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SteadyServ relocating headquarters from Carmel to Fishers

July 12, 2016

A Carmel-based software firm that focuses on improving beer sales is planning to move its headquarters to downtown Fishers, where it intends to double its local employment to more than 80 over the next two years.

SteadyServ Technologies LLC announced Tuesday that it would be relocating its offices to the new Four Day Ray Brewing facility, now known as the Spur Building, on the corner of Lantern Road and North Street.Four Day Ray

The beer management software company said it will occupy the 8,600-square-foot second floor of the two-story building that will include Four Day Ray Brewing and Restaurant on the first level.

Construction on the $4.8 million project being developed by Nickel Plate Development LLC and Four Day Ray Brewing LLC is expected to be completed in August.

SteadyServ CEO Steve Hershberger said his company, which employs 48 people between its Carmel offices and locations in North Carolina, Texas and the United Kingdom, will move in “the second the paint is dry.”

The software firm markets a system, known as iKeg, that monitors the amount of beer remaining in kegs at taverns, stadiums and restaurants, sends digital alerts when levels are low and collects data on customer consumption.

SteadyServ is expected to grow to more than 100 employees company-wide by 2018, with about 80 percent of those staff members in Indiana. Its customer base has swelled from 50 at the beginning of the year to more than 200.

“We’ve got a pretty consistent and healthy growth curve,” Hershberger said.

He said they started looking for new location about eight months ago because the company had run out of space at its existing space in Carmel. Employees are currently split between three nearby offices there totaling about 4,500-5,000 square feet of space, which Hershberger called “not a very efficient way to work.”

“It’s a bit of a challenge when you’re growing a company and don’t have the ability to easily communicate across the teams,” Hershberger said.

Initially, Hershberger planned to move SteadyServ to downtown Indianapolis, but said he changed his mind after a conversation with Fishers Mayor Scott Fadness.

“He laid out a really amazing and compelling storyline about what Fishers was,” Hershberger said. “It became really difficult not to look at it logically… It was something I struggled with.”

Fadness said SteadyServ is “one those great companies” that the city is trying to attract.

“They could be tomorrow’s Fortune 500 company,” Fadness said. “We think there’s a lot of potential for them.”

The startup, which was founded in 2012 working out of Starbucks and Hershberger’s house in Carmel, has gone through several funding campaigns. In February 2015, it raised $5.5 million after landing $6.5 million in 2013.

The four-year lease for the new space is expected to cost a total of $770,862.

Under an agreement the Fishers Redevelopment Commission is expected to discuss at its meeting Tuesday afternoon, the city would provide a total of $68,904 over four years to subsidize the lease costs.

The lease also gives SteadyServ the option to relocate within Fishers after two years. If the company chooses to do so, then the city would be responsible for finding a new tenant for the existing space.

However, if SteadyServ relocates outside of Fishers within four years, the company would still be responsible for the lease.

Fishers Economic Development Director Brandon Dickinson said the city negotiated the deal to give SteadyServ flexibility with its growth plans, and officials aren’t concerned about the possibility of having to find a new tenant.

“This is a company that somewhat in our eyes is very similar to CloudOne,” Dickinson said. “They’re going to be tremendous ambassadors as they continue to grow.”

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