Insurance software firm Adminovate lands $700K in Pa. grants and tax credits - Technical.ly Philly

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Insurance software firm Adminovate lands $700K in Pa. grants and tax credits

The Center City company will use the money for hiring and building a training center in its office. It's also getting $405,000 in tax credits from the city.

Enterprise Cloudworks staffers (l-r) John Meehan, Mark McCloskey and Patrick McCloskey.

(Photo courtesy of Adminovate)

Center City insurance software firm Adminovate just got a package of state incentives totaling more than $700,000. The money will go toward both Adminovate and Enterprise Cloudworks, the company that Adminovate cofounders Chris Doggett and Chris Gali launched this summer that’s focused on enterprise software development. (The two companies share top leadership and an office at 1818 Market Street.)

The package includes:

The company also got a job creation tax credit from the City of Philadelphia totaling $405,000, according to a release. Adminovate and Enterprise Cloudworks currently employ 60 total staffers (with about 60 percent of the staff focused on Adminovate and the rest focused on Enterprise Cloudworks, said spokesman Timothy McKenna) and plan to hire 81 over the next three years.

Enterprise Cloudworks staffers

Enterprise Cloudworks staffers (l-r) Jordan Liebling, Mark McCloskey and Kuba Kerner in the office. (Photo courtesy of Adminovate)

We don’t often hear about tech companies taking advantage of state grants (these Keystone Innovation Zone tax credits, which Adminovate has also received in the past, are an exception, but those have spiked in popularity in the last two years), especially at this scale. It probably helped that this is not founders’ Gali and Doggett’s first rodeo: they sold their first company, the Chester, Pa.-based AdminServer, to Oracle in 2008 for $125 million.

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Adminovate CFO Jeff Mathis has previously spoken about the importance of state incentives.

“It helps us continue to hire more folks to build out our platforms, because some of the cost is mitigated by these credits,” Mathis told us about the KIZ tax credit. “A $100,000 tax credit means we’re going to hire two more people.”

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