www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Visiting
 About Illinois
 Illinois.gov

Stay Informed

Your Government


Illinois Flag Honors

Inspector General


 IGNN: Main State Page Press Release

ILLINOIS NEWS

FOR IMMEDIATE RELEASE
August 5, 2014

Governor Quinn Announces Valence Health to Expand in Illinois
Chicago Company Will Create 500 New Jobs by 2019

CHICAGO – Governor Pat Quinn announced today that Valence Health is significantly expanding their business in Illinois and will create 500 jobs in Chicago over the next five years. Today’s announcement is part of Governor Quinn’s agenda to create jobs and drive Illinois’ economy forward.

“With this new investment, Valence Health is staking its future here in Illinois, utilizing our strong workforce to create hundreds of new jobs,” Governor Quinn said. “Our growing healthcare and technology sectors helped Valence commit to a strong future right here in Illinois. We are making a comeback and we’re glad to have Valence be a part of it.”

“Valence Health is proud to call Chicago home,” Valence Health CEO Phil Kamp said. “We greatly appreciate the state’s support as we accelerate our company’s growth. As healthcare continues to adopt new value-based care models, we are honored to work with some of Illinois’ leading healthcare providers. Our 325 Illinois-based employees work hard every day to deliver higher-quality, lower-cost healthcare for the betterment of patients everywhere.”

Valence Health is a provider of services and products for physician groups, hospitals and other healthcare providers. The company supports operations at more than 120 hospitals nationwide, benefitting approximately 39,000 physicians and more than 19.5 million patients.

The company’s 500 new employees by 2019 will join its current workforce of 325 people in Illinois. The company chose to expand in Chicago for several reasons, including the city’s desirability for employee recruitment, dedication to healthcare and life sciences innovation and an incentive package negotiated with the Illinois Department of Commerce and Economic Opportunity (DCEO).

The company has leased 125,000-square-feet at 540 W. Madison to accommodate its growth and plans to occupy the space by late this year. The company is moving from its headquarters at 600 W. Jackson. The move follows a 34 percent increase in revenues for Valence Health in 2013. It projects 47 percent revenue growth in 2014.

Valued at an estimated $11.86 million, the incentive package consists mostly of tax credits under the state’s Economic Development for a Growing Economy, or EDGE, program. To receive the credits against state income tax liability the company must create 100 jobs within two years and an additional 400 jobs by 2019. It also must spend at least $16.8 million over 10 years on its lease and equipment. DCEO also will provide the company with a $50,000 investment toward training costs for its new employees.

“Valence Health is at an important place linking healthcare and technology,” DCEO Director Adam Pollet said. “The company is moving fast to serve a rapidly evolving industry. Its commitment to Illinois speaks well of our pro-business policies and our culture of innovation.”

The Governor’s support for Valence Health fits his strategy of supporting high-growth industries, laid out in his administration’s five-year economic development plan released in July. The plan emphasizes Illinois’ core strengths in sectors such as healthcare and technology that have significant potential for growth and tend to pay salaries higher than the statewide average. The Quinn Administration has committed $4 million in state investments or loans to support the launch of MATTER, a hub for medical technology startups in Chicago that’s related to the successful 1871 business incubator. The intent is to make Illinois a center for investment and experimentation in tech-related fields, and the home of jobs created by the successful startups.

For more information on doing business in Illinois, go to www.illinois.gov/dceo.



RAW TAPEGovernor announces Valence Health is expanding in Illinois. Audio includes Valence Health CEO Phil Kamp, Governor Pat Quinn, DCEO Director Adam Pollet and Lurie Children's Health Network Executive Director Scott Wilkerson.


###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us