Governor Quinn Announces 500 New Jobs at Growing Technology Firm

CHICAGO - Governor Pat Quinn today announced that software development company SpringCM will accelerate its growth in Chicago and Elk Grove Village and hire an additional 500 people within five years. The announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"SpringCM is a great example of our growing tech and entrepreneurial industries that are creating jobs across Illinois and helping to fuel our economic comeback," Governor Quinn said. "As we continue to create jobs in communities across the state, we have seen good news for our economy but there is more work to be done. Investments in Illinois are further proof that we are headed in the right direction and SpringCM's expansion here is testament to the strength of our workforce and position as a hub for technology and innovation."

SpringCM is adding jobs in product development, sales and marketing and enlarging its space using $8 million in private investment this year. It projects growth of more than 50 percent annually for the next several years. If it meets its targets, the company's payroll will generate close to $2 million a year in additional state income tax revenue by 2019.

SpringCM is receiving a $2.25 million state investment that will allow it to expand facilities in two locations at 180 N. LaSalle St. in Chicago and 1905 Lunt Ave. in Elk Grove Village. The company currently employs more than 90 people at the two locations. The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the investment.

"SpringCM has a massive opportunity as a cloud software provider to help companies put contracts and critical documents to work, fuel competitive advantage and drive bigger outcomes," Founder and CEO of SpringCM Greg Buchholz said. "That's the same philosophy of the DCEO grant, to help growth companies expand right here in Illinois. SpringCM was intentionally founded and headquartered in Chicago because of the tremendous talent base and culture of the Midwest and because of the quality of life it offers our employees. Bottom line, the economic environment of Illinois enables us to build a world-class tech company much more cost-effectively than in Silicon Valley, Massachusetts or New York."

SpringCM has more than 400 customers, including large companies and the U.S. Department of Energy.

"Companies like SpringCM are a cornerstone Illinois' economic comeback," DCEO Director Adam Pollet said. "Just as SpringCM has shown faith in Illinois, we are showing our faith in the company's business plan and long-term objectives."

SpringCM offered its first product to help companies automate their business services in 2006 and since then has grown by more than 30 percent annually. Earlier this year, its investors put an additional $18 million into SpringCM, including the $8 million capital infusion for its expansion plans. The company expects it will double its headquarters space at 180 N. LaSalle St. to 42,000 square feet.

Terms of the investment require SpringCM to retain its current staff count in Chicago and Elk Grove Village, create 200 jobs within two years and another 300 within five years.

The state investment is an example of Governor Quinn's ongoing support for the tech sector, which studies show is adding jobs in Illinois faster than in the nation as a whole. Chicago also is ranked highly as a destination by entrepreneurs, in part because of its lower costs compared with other premier cities and the proximity of world-class universities and research labs.

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