PROVIDENCE – Citing Providence’s access to top universities and its rich cultural heritage, Virgin Pulse announced the relocation of its global headquarters from Framingham, Mass., to 75 Fountain St. – the Providence Journal building – in Providence on Monday. The company, which provides technology to enterprises designed to promote employe engagement and well-being, has applied for $6.2 million in state economic incentives designed to help the company grow and train its workforce and pay for its expanded presence in the city, among other things.
The office is currently employing 100 workers, with plans to employ 130 by the end of the calendar year. The company said that it intends to increase the staff at the Providence office to 300 by 2021.
According to R.I. Commerce Corp., the company’s expansion in Rhode Island is expected to generate an additional $10.5 million in revenue for the state and $60 million of additional GDP once the company completes its hiring plans.
Virgin Pulse is eligible for $2.5 million in Qualified Job tax credits, which do not take effect until a company’s agreed-upon number of employees are hired and pay state taxes. The agreement is based on 292 jobs with a median wage of $73,000 per year.
The company also received $3.2 million in Rebuild Rhode Island tax credits to support its expansion to a 90,000-square-foot office in the Providence Journal building from its previous office space in Rhode Island, which it had applied for in 2016.
As part of its agreement, in addition to relocating its global headquarters and establishing executive offices in Providence, the company also promised to relocate or establish centers of excellence in Providence and operate on an expedited hiring schedule.
“Virgin Pulse is also seeking up to $500,000 grants (in two parts [$250,000 each]) from the Governor’s Workforce Board,” said Commerce RI spokesman Matt Sheaff. “GWB invests in a range of programs and services that serve hundreds of companies and thousands of workers annually through Real Jobs RI, internships and incumbent worker training. Among other things, the GWB Employer Grants from the Jobs Initiative Fund can be used to establish a dynamic workforce by finding and training new hires, updating the skills of current employees and developing internships and apprenticeships.”
The company has planned a ribbon cutting for its headquarters for Tuesday, Nov. 28.
“With the investments Governor Raimondo is making in infrastructure, transportation and revitalization, and the city’s proximity to some of the world’s top universities, Providence is an attractive city for companies like ours looking to grow and scale our global operations,” said Virgin Pulse CEO, David Osborne in a statement. “We know that being in a beautiful and fun city like Providence has a huge impact on employee experience and engagement.”
The company also cited Providence’s art culture as a resource to help the company draw hire young, qualified talent.
On Monday, Dr. Rajiv Kumar, president and chief medical officer of Virgin Pulse Institute, tweeted out pictures of the new office space, including in-office workout equipment, meeting rooms and work stations:
Today we officially moved into our new @virginpulse global HQ in downtown Providence in the @projo building! Our employees couldn’t be more excited. Thanks to @GovRaimondo & many others who made this possible. Stay tuned for info about our ribbon cutting & open house next week! pic.twitter.com/YE5Yac3sUG
— Rajiv Kumar, M.D. (@RajivKumarMD) November 20, 2017
“We are proud that Virgin Pulse has chosen to relocate its global headquarters to Rhode Island,” said R.I. Commerce Secretary Stefan Pryor in prepared remarks. “We are pleased that among the factors that contributed to the company’s decision were our pipelines of tech-ready talent, the vibrancy of our capital city, and the Governor’s economic development programs. We look forward to Virgin Pulse’s continued growth and success here in our state.”
Virgin Pulse said that in 2017, the company has received more than 3,600 applications from prospective workers seeking employment for open roles in Providence.
“Virgin Pulse could have planted the flag for its global headquarters anywhere. Virgin Pulse chose Rhode Island because of our incredibly talented workforce and our high quality of life,” said Gov. Gina M. Raimondo in a statement. “In choosing Rhode Island, Virgin Pulse is making a long-term commitment to our state and will create opportunity for hundreds of people at all levels. Their decision to set deep roots in our Capital City is a signal that the foundation for our economy continues to improve.”
Chris Bergenheim is the PBN web editor.
