Charlotte Tech News

[KJHburg]

CLT Economic Development

 

@cltecon

·

We’re at  @NCTA   conference learning about the state of technology in NC! NC’s tech sector growth of 4.8% has outpaced national growth. NC is one of the top 10 states for wages/salaries in the tech sector!

[KJHburg]

from the CEO and founder of Charlotte based Stratify and UNC Charlotte graduate

 

[KJHburg]

article in the San Fran Biz Journal talks about yet another company moving out of San Fran to Austin but also mentions a recent Bay area transplant to Charlotte.  Some interesting quotes from the article

""“The economics of the Bay Area are not sustainable,” said Bhaskaran, who founded QuestionPro in 2005 and moved the company’s headquarters to San Francisco in 2011. “The Bay Area has nicer weather, there’s no question about that. But economically, we could not make it work,” Bhaskaran said. ""  this company is moving lock stock and barrel to Austin

and from Caring.com which now has 52 corporate people working in uptown Charlotte. 

""Caring.com CEO Jim Rosenthal moved his company’s headquarters from San Mateo to Charlotte, North Carolina, saying, “We struggled a lot to hire in San Mateo. At times, I felt like I was banging my head against the wall.”""

 

[KJHburg]

a story about the Ally Bank tech center in Camp North End.  It is small and innovative. 

https://www.americaninno.com/charlotte/inno-insights-charlotte/small-simple-strategic-allys-approach-to-innovation-centers/

[KJHburg]

while London based Curve chose Brooklyn for their first US office Charlotte is not out of the picture yet as a 2nd office is planned for customer service and financial crimes and that will not be in NYC.

from a subscriber article today

""The final decision came down to hiring time, said Amanda Orson, head of Curve's North American operations. Curve was looking for employees in product management and engineering — positions that were lacking in Charlotte when compared to New York. If the office were based in Charlotte, Curve would need to import talent, Orson said.  "We need to be able to bring people into the office and make them operational very quickly," she said.    Orson agrees, as Curve is already planning for a second U.S. office to house operations such as customer service and financial crime.  "That office is not going to be in New York. I'm almost positive of it," she said.  Orson said Charlotte is likely the top pick for that office, although the decision won't be made until the end of this year or early next year. She is convinced the talent is already here""

https://www.bizjournals.com/charlotte/news/2020/02/12/london-fintech-firm-keeps-charlotte-on-radar-after.html

 

[KJHburg]

Wells Fargo is asking about 600 tech workers to relocate to its larger hubs including Charlotte.  Not sure how many but given where some of their hubs are for Wells I think Charlotte will get a large number of them.

https://www.bizjournals.com/charlotte/news/2020/02/14/latest-shift-for-wells-fargo-could-bring-more-tech.html

[KJHburg]

Intuit to acquire CreditKarma and since they seem to say they will run it independently I would guess no change to CreditKarma's south Charlotte office.  Hopefully it will grow larger and quicker. 

https://www.bizjournals.com/sanjose/news/2020/02/24/intuit-credit-karma-acquisition.html

13 jobs open in Charlotte now with CK

https://www.creditkarma.com/careers/jobs/product

Edited February 24, 2020 by KJHburg

[U_R_]

How has Charlotte been affected by the recent fintech and financial services mergers/acquisitions?

[CLT2014]

10 hours ago, Ric0_0 said:

How has Charlotte been affected by the recent fintech and financial services mergers/acquisitions?

We gained a Fortune 500 headquarters out of one merger (the new Truist). Other than that, I don't believe too many major players in Charlotte have been impacted thus far. Credit Karma has a relatively small niche office in Charlotte and will be gobbled up by Intuit. The broker mergers have been among companies without a big CLT employment base. 

 

Edited February 25, 2020 by CLT2014

[KJHburg]

10 hours ago, Ric0_0 said:

How has Charlotte been affected by the recent fintech and financial services mergers/acquisitions?

Usually to the very most positive.  I doubt they would close a location in a cost effective market that does not have the tech turnover like the Bay area does.  As it is hard to find tech workers anywhere most companies leave the office in place and that is what has happened recently.  An Austin TX bought a tech startup here forget the name and left the office here to grow.  

[rancenc]

The defense industry could be an area of great opportunities for both the NC and the Charlotte metro economies!

https://www.wraltechwire.com/2020/02/26/study-north-carolina-a-hotbed-for-military-technology-needs/

[Blue_Devil]

44 minutes ago, rancenc said:

The defense industry could be an area of great opportunities for both the NC and the Charlotte metro economies!

https://www.wraltechwire.com/2020/02/26/study-north-carolina-a-hotbed-for-military-technology-needs/

Let’s get Boeing, Lockmart, and BAE Towers in Uptown. 

[urbanlover568]

49 minutes ago, rancenc said:

The defense industry could be an area of great opportunities for both the NC and the Charlotte metro economies!

https://www.wraltechwire.com/2020/02/26/study-north-carolina-a-hotbed-for-military-technology-needs/

This would be nice, but more than likely, these jobs will be in Wilmington (Camp Lejeune) or Raleigh (Fort Bragg). Raleigh  more likely due to its proximity to Camp Lejeune, Fort Bragg, Norfolk, and DC.  

[sclark]

Very big and surprising news from our one of our newest HQ relocations:

https://www.engadget.com/2020/03/03/honeywell-quantum-computer/

[tozmervo]

1 hour ago, sclark said:

Very big and surprising news from our one of our newest HQ relocations:

https://www.engadget.com/2020/03/03/honeywell-quantum-computer/

That will make for one hell of a dehumidifier

[Madison Parkitect]

42 minutes ago, tozmervo said:

That will make for one hell of a dehumidifier

New thermostats that can read your body's comfort level and brain waves and change the temperature accordingly.

[InSouthPark]

54 minutes ago, Madison Parkitect said:

New thermostats that can read your body's comfort level and brain waves and change the temperature accordingly.

And still be cheaper than Nest thermostat...

[elrodvt]

Aren't there often more than 1 person in a room? Sounds odd.

[Madison Parkitect]

3 minutes ago, elrodvt said:

Aren't there often more than 1 person in a room? Sounds odd.

A quantum computer thermostat would know which person's comfort is more important and adjust that way, and you'd have to accept it because the thermostat is smarter than you are.

[KJHburg]

Here is a fast growing tech company owned by the Chickasaw Indian Nation in Mooresville with its new lakeside campus.

Corvid Technologies. It is really hidden from view and barely can see it from 77. They do a lot of defense work. 

https://www.bizjournals.com/charlotte/news/2019/08/30/photoscorvid-almost-ready-to-move-to-its-29m-hq.html

 

 

[KJHburg]

How a San Francisco venture capital firm Mainsail Partners  is investing more in Charlotte area companies especially tech startups here.  From a subscriber article in the CBJ

https://www.bizjournals.com/charlotte/news/2020/03/05/how-this-west-coast-equity-firm-determines-when-to.html

""The firm invested $25 million into local software company SQL Sentry, now SentryOne, in mid-2015. Then, in 2017, it invested $14 million in PeraHealth Inc., a health-care analytics firm based here.  Mainsail still sees plenty of opportunity for investment in Charlotte. It recently closed on a $531 million funding round, a portion of which could come here. The firm is watching more than 150 companies in this area that meet its investment criteria, said Michael Anderson, a partner at Mainsail.  

Cassidy said he can visibly notice the amount of growth happening in Charlotte.  One example of when he judges market opportunities is while waiting in line for an Uber ride. The measure bodes well for Charlotte, he said, where the lines are usually five to 10 people deep. Add to that a growing traffic volume and busy hotel lobbies.   "I do think Charlotte has changed and continued to grow in terms of being a technology hub from the point at which we invest(ed) in SentryOne," Cassidy said.  Mainsail looks at two other factors when judging a market: the cost of living and access to talent, specifically higher-education graduates. Charlotte checks both boxes, he said.   

Both are confident in the area's available technology talent.  Cassidy recently attended a Technology Executive Roundtable event at SentryOne's headquarters in South End. The event drew at least 65 top executives and founders from about 50 companies. Discussion topics included talent management, recruiting and compensation.  "It really was an indication that the tech market there is robust and vibrant," he said.""

this is good news for the local tech startups looking to scale up with money from the Bay area.  

[KJHburg]

Charlotte tech firms and surviving the virus.

From the CBJ subscriber:

Tresata:  

""Data analytics firm Tresata Inc. is looking to hire more people — about 20 new employees this summer and at least 20 more after that. Its summer hiring plans will nearly double the company's workforce. Tresata is hiring across its global offices, but mostly in Charlotte, said CEO Abhishek Mehta. It is hiring for engineering, data science, AI and machine-learning, sales and marketing and operations support.  "This is our time to stand up for our customers, stand up for the community," Mehta said. "Coming out of the crisis, we believe that incredibly smart talent ... is always looking for the right companies with work with."  He said Tresata is also looking "more aggressively" at real estate for an expanded headquarters. The company's current headquarters is on Camden Road in South End. Mehta said he wants to stay in that area.""            May I suggest The Square??

Stratifyd:  " CEO Derek Wang said the COVID-19 crisis is not having a negative impact on his company. He's seen more demand for its data analytics platform. Recent events have made digital tools more important than ever, meaning clients are trying to make operations seamless for their own customers, he said.   Wang said there are no plans for employee layoffs or furloughs. He did say, however, that COVID-19 could affect its near-term hiring plans. Last October, Stratifyd pledged to create 200 jobs here as part of a $3.25 million investment that involves a headquarters move to west Charlotte.""

AvidXchange:   ""Chris Elmore, a founding member of AvidXchange Inc., said he sees sales opportunities amid the crisis. Early indications show the automated payments company's numbers could benefit in this environment, he said. Automation is a big part of conducting business remotely.  AvidXchange temporarily paused hiring but has since decided to virtually onboard new employees""

Passport let a few people go I read mainly due to their client base are city and town governments.  

https://www.bizjournals.com/charlotte/news/2020/03/31/where-these-local-tech-firms-are-finding-a-silver.html

 

 

[wilmore]

39 minutes ago, KJHburg said:

Charlotte tech firms and surviving the virus.

From the CBJ subscriber:

Tresata:  

""Data analytics firm Tresata Inc. is looking to hire more people — about 20 new employees this summer and at least 20 more after that. Its summer hiring plans will nearly double the company's workforce. Tresata is hiring across its global offices, but mostly in Charlotte, said CEO Abhishek Mehta. It is hiring for engineering, data science, AI and machine-learning, sales and marketing and operations support.  "This is our time to stand up for our customers, stand up for the community," Mehta said. "Coming out of the crisis, we believe that incredibly smart talent ... is always looking for the right companies with work with."  He said Tresata is also looking "more aggressively" at real estate for an expanded headquarters. The company's current headquarters is on Camden Road in South End. Mehta said he wants to stay in that area.""            May I suggest The Square??

Stratifyd:  " CEO Derek Wang said the COVID-19 crisis is not having a negative impact on his company. He's seen more demand for its data analytics platform. Recent events have made digital tools more important than ever, meaning clients are trying to make operations seamless for their own customers, he said.   Wang said there are no plans for employee layoffs or furloughs. He did say, however, that COVID-19 could affect its near-term hiring plans. Last October, Stratifyd pledged to create 200 jobs here as part of a $3.25 million investment that involves a headquarters move to west Charlotte.""

AvidXchange:   ""Chris Elmore, a founding member of AvidXchange Inc., said he sees sales opportunities amid the crisis. Early indications show the automated payments company's numbers could benefit in this environment, he said. Automation is a big part of conducting business remotely.  AvidXchange temporarily paused hiring but has since decided to virtually onboard new employees""

Passport let a few people go I read mainly due to their client base are city and town governments.  

https://www.bizjournals.com/charlotte/news/2020/03/31/where-these-local-tech-firms-are-finding-a-silver.html

 

 

lol, Tresata is an utter joke. They constantly need to hire new people, yet never grow, because people all quit due to it being a terrible place to work. Enjoy the Glassdoor reviews: https://www.glassdoor.com/Reviews/Tresata-Reviews-E959659.htm 

[KJHburg]

How tech upstart Cloosiv is helping bakeries and coffee shops with their new app during this virus outbreak

https://www.americaninno.com/charlotte/profiles-charlotte/how-charlotte-startup-cloosiv-helps-coffee-shops-through-covid-19-crisis/\

also the story about Passport laying off a few people

https://www.bizjournals.com/charlotte/news/2020/03/26/passport-mum-on-details-as-tech-firm-lays-off.html

[wilmore]

34 minutes ago, KJHburg said:

How tech upstart Cloosiv is helping bakeries and coffee shops with their new app during this virus outbreak

https://www.americaninno.com/charlotte/profiles-charlotte/how-charlotte-startup-cloosiv-helps-coffee-shops-through-covid-19-crisis/\

also the story about Passport laying off a few people

https://www.bizjournals.com/charlotte/news/2020/03/26/passport-mum-on-details-as-tech-firm-lays-off.html

Weird they would not mention how many people were affected. 

This has definitely hit the parking world hard as ParkWhiz & SpotHero both had significant furloughs/layoffs as well in response to COVID-19.