~ Provider of Software as a Service to Expand, Continue Local Investment ~
Wilmington, NC — Vantaca LLC, an industry-leading cloud-based solution provider for association management companies, will add 104 employees to its existing 100-person Wilmington workforce, more than doubling its personnel as the fast-growing property technology company launches a $4.2 million expansion to its headquarters operation. Governor Roy Cooper announced the privately held company’s selection of Wilmington earlier today.
“North Carolina is one of the fastest growing technology hubs in the nation,” said Governor Cooper. “When combined with our reputation for financial technology, a talented workforce and premier quality of life, it’s great news that Vantaca is expanding right here in its hometown of Wilmington.”
“North Carolina’s fintech industry has seen steady growth from the mountains to the coast,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Startups and entrepreneurs, like Vantaca, are the heart and soul of North Carolina’s innovation economy. To maintain our rank at the forefront of innovation, North Carolina remains committed to developing the very best talent for the burgeoning fintech industry.”
Established here in 2016, Vantaca provides next-generation cloud solutions for Community Association Management companies. Vantaca’s Community Operating System redefines Homeowner Association (HOA) management and accounting with dynamic configurable workflows and extensive accounting automation. Its single comprehensive system is fully integrated with leading industry banks in a way that facilitates and automates real-time financial operations, enabling the company’s clients to work more efficiently. In August Inc. Magazine named Vantaca to its annual list of the nation’s fastest-growing private companies. The firm’s rapid growth in 2020 earned it a #679 spot on the Inc. 5000. Inc. also identified Vantaca as North Carolina’s second-fastest growing private software company.
The company considered other national destinations for the expansion, but Wilmington’s growing fintech talent pool ultimately spurred Vantaca to keep its expansion local. “We believe we have the ecosystem here to attract top software talent to the area,” said Ben Currin, Vantaca’s CEO. The firm will be hiring across all its team, with average annual salaries significantly higher than the county’s average wages. New positions will include product management, marketing, sales, software engineering and customer service operations. “Our employees love living in Wilmington,” Currin continued. “Quality of life and work-life balance is incredibly valuable to our team.”
“Vantaca is a growing national company with a diverse workforce and promising future, and we are excited that it has chosen our community for this significant expansion,” said Julia Olson-Boseman, chair of the New Hanover County Commissioners. “The 104 new, good-paying jobs that will be created over the next five years will be important for our talented workforce and will help strengthen and diversify our economy – which remains a strategic priority for New Hanover County.”
“Today’s news, along with the recent growth of companies like Live Oak Bank, nCino and others, is evidence that Wilmington is firmly establishing itself as a high-tech hub,” said Wilmington Mayor Bill Saffo. “Each of these companies creates homegrown jobs and opportunities that benefit the entire community. We’re proud to support Vantaca’s continued growth in Wilmington and congratulate the company for the success that has led to this major announcement.”
Driving Vantaca’s expansion is a booming national housing market. There are currently 370,000 homeowners associations in the U.S., the company’s Currin said, and that number is growing significantly. Condominiums and single-family neighborhoods with common areas are at the leading edge of the trend. About 70 percent of new residential construction falls under a homeowners association, according to Currin.
“Vantaca’s continued success in Greater Wilmington says great things about our region’s fertile entrepreneurial grounds,” said Scott Satterfield, chief executive officer of Wilmington Business Development (WBD). “Building on a legacy that includes names like PPD, Live Oak Bank and many other home-grown success stories, this company began here as little more than an idea and has emerged as a national pioneer in its industry. We’re proud that Greater Wilmington will be the backdrop for Vantaca’s continued phenomenal growth.”
Partnering with WBD in supporting Vantaca’s expansion were the N.C. Department of Commerce, the Economic Development Partnership of North Carolina, the North Caroina General Assembly, the North Carolina Community College System, Cape Fear Community College, UNCW, New Hanover County and the City of Wilmington.
Founded in 1956, Wilmington Business Development oversees business recruitment and industrial retention for the City of Wilmington, New Hanover County and Pender County. A private, non-profit organization, WBD supports members, partners and allies through an array of technical expertise, leadership resources and value-added business services. For additional information, visit www.wilmingtonbusinessdevelopment.com.