CloudOne announced Wednesday it is moving its headquarters from northern Indianapolis to downtown Fishers.
The company, known for helping businesses manage the "Internet of Things," will lease the 11,518-square-foot third floor at The Switch development. located at 8626 E. 116th St
All CloudOne employees based in the headquarters at 9247 N. Meridian St. will be relocated to Fishers by the fall, and the company intends to hire 64 additional full-time employees by 2019.
Based on CloudOne's plans for new jobs, the Indiana Economic Development Corp. is offering CloudOne up to $1.7 million in conditional tax credits.
The five-year lease will cost almost $242,000, and the Fishers Economic Development Commission is providing about $70,000 to assist with the cost for the first two years. CloudOne will reimburse the city during the fourth and fifth years of the lease.
CloudOne recently was ranked No. 4 on IBJ’s list of the Indy area's 25 fastest growing companies. From 2012 to 2014, its annual revenue grew 170 percent, rising to $5.3 million in the third year.
“As CloudOne has scaled up, we have quickly outgrown our current office space," CEO John McDonald said in a prepared statement. "... It's imperative we have a creative workspace reflective of our company’s culture and conducive to collaboration.
Fishers Mayor Scott Fadness said landing a high-tech company like CloudOne was another step toward creating an entrepreneurial city.
“It’s new age, pretty cutting edge stuff,” Fadness said about CloudOne. “All I know is that everyone that works there is smarter than I am.”
The Switch is a $28 million mixed-use development on land where the Fishers Train Station once stood. The project includes a three-story office and retail building, a four-story apartment complex and 442-space parking garage. It’s under construction now.
In May, the Purdue College of Pharmacy’s Center for Medication Safety Advancement and the Purdue Manufacturing Extension Partnership announced plans to occupy the second floor of the office/retail building. First floor tenants have not been announced yet.