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Dinniman: 150 New Jobs Coming to Chester County
WEST CHESTER (August 31) –State Senator Andy Dinniman announced today that Envestnet, Inc., a provider of unified wealth management technology and service, has established a new location in Chester County, a move that will result in 153 new full-time jobs.
“I am committed to working to bring more high-paying jobs to Chester County and the addition of Envestnet to Berwyn is just the latest success in that ongoing effort,” Dinniman said. “This is the third company this month that has committed to doing more business and creating more jobs in the Route 202 corridor.”
Envestnet has leased approximately 60,000-square-feet of office space in Berwyn as part of the company’s long-term organizational alignment and growth plan. The company plans to invest at least $4.9 million in the project and has committed to creating 153 new full-time jobs over the next three years.
Envestnet’s new facility will house part of the company’s operations and support servicing activities, including software development and support, technical analysis, product development, and systems engineering. The company will also make leasehold improvements and purchase equipment.
“We are proud to be able to contribute to the economies of Chester County and the Commonwealth of Pennsylvania,” said Bill Crager, president of Envestnet. “We have already welcomed 115 employees since moving into our facility in June, and we expect our team in Berwyn to include well above 153 professionals by the end of the year.”
Envestnet worked with the Department of Community and Economic Development and the Governor’s Action Team to reach an agreement that includes $459,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs and $36,000 in WEDnetPA funding for employee training.
Dinniman said the project is another testament to the way investments in a strong transportation infrastructure work hand-in-hand with economic development and job growth. Envestnet’s new location is located in the Chesterbrook Corporate Center, a stone’s throw from the new Route 202.
“The Route 202 widening is already paying dividends to our region in terms of job growth and economic development,” Dinniman said. “Route 202 is a strong and vital artery for some of our region’s largest employers in the high-tech, biopharma, and financial sectors. Companies know that their employees and their clients can easily access their services here. In short, the Route 202 corridor is the place to be for business.”
In early August, Cerner Corporation, a health care information technology company, committed to creating 250 new jobs at its location in the Great Valley Corporate Center. A week later, Radius Health, a biopharma startup developing new treatments for osteoporosis, oncology, and endocrine diseases, opened a new office in the Crosspoint Corporate Center on Swedesford Road in Wayne. Radius plans to grow its staff there from 20 to 100 employees.
Founded in 1999, Envestnet, Inc. (NYSE: ENV) is a provider of integrated portfolio, practice management, and reporting solutions to financial advisors and institutions. The company’s open-architecture platforms unify and fortify the wealth management process and empower advisors to deliver better outcomes. Envestnet’s offerings encompass a broad range of institutional-quality research, investment products, and advisory resources.