(Hauppauge, NY - February 22, 2013) - "With the help of an innovative program offered by the Suffolk County Industrial Development Agency (IDA), Huntington is quickly becoming the center of an emerging cluster of growth sector high tech companies," said County Executive Steven Bellone.
CooCoo, a leader in the national transit industry's shift to real time information and mobile tickets is the third Huntington-based company to benefit from BOOST, an IDA program launched in 2012 to aid start-up companies in high growth industries, including information technology, bio and life sciences, green technology, energy and pharmacology. With IDA support, CooCoo plans to expand their Huntington headquarters and add ten fulltime jobs during the next two years.
"CooCoo is part of a growing number of high tech start-up companies finding a home, and thriving in Huntington," said IDA Executive Director Anthony Manetta. "Since 2012, the IDA has approved BOOST benefits for two other Huntington tech companies, Work Market, Inc., and VLI North America, Inc."
According to Manetta, CooCoo's expansion at 356 New York Avenue, Huntington, a $215,000 project, will add close to 900 square feet and more than double the size of the company's local workforce. CooCoo, whose employees earn more than $62,000 annually on average, will receive a $64,000 property tax cut over five years and a $2,500 sales tax exemption on purchases related to the expansion.
"CooCoo is one of a cluster of high tech companies in Huntington that have benefited from BOOST," said County Executive Steven Bellone. "What's more, CooCoo has produced what is widely acknowledged as the most flexible ticketing solution in the field, which has transit organizations from New York to California looking to partner on new projects. This is exactly the kind of innovative entrepreneurism we want to encourage in Suffolk."
"CooCoo has significant growth potential and an opportunity to scale up operations and add high-tech jobs in Suffolk County. Providing IDA benefits will help them become a leader in their unique niche," said Deputy County Executive, Commissioner of Economic Development and Planning Joanne Minieri, who is Vice-Chairperson of the Suffolk IDA.
"Suffolk IDA has made it attractive for startups to choose Huntington Village," said Ryan Thompson Co-Founder of CooCoo. "The Village has great infrastructure to support innovation. We encourage other technology companies to follow in our footsteps; developing a technology cluster in the Village will be great for collaboration."
CooCoo has been partnering for nearly a year with San Diego's North County Transit on technology to collect fares. Other transit partners listed on www.coocoo.com include Long Island Railroad (LIRR), Massachusetts Bay Transporation Authority, Metro-North Transit and NJ Transit.
Posted: February 22, 2013 In: IDA News & Press
Tagged: Press Release