The state of Texas will invest $2.45 million from the Texas Enterprise Fund in a cloud-based computing and converged infrastructure company that will establish its headquarters in Richardson.
Gov. Rick Perry announced the investment in The Virtual Computing Environment Co. in Richardson at the 54th annual Richardson Chamber of Commerce meeting on Tuesday.
“Communities like Richardson continue to attract jobs and fuel our state’s diverse economy thanks to investments from the Texas Enterprise Fund that help attract companies like VCE,” Perry said in a press release. “Texas’ low taxes, reasonable and predictable regulatory climate, fair legal system and skilled workforce have made the Lone Star State a beacon for job creation and economic growth, and strengthening these principles will help ensure our continued success.”
The investment is estimated to generate $35 million in capital investment and create 434 high-paying jobs, according to the governor’s office. Created in 2003, the TEF program is a fund used by the governor to keep or attract business to the state.
Perry hailed the new opportunities the Texas legislature has created over the past 10 years with “pretty overwhelming” results, highlighting that Texas is home to more Fortune 500 companies than any other state, as well as being the leader in exports for the ninth year
in a row and the leader in job seeker relocation for the fourth consecutive year.
“Job creation is what we do,” he said about government’s key role, adding that he is “a pro-business governor and I make no apology for it.”
Perry said he was proud VCE had selected Richardson as a location for its headquarters, adding that they chose Richardson “because they know we’ve developed a world-class workforce" that attracts people “ready to compete in a global economy.”
Perry emphasized the importance of continuing the job creation momentum by keeping taxes low, maintaining a regulatory environment that is “fair and predictable” continuing to enforce a legal system that does not allow “frivolous lawsuits” and funding institutions for
a skilled, educated workforce.
“If we do that, we will continue to win the race,” Perry said. “If we don’t, the competition will become still.” VCE was formed by information technology giants Cisco and EMC with investments from VMware and Intel. The company combines cloud-based computing models and converged infrastructure to deliver integrated IT solutions to companies. VCE
currently has 800 employees in its locations in Massachusetts, Silicon Valley and Cork, Ireland, with 120 stationed in Dallas.
The company already has signed a long-term lease for the 87,000-square-foot Collins Crossing building located at 1500 N. Greenville Ave. in Richardson.
When VCE moves in this spring, it will join several other businesses in the area that offer cloud-computing services such as Verizon Business, Digital Reality Trust, AT&T, SunGard, Cisco and EMC.
The 2010 Citizen of the Year award was presented to Richardson Mayor Gary Slagel, who said he was honored by the recognition. Other awards included 2010 Volunteer of the Year to Chris Luna of MetroPCS; 2010 Small Business of the Year to Opportunity Bank; 2010 Rookie Volunteer of the Year to Charles Harlos of Holiday Inn; 2010 Committee of the Year to the public affairs committee; and 2010 Ambassadors of the Year to Aaron MacPhie of Bland, Garvey, Eads, Medlock & Deppe PC, and Steve Wilhelm of Preferred Lithographics.