New York State is providing tax breaks and cheap electricity for a computer software developer’s move to Suffolk County from Nassau County, officials said Thursday.
LBi Software Inc. will receive up to $300,000 in state tax credits over 10 years if it adds 16 people to its payroll of 47.
The assistance was announced Thursday during a ceremony opening LBi’s new headquarters in Melville. The 25,200-square-foot building, which is owned by the company, is more than double the amount of space it had been renting in Woodbury.
In July, the state Power Authority awarded LBi 20 kilowatts of low-cost electricity for seven years.
“With strategic investments in companies that complement the local workforce and help build regional industry clusters, we are laying the foundation for long-term, sustained economic growth,” said Lt. Gov. Kathleen Hochul, who attended Thursday’s headquarters opening.
The LBi expansion at 999 Walt Whitman Rd. cost $6.3 million.
The company’s software is used by professional baseball and basketball teams to scout and draft players, manage rosters and track contracts. Its electronic Baseball Information System, known as eBIS, is instrumental in the annual players’ draft.
The company also has created software for the National Basketball Association.
LBi president Richard Teed and partner Gary Reuter started the company after graduating from Hofstra University in 1986. A third founder has since left the business.
LBi initially began developing software for human resources departments. Its customers include defense contractor General Dynamics, New York Community Bank and the American Society for the Prevention of Cruelty to Animals.
Teed said Thursday that local universities are graduating students that make ideal employees for his company. “The access to talent from local universities is second to none,” he said.
Records show employees earn, on average, $81,000 per year, excluding medical insurance and retirement benefits.
In addition to the state help, LBi won $319,360 in tax breaks over 10 years from the Suffolk County Industrial Development Agency in September 2016.