FRANKFORT, Ky. (Dec. 7, 2023) – Today, Gov. Andy Beshear announced growth in the state’s nonretail service and technology sectors as Provalus – a division of prominent information technology Optomi LLC – will locate in Monticello with a $3 million investment that will create 200 full-time jobs – the largest job-creation investment in Wayne County since 2010.
“The economic momentum we are seeing across the state is the result of companies believing in what Kentucky has to offer,” said Gov. Beshear. “Optomi is just the latest example, with the company creating an incredible 200 job opportunities for the families of Wayne County. I want to congratulate Optomi’s leadership and look forward to the company’s success here in the commonwealth.”
The new operation will be the company’s first in Kentucky, located in a 30,000-square-foot leased facility in Monticello that will allow the company to serve Fortune 2000 and larger clients in various domains, including cybersecurity, network operations, quality assurance, security, application development and back-office operations. Construction for building upgrades is scheduled to begin in January and be completed in December 2024.
“We are pleased to announce the first phase of our partnership with the State of Kentucky. Choosing a location for a new Provalus site is about far more than just job creation. It’s also about choosing a community to add to the Provalus family,” said Will Ruzic, Optomi’s vice president of facilities and operations. “Provalus is committed to expanding opportunities in rural America by growing, developing and investing in not only our people but the communities we call home. This launch means that Monticello will forever be a part of the Provalus story, and we trust that Provalus will play a significant role in shaping Monticello’s story moving forward.”
Founded in 2017, Provalus is a 100% U.S.-based outsourcing organization dedicated to creating technology opportunities in areas where few traditionally exist. By leveraging a unique approach that includes creating talent in rural, veteran-heavy American communities, Provalus is generating a dedicated and superior workforce while fueling a new era of technology talent equipped to strengthen America’s future. Provalus provides partner organizations with dependable and scalable solutions for IT, cybersecurity, customer experience and business process outsourcing initiatives.
Scott Gehring, Wayne County Judge/Executive, is optimistic of the local jobs the project will create: “I believe this successful company coming to our hometown will be very beneficial in so many ways and help open many doors. Provalus is 100% operated here in the U.S., and their goal to elevate high potential rural communities by creating technology, support and other service job opportunities is one that Wayne County is ready, willing and excited to fully support.”
Monticello Mayor Kenneth Catron Jr. is thrilled to welcome the company to the region, noting the economic impact and growth they will help foster: “The economic impact they will be bringing to our region is astronomical; a proven company that not only wants to provide a better life for their employees but also to help the community in which they make their new home. To have Provalus located here in Monticello is a sign of the growth and prosperity we are experiencing in our community, and this endeavor will be a massive component in the future success of our region.”
Frank V. Phillips, chairman of the Monticello-Wayne County Industrial Authority, looks forward to the opportunities the company’s investment will bring to the community: “The Monticello Wayne County Industrial Authority is excited about the opportunities that Provalus will provide to our area. Provalus is committed to providing competitive, sustaining jobs in rural America and this vision and goal will positively impact the citizens of Monticello and Wayne County for generations. Our board is committed to assisting Provalus, and we fully support and appreciate the Kentucky Cabinet for Economic Development for their assistance and support.”
Optomi’s investment and job creation build on recent economic momentum in the commonwealth.
Gov. Beshear recently reported that General Fund receipts for October 2023 totaled over $1 billion, marking the 14th straight month with revenues over $1 billion. The Governor also announced that his administration secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history.
The General Fund budget surplus at the end of fiscal year 2023 was more than $1.55 billion. Nearly all of the $1.55 billion surplus will go into the commonwealth’s Rainy Day Fund, bringing the fund to a record balance of $3.7 billion – a 2,700% increase since Gov. Beshear took office in 2019.
This year, the Governor announced that Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 930 private-sector new-location and expansion projects totaling over $28.3 billion in announced investments, creating 50,466 jobs. This is the highest investment figure for any governor in state history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.
The Governor also secured the best two-year period in state history for economic growth and announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK On celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. In April 2022, the Governor was joined by leadership at AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
That position was strengthened even further in May 2023, when the Governor and leaders at Toyota announced a $591 million investment across multiple projects as the company’s largest manufacturing operation in Georgetown introduced its first battery electric vehicle. Growth within the EV sector continued into June as Gov. Beshear joined INFAC North America to break ground on the company’s $53 million investment to support EV-related production in Campbellsville.
Over a two-month period this year, Kentucky secured two credit rating increases from major agencies. On May 12, Gov. Beshear announced that his administration obtained the first state-level credit rating upgrade in 13 years and the first-ever upgrade from Fitch Ratings. On June 29, Gov. Beshear announced the commonwealth received its first-ever rating increase from S&P Global Ratings. Recently, Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top-5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects. The publication also placed Kentucky second nationwide and first in the South Central region for its annual Governor’s Cup ranking for 2022, which recognizes state-level economic success based on capital investments.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program on Thursday. The performance-based agreement can provide up to $2 million in tax incentives based on the company’s investment of $3 million and annual targets of:
- Creation and maintenance of 200 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $27, including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Optomi can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Optomi and Provalus, visit provalus.com.
A detailed community profile for Wayne County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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