AdTech company’s $2.1 million investment hopes to help make city a tech hub
FRANKFORT, Ky. (June 1, 2016) –– Gov. Matt Bevin congratulated executives from El Toro Internet Marketing LLC today for officially opening the company’s new, larger headquarters, a $2.1 million project creating space for 60 new jobs.
“We are delighted to support El Toro’s continued presence and growth in Louisville,” said Gov. Bevin. “Kentucky offers many advantages for tech companies and El Toro is a great example of a company that has recognized and capitalized on those advantages.”
Demand for El Toro’s services from commercial customers in the automotive, health care and higher education space, and anticipated growth in political advertising campaigns fueled the company’s search for a larger office. El Toro, which opened on Louisville’s Distillery Commons district three years ago, renovated new office space at 124 N. 1st St. in the Whiskey Row neighborhood. The company currently employs 35 people. It expects to add the new jobs over the coming four years.
“There’s a whole concept of density that we’re seeing emerge in the Louisville tech community,” said Stacy Griggs, El Toro president and CEO. “We need density and we’re willing to help build it. My colleagues and I believe it’s vital to build a robust community of technology companies – to meet people, make introductions, make connections and discuss ideas. Higher density of tech companies makes this easier, that is why we chose to move downtown.”
“Our employees love being downtown. The energy and after-work entertainment are simply fantastic for our staff,” added David Stadler, vice president of ad operations and co-founder of El Toro.
El Toro helps advertisers target their audiences digitally by matching IP addresses to physical locations. This allows advertisers to aim messages at specific groups, such as college campuses, businesses and zip codes. Though political advertising made up less than 10 percent of El Toro’s 2015 business, the company is seeing a significant increase this year as it continues to distinguish itself as an indispensable campaign-trail service.
Sen. Gerald Neal, of Louisville, said El Toro’s recommitment to Louisville and to Kentucky bodes well for the tech industry.
“The presence of El Toro, a tech company working on an international scale, brings additional vibrancy to Louisville,” he said. “I believe the company’s move to 1st Street and the new employees it will hire demonstrates the tech industry’s momentum here. As well, it shows Louisville offers the solutions, amenities and atmosphere to attract and grow high-tech firms.”
Rep. Darryl Owens, of Louisville, congratulated El Toro on opening its new headquarters.
“The tech industry represents an important and economically impactful part of the Louisville and our state’s business community,” he said. “The 60 new jobs El Toro plans to add here will provide a direct boost to the industry, and the company’s work in mentoring and guiding tech startups will pay dividends as well. I thank the El Toro team for choosing to expand in Louisville and welcome their new location with open arms.”
To encourage El Toro’s investment and job growth in Louisville, the Kentucky Economic Development Finance Authority in December preliminarily approved the company for tax incentives up to $1 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, El Toro can receive resources from the Kentucky Skills Network. The Kentucky Skills Network provides eligible companies with no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
For more information on El Toro, visit www.eltoro.com.