myCOI, a provider of cloud-based software for tracking and managing certificates of insurance, plans to expand its headquarters in Indianapolis, creating up to 185 jobs by 2021. The Indiana-based company will invest more than $765,000 to lease and furnish a new headquarters at 445 N. Pennsylvania St. The company completed its relocation in March, which allows myCOI to accommodate its growing sales and insurance service teams. In addition, the company offers its employees collaborative workspaces and team huddle rooms.
myCOI currently employs 36 full-time workers in Indiana, and will hire more sales, software development and insurance service professionals. Positions are expected to offer average salaries more than 20 percent higher than the state’s average wage.
“Indiana continues to be an ideal location for our company and client success stories,” said Kristen Nunery, chief executive officer for myCOI. “Indianapolis is home to the fifth fastest growing technology community in the United States, offering a talented Hoosier workforce, access to venture capital and great support and resources from organizations like the IEDC and Elevate Ventures. With the tools needed for growth at our fingertips, we are excited to continue our momentum right here in our home state.”
Founded in 2009, myCOI assists its clients with managing certificates of insurance to protect them from underinsured claims, litigation and the risk of failed audits. With clients in a variety of industries such as construction, property management, manufacturing, insurance agencies and many others, myCOI’s clients include JE Dunn, Hines, Cushman and Wakefield, Caterpillar, RE/MAX, Meyer Najem and Indianapolis Motor Speedway.
In 2016, the company was announced as a winner of the Venture Club of Indiana’s pitch competition at the annual Innovation Showcase. Since its founding, myCOI has raised $2.4 million in venture capital funding, including investments from the Indiana Angel Network Fund (IANF), which is managed by Elevate Ventures, and has leveraged the state’s Venture Capital Investment (VCI) tax credit program to help attract private investment. In addition, Kristen Nunery, myCOI’s founder and chief executive officer, was named to the 2015 Young Guns list by Insurance Business America.
“myCOI’s success showcases how an idea can transform into a thriving company that employs hundreds of hard-working Hoosiers,” said Lt. Governor Suzanne Crouch. “As we enter our third century, we will continue to equip our job creators with the best tools by maintaining our fiscal predictability, creating a low-cost, low-tax business environment and investing in Indiana’s innovators, like myCOI, who create good, high-paying jobs for Hoosiers.”
The Indiana Economic Development Corporation (IEDC) offered myCOI LLC up to $1,750,000 in conditional tax credits and up to $42,500 in training grants based on the company’s job creation plans. These incentives are performance-based, so until employees are hired, the company is not eligible to claim them. The city of Indianapolis supports the project in partnership with Develop Indy, a business unit of the Indy Chamber.
“Indianapolis has become a magnet for innovative tech companies, and it’s great to see local businesses grow and thrive thanks to our city’s momentum,” said Indianapolis Mayor Joe Hogsett. “CBRE’s recent Tech Thirty report ranked Indianapolis fifth for technology employment gains over the last two years, a testament to innovative companies like myCOI that choose to call Indy home. Congratulations to myCOI on their expansion!”
The Indianapolis region is the fifth-fastest growing community in the nation for technology-related job growth, growing at a rate of 27.9 percent, according to IEDC.
Relocating Or Expanding Your Business In Indiana
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