Fiserv brings 3,000 jobs to Berkeley Heights
September 29, 2021
Fiserv, a global fintech industry leader, will expand its presence in New Jersey, consolidating 3,000 jobs in one location at its new Berkeley Heights offices, including 1,927 new jobs and 1,063 existing jobs at risk of being located outside the state.
The board of directors of the New Jersey Economic Development Authority has approved the granting of job creation tax credits from the Emerge program to Fiserv, which will also invest more than $ 105 million to upgrade and relocate a building of mostly vacant office space in Union County. The Emerge program is part of a new set of tax incentives enacted earlier this year.
“New Jersey’s economic future hinges on our ability to attract exactly the kind of high paying jobs that Fiserv brings to our state,” Gov. Phil Murphy said. “Our incentive program, which has been in the works for several years, was created to attract exactly this type of business to New Jersey and this announcement is proof that these incentives work. We are delighted that Fiserv has chosen to stay and grow here and welcome the 2,000 new employees who will be relocating to New Jersey. “
“Creating good jobs in high growth industries is the foundation of Governor Murphy’s plan to build a stronger and fairer New Jersey economy. The Emerge program is a responsible and effective incentive program that achieves these goals, ”said Tim Sullivan, President and CEO of NJEDA. “The Fiserv project is a revolutionary investment that will create thousands of good job opportunities and reactivate vacant industrial property. This is the kind of project we should be nurturing in New Jersey, and a big step forward that will drive equitable growth for years to come. “
Fiserv, number 205 in the Fortune 500, is a global leader in payment technology and financial services solutions. As part of a new real estate strategy, Fiserv has indicated that the New Jersey site will be a “flagship strategic technology hub” and a central location for actively advancing the fintech industry and developing cutting-edge technologies.
“Our new location in Berkeley Heights will be a center of excellence for technology and product innovation, allowing us to access a deep and diverse pool of fintech and banking talent while bringing our people together to better serve our customers. clients, ”said Frank Bisignano, President and CEO of Fiserv. “We look forward to deepening our roots and increasing our presence in the state.”
As planned, the project includes approximately 3,000 new and retained jobs as well as an investment of more than $ 105 million to make improvements to a vacant office building in Berkeley Heights. Due to the scope of the project and the opportunity to help New Jersey expand its leadership position in the rapidly growing FinTech industry, NJEDA has designated the Fiserv Project as a “Mega Project”.
In his request, Fiserv said New Jersey’s diverse and highly skilled talent pool is one of the main reasons he is considering relocating to the state. The company also highlighted New Jersey’s location at the heart of the Northeast Corridor – particularly the state’s proximity to New York’s financial sector – and its culture and quality of life as attractive factors.
The NJEDA board of directors approved Fiserv for a tax credit of $ 109,229,575 over seven years with a 313% positive net economic benefit to the state, well above the required rate of 200% for this project.
Companies do not receive any tax credit from the Emerge program until the project is completed, all project costs are certified by NJEDA, and all incentive jobs are verified by NJEDA as being created or maintained. Once the tax credits are approved, they are certified for annual and proportional use based on the creation and maintenance of actual jobs in that year. Businesses that have been approved for tax credits are still subject to reduction, forfeiture and clawback if they do not proceed with the project as approved.
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