Park Place Technologies Inc., the IT infrastructure services and software company, has been approved for a job-creation tax credit worth $875,000 for adding 150 jobs at its Mayfield Heights, Ohio, headquarters and a Solon, Ohio, warehouse.
The Ohio Tax Credit Authority approved the tech company's 8-year tax credit on Monday. The estimated value of the tax credit is based on jobs created and generating $7.5 million in new annual payroll, said Lisa Colbert, public information officer for the Ohio Department of Development.
The Mayfield Heights-based company has significantly increased its domestic and international operations through acquisitions and organic growth, according to a Team NEO press release.
Park Place acquired two companies last month and its largest competitor in November 2020, doubling the company's employment and revenue and making it one of the largest pure-plays in the highly fragmented data center maintenance industry.
In April, Park Place also opened a technology center in Westborough, Massachusetts, which was initially set to house 120 employees.
"Park Place Technologies is committed to growth and innovation,” said Chris Adams, Park Place's president and CEO, in Team NEO's release. "Thanks to the support from JobsOhio, we can ensure that innovation is fueled by job creation and retention in our Cleveland HQ location."
Park Place has committed to grow in Northeast Ohio because of the region's tech-savvy workforce and the partnerships the company has forged with local universities, said Bill Koehler, CEO of Team NEO, the economic development organization and JobsOhio affiliate in Cleveland.
Park Place Technologies employs 467 people in Northeast Ohio, including 20 at a warehouse in Solon, Ohio.
