Firm planning move to new downtown Minneapolis building
12/21/2016 9:05:46 AM
Shane Delaney, 651-259-7236
Greg Engen, 612-743-4750
ST. PAUL – Ovative/group, a fast-growing digital marketing, analytics and measurement firm, will invest $2.1 million and create 100 jobs when it expands to a new building in Minneapolis.
The company, currently located at 701 Washington Ave. N. in Minneapolis, said it will invest in leaseholder improvements when it moves its offices into 30,000 square feet of space at a new multi-tenant building. The new high-paying jobs will be created over the next three years.
The Minnesota Department of Employment and Economic Development (DEED) is supporting the project with a $605,000 grant from the Job Creation Fund. Ovative will receive the funding after it has met investment and job creation commitments. DEED officials said the Greater MSP regional economic development group partnered with the agency in support of the project.
“Ovative/group is growing at a remarkable pace, thanks to high demand for their services that enable businesses to measure and optimize the effectiveness of their digital marketing efforts,” said DEED Commissioner Shawntera Hardy. “The company is attracting top talent and has a future that looks very bright.”
Ovative, which was founded in 2009, provides clients with data, technology, analytics and digital media expertise. The company’s clients include businesses in the retail, health care, education, hospitality and consumer packaged goods sectors with sales ranging from $250 million to $100 billion.
Ovative ranked 12th on the Minneapolis Star Tribune’s 2016 list of top workplaces and 20th on the Minneapolis-St. Paul Business Journal’s 2016 “Fast 50” list of the fastest-growing private companies in the Twin Cities. Company revenue nearly doubled between 2013 and 2015, jumping from $5 million to $9.9 million, and is expected to double again by the end of 2017. Ovative currently has about 80 employees.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $33.6 million for 75 business expansion projects in Minnesota. Companies have committed to creating 4,603 full-time jobs and investing $900.4 million to expand.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.
Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161.