Worldpay — Corporate HQ Expansion
Overview
KMK Consulting (KMKC) assisted Worldpay LLC, (Worldpay) a global payments technology leader, in selecting their new global headquarters. Worldpay operates in 146 countries, across 135 currencies, serving 1 million merchants and processing 40 billion transactions annually. Following the most recent transaction, GTCR will hold a 55% majority ownership, with FIS retaining a 45% stake and aiding in the company's growth.
As an independent entity, Worldpay is dedicated to enhancing client value, innovation, and service through increased investment in product development and technology solutions. Choosing a fitting location for this pivotal moment was a top priority.
challenges
The company with significant operations in Symmes Township (Cincinnati), OH, Jacksonville, Florida, and Atlanta, Georgia was faced with a decision of where to reestablish their global headquarters. The new global headquarters would retain/relocate 971 employees, $94M in payroll and add 529 new jobs and $56M in new payroll. For the selected community this would result in securing more than $150M in payroll. The company would need to consider the financial services ecosystem, proximity to talent, real estate, connectivity, and many other factors.
Managing the timing of stakeholder engagement and confidentiality while the acquisition and reestablishment of Independence was being finalized was also an important requirement, aligning project schedules with the expected closing date.
outcomes
KMK Consulting managed the incentive analysis work and negotiations for multiple states (OH, GA, FL) working to identify creative solutions to help offset the company’s immediate and long-term operational costs. Working with state leadership to assess previous incentive agreements, identify custom programs, and secure new incentive agreements tailored to the company's needs and ensure long-term success.
In partnership with the company and working closely with state and local governments, Worldpay would secure the second largest incentive package for a financial services company in Ohio's history. Through a mix of discretionary grants and long-term tax credits to offset upfront and long-term operational costs. After considering all factors Worldpay made a decision to reestablish their global headquarters In Symmes Township (Cincinnati), OH.
