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MapInfo CorporationStaying power
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The Rensselaer County IDA
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You've probably heard the story. In 1984, four students at Rensselaer Polytechnic Institute hatched the idea for a new kind of software, birthing the revolution of desktop mapping and geographic data analysis – and a company named MapInfo Corporation. This global software giant would form the cornerstone of the Rensselaer Technology Park and has long been a source of Rensselaer County growth and pride. In 2003, however, with revenue topping $96 million and more than 700 employees worldwide (named the third fastest-growing company in the Russell 2000 index), MapInfo was bursting at the seams in its current corporate headquarters. Would this hometown hero start looking for a new home?
Solution:
Put away the packing tape. Realizing the value of having a fast growing global company based in Rensselaer County, the Rensselaer County Industrial Development Agency (IDA) pulled together a palatable incentive package – one that would keep MapInfo here to stay. This package enabled MapInfo to expand its facilities by adding 150,000 square feet and four more stories, totaling 210,000 square feet... plenty of room to grow.
Results:
Rensselaer County IDA retained a highly-valued global software company, with deep local roots. The IDA saved MapInfo significant cost on material amounts without restricting the scope of the project, limiting their options for financing, or slowing down the momentum of their mission.
"Our experience with Rensselaer County IDA has been great. If Mr. Pasinella doesn't know the answer, he knows how to find it, or whom you need to talk to figure it out. We've gotten assistance identifying financing sources and understanding the jungle of options available to us. Who doesn't need a resource like that on a project of this magnitude?"