JobsOhio Announce Worldpay Locating Corporate Headquarters in Cincinnati
Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and JobsOhio president and CEO J.P. Nauseef, and Ohio Department of Development Director Lydia Mihalik announced today that Worldpay, a leading global provider of payment processing solutions, will reestablish its global corporate headquarters in Cincinnati, bringing more than 500 new jobs and $56 million in associated payroll to southwest Ohio.
“Ohio welcomes Worldpay back to our thriving ecosystem of financial technology businesses,” said Ohio Governor Mike DeWine. “Being one of the largest state economies in the country, we recognize the pivotal role that financial technology plays in shaping the future of commerce and finance.”
Worldpay is one of the largest payment processors in the world, processing $2 trillion in payment volume in 2022. The company is a leader in global e-commerce payments and processes transactions in 146 countries across 135 currencies, supporting more than 1 million merchant businesses globally.
“Worldpay selecting Ohio for its headquarters showcases our position as a supportive environment for fintech innovation,” said Lt. Governor Jon Husted. “Coupled with the Cincinnati Innovation District, this announcement allows Worldpay to tap into a rich talent pool of highly skilled professionals in finance, technology, and data analytics.”
“The Worldpay family is excited to make Cincinnati our home once again,” said Charles Drucker, Incoming CEO of Worldpay. “Access to talent, quality of life, great educational institutions and the new direct flight from CVG Airport to London significantly contributed to the decision to make our corporate headquarters in Greater Cincinnati, connecting us to our customers worldwide.”
The State of Ohio, JobsOhio, and REDI Cincinnati collaborated with Worldpay to reestablish its corporate headquarters in Cincinnati upon its pending separation from FIS®. FIS, a global leader in financial services technology, announced in July that it had signed a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to GTCR, a leading private equity firm, in a transaction valuing Worldpay at $18.5 billion.
The transaction is expected to close in early 2024, at which time Worldpay will become a standalone company. “Worldpay’s decision to establish its headquarters in Cincinnati after aggressive competition from other U.S. regions demonstrates continued economic momentum we see throughout Ohio,” said J.P. Nauseef, JobsOhio president and CEO. “Ohio is leading the way in developing talent and supporting infrastructure to foster financial technology innovation that brings economic diversification, which is attractive for the workforce and provides resilience to support future growth.”
To support Worldpay’s commitment to bring hundreds of new jobs to Ohio, the Ohio Tax Credit Authority approved the project for a tax credit at its monthly meeting this morning. The tax credit is 2.389% for 15 years, with an estimated value of $20,000,000. In addition to creating more than 500 new Ohio jobs, Worldpay has committed to retaining over 900 current jobs, representing a retained total payroll of $93.7 million.
“Worldpay’s choice to establish its headquarters in Cincinnati reflects the confidence in the region’s economic vitality and growth,” said Ohio Department of Development Director Lydia Mihalik. “The announcement signifies a partnership beyond business – a commitment to fostering a thriving and prosperous community for years to come.”
“Selecting the Cincinnati region as Worldpay’s headquarters is an incredible honor, adding to our already robust financial technology and services ecosystem,” said Kimm Lauterbach, president and CEO, REDI Cincinnati. “Our region has the second-largest concentration of top financial institutions outside New York City, and we’re proud that Worldpay is calling Symmes Township home. Thank you to the State of Ohio and JobsOhio for their partnership in showcasing the region for new businesses to locate and existing ones to expand.” JobsOhio also plans to provide assistance, which will be made public after a final agreement is executed.
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