West Des Moines-based Submittal Exchange LLC plans to more than double its work force within the next three years. Thursday, the state approved a $500,000 loan package that the company said it will use to add 81 new jobs to its current work force of 78.
Founded in 2003, Submittal Exchange is a provider of Web-based collaboration software for the commercial construction industry. The company's software is used by more than 50,000 architects, contractors and facility owners.
The city of West Des Moines also contributed a $100,000 loan package for the company expansion.
Company officials could not be reached for comment on the expansion.
Thursday's Iowa Economic Development Authority (IEDA) award was the second this year for Submittal Exchange, which in May received a $150,000 award from the state for a $1.4 million project the company said would create 23 jobs.
Submittal Exchange was acquired in late 2011 by Textura Corp. and became a division of that company. The Chicago-based construction software company has experienced meteoric growth, increasing its revenues by more than 100 percent in each of the past five years.
Submittal Exchange estimated a three-year investment of approximately $2.4 million, the majority of those funds being used for research and development expenditures to enhance its product offerings and expand its market presence. The company also plans a capital investment of $289,100 in new software and computer equipment, according to information provided to the IEDA board.
The board held the meeting via telephone in order to take action on three of the seven projects that were to be considered at the Dec. 20 meeting, which was canceled because of weather. The remaining projects will be reviewed at future meetings.