FREDERICTON – Cvent, a tech company with 90 employees and an office in Knowledge Park, is hiring up to 25 new people and moving to Kings Place downtown to accommodate “accelerated growth,” the company’s senior vice-president and chief information officer said Wednesday.
Pradeep Mannakkara says the new 15,000-square-office space will allow them to grow the local workforce to more than 100 employees. He says the downtown location may help the company with its recruitment efforts.
“We’ve outgrown [the Knowledgement Park location],” said Mannakkara in an interview. “Because of that growth, we’re getting a much larger office [downtown]…Hopefully, that will attract more talent that’s available.”
Cvent, a meetings, events and hospitality management technology company, is based in the U.S. and has offices in several countries, including India, Singapore and Europe. The company employs 3,200 people worldwide and opened a Fredericton office in 2014.
The local office started with four people and now employs 75. With the help of payroll rebates from Opportunities NB (ONB), the office will add up to 25 more people over the next three years.
Most of the employees in Fredericton work in technology-related jobs like product development or technical support.
Mannakkara says Cvent values the city’s innovation sector and skilled workforce, and ONB’s ongoing support of the company’s attempts to grow the workforce here.
“From a value perspective, it’s high because of the technology presence and talent pool that you have here in the region,” he said. “We are going to continue to grow. [ONB’s support] allows us to accelerate that growth.”
Cvent is eligible for an investment of $385,000 from ONB, which comes in the form of payroll rebates. ONB says the rebates are performance-based and only given to a company after it has created and maintained the jobs for at least one year.
The government estimates that creating up to 25 jobs would contribute $6.75 million to the province’s GDP over three years and generate $507,500 in provincial taxes over that same period.
Deputy premier Stephen Horsman says the government provides assistance to companies such as Cvent that grow the economy and create jobs.
“Strategic investments in cutting-edge companies like Cvent are driving economic growth in New Brunswick,” said Horsman in a release. “Cvent is offering the types of jobs that young New Brunswickers are going to want to pursue.”
Cvent will move its Fredericton operations to Kings Place this November.