ValueMomentum moves forward with plans for Erie office building

to play

This article is part of a recurring series that will provide updates on the status of properties of interest in the Erie area. Do you have a suggestion? E-mail [email protected]

ValueMomentum Inc., a New Jersey-based information technology company, has not abandoned its plans for the former Northwest Bank building at 1030 State St.

The company, which had an ongoing business relationship with Erie Insurance, announced in May 2019 that it planned to build a new development center in Erie and hire 100 Erie-based employees.

After:Tech company buys building in downtown Erie

After:Downtown is benefiting from the return of Erie Insurance to the office. Some employees have “mixed opinions”

Under the plan, ValueMomentum paid $875,000 for the old Northwest building in June 2020 and announced plans to renovate the building and move into it by the end of this year.

A construction slowdown related to the COVID-19 pandemic and a lack of urgent need — ValueMomentum’s nearly 5,000 employees worldwide are still working from home — are why the 52-year-old building sits empty.

The package remains unchanged

But ValueMomentum, whose local employees worked for a time at the Erie Tech Incubator at Gannon University, has not strayed from its goals of hiring 100 people in Erie and establishing an office. downtown.

“To date, we have recruited 80 associates for our Erie Development Center,” said Kalyan Kodali, CEO of the company.

After:‘Big strides’ are being made in downtown Erie with residential and commercial spaces

And although the renovation schedule has been pushed back a few years, plans for the $5 million project are moving forward, he said.

“We remain steadfast in our commitment to our Erie development center and continue to move our plans forward,” he said in a statement. “With this in mind, we have begun the renovation of our building on State Street.”

The $5 million project is expected to be completed by April, he said.

ValueMomentum, a private company that describes itself as the largest standalone provider of IT services to insurance and financial companies, does not appear to have been affected by remote work.

The company founded in 2000 has an annual growth rate of 24%.

There are no plans, however, to make this temporary work-from-home arrangement a permanent way of life. In fact, ValueMomentum’s human resources department is working on a return-to-office plan.

“While our teams have remained productive and continued to meet our customers’ expectations while working remotely, we believe that in-person collaboration is imperative to the success of our teams,” Kodali said.

Even when those renovations are complete, it’s likely the company’s move to the Erie office won’t happen all at once and will reflect the state of the spread of COVID-19, a spokesperson said. the company.

Jim Martin can be reached at [email protected]

About Daisy Rawson

Check Also

Jersey does not follow the popular trend of faking a sick day

New Jersey in October 2019 enacted the Earned Sick Leave Act which states that every …