Tuesday, November 19, 2019

UPDATE: BombBomb to receive expansion incentives from city

Posted By on Tue, Nov 19, 2019 at 2:59 PM

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UPDATE: The Colorado Springs Chamber & EDC announced today that BombBomb is expanding and confirmed it's the firm who will receive the incentive approved by City Council on Nov. 12.

The release:

BombBomb, a software-as-a-service (SaaS) company, announced today it plans to add approximately 186 jobs over next the next four years. Headquartered at 90 South Cascade Avenue since January 2015, the majority of BombBomb’s 156 employees work in downtown Colorado Springs. This year, the company expanded office space by 53.5% - from 18,700 square feet to 28,700 square feet. Over the past three years, the company has grown at a compound annual growth rate of 42% and expects to continue growing at similar rates into the future.

BombBomb is on a mission to rehumanize business communication by enabling every person in an organization to quickly and securely record, send, and track video messages to communicate more clearly and improve response rates.

Among other accolades, BombBomb’s recognitions include:
Inc. Magazine Best Places to Work 2019
BuiltIn Colorado Best Places to Work 2019
ColoradoBiz Best Medium-Sized Company to Work For in Colorado 2018

“The support we got locally was an important factor in our decision to grow our presence in Colorado Springs,” commented Conor McCluskey, CEO of BombBomb. “The downtown culture is a perfect fit for us. The Downtown Development Authority, City of Colorado Springs, Colorado Office of Economic Development & International Trade, and the Colorado Springs Chamber & EDC all played significant roles in supporting us with this expansion effort.”

“BombBomb exemplifies the growing tech sector downtown, because employers like BombBomb know that a walkable, exciting urban environment helps to attract top talent,” said Susan Edmondson, executive director of the Downtown Development Authority. “We are excited to support BombBomb as they grow and thrive in the heart of the city.”

With the commitment to expand in Colorado Springs, the company expects to add 186 new jobs over the next four years. These positions in software development, product development, sales and marketing, customer success, and other specialties will pay significantly higher than average wage rates for the city. Approximately 20% of new hires are expected to be brought in from outside the city.

“BombBomb is a wonderful success story of a homegrown company,” stated Dirk Draper, CEO of the Colorado Springs Chamber & EDC. “As an anchor company in our downtown, we’re so pleased that they will be adding great jobs in our community, as well as continue to add to the vibrancy of our downtown core.”


UPDATE: City Council voted unanimously on Nov. 12 in favor of the code-named Project Beach tax incentive but refused to disclose the name. It's unclear when its identity will be officially revealed.

The Colorado Springs City Council was expected to approve a sales and use tax incentive for an existing business on Nov. 12, after the Indy’s press time, in exchange for adding 40 jobs.

The city refused to name the communications technology firm, giving it the code name “Project Beach.” Asked about that, city spokesperson Kim Melchor says via email, “Project Beach is confidential at this time. We will be glad to obtain and provide additional information once this is no longer a confidential project.” (Previously, the city didn’t shield the identity of Scheels All Sports when it granted a tax benefit of $16.2 million over 25 years.)

For $14,310 in sales and use tax breaks, the city says it will reap a $1.25-million tax benefit over four years. The unnamed firm plans to expand its headquarters from 18,700 to 28,700 square feet. It now employs 121 people companywide and plans to add 186 more in four years, 40 of those here, with annual average paychecks of $82,642. 

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