local and state economies.”
Under the program, TicketNetwork will receive up to $7.75 million in state assistance.
The funding package includes a $4.5 million, 10-year loan from the Department of Economic and Community Development for equipment, furniture, building acquisition and facility improvements. Another state agency – the Connecticut Development Authority – will pitch in $1.8 million over five years for technology, office equipment and fixtures.
Additional grants of up to $450,000 for software engineer training and $1 million for alternative energy installation are also part of the deal.
In return, TicketNetwork has pledged to add at least 200 full-time jobs in Connecticut within two years and up to 600 jobs over a 10-year period.
TicketNetwork CEO Don Vaccaro added the program will greatly enhance the company’s ability to create new jobs, and said employee counts will be ramped up in divisions including a call center, software development and management.