Worldpay bringing new headquarters, 500 new jobs to Cincinnati area
Payment processing company, Worldpay Inc. plans to bring its headquarters back to the Cincinnati area, creating 500 new jobs and $56 million in annual payroll, state officials announced Monday.
Worldpay is expected to reestablish a new headquarters early next year at 8500 Governors Hill Drive in Symmes Township, a northeast suburb of Cincinnati where Worldpay's predecessor, Vantiv, was located.
Worldpay was formed in 2018 by the merger of Vantiv and London-based Worldpay, creating one of the world's largest payment processors, handling $2 trillion in payment transactions last year, according to the company.
In addition to the new jobs, Worldpay has committed to retaining more than 900 existing jobs with a total payroll of $93.7 million at its new headquarters, according to the announcement from Ohio Governor Mike DeWine, Lt. Governor Jon Husted, JobsOhio CEO J.P. Nauseef, and Lydia Mihalik, director of the Ohio Department of Development.
"Ohio welcomes Worldpay back to our thriving ecosystem of financial technology businesses," DeWine said in a press release. "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.”
In 2019, Worldpay was acquired by Jacksonville, Fla.-based Fidelity National Information Services Inc., which announced last summer that it had agreed to sell Worldpay to a private equity firm for $18.5 billion.
Worldpay plans to open its new headquarters once the pending sale is completed and it becomes a standalone company, according to a press release, which said the transaction is expected to close in early 2024.
"The Worldpay family is excited to make Cincinnati our home once again," stated Charles Drucker, who was CEO of Vantiv and will become 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.
The Ohio Tax Credit Authority has approved a 15-year, 2.389% tax credit valued at $20 million for the new headquarters, and JobsOhio also plans to provide assistance, which will be made public after a final agreement is executed, according to the press release.
This article originally appeared on Cincinnati Enquirer: New Worldpay HQ would create 500 new jobs and $56M in annual payroll
