Massive growth planned at El Toro prompts move to NuLu
Three years after opening an expanded headquarters downtown, El Toro Internet Marketing LLC plans to move to larger offices in the NuLu neighborhood, adding 400 new jobs and investing $10.5 million.
“The explosive growth of El Toro is proof that tech companies don’t need to be located on the coast to be successful and that Louisville has the talent to fill the demands of new and growing tech companies,” said Mayor Greg Fischer. “Through new tech programs and partnerships with major companies like Microsoft and IBM, Louisville is doing the roadwork to expand its tech talent pipeline and meet future workforce demands.”
El Toro plans to lease 36,700 square feet on the third and fourth floors of the Gateway to NuLu building at 552 E. Market Street. The project comes in response to increased customer demand and is expected to provide a substantial boost in staffing. The 400 additional jobs will include software engineers, programmers, data scientists and sales positions. Company leadership anticipates the headquarters relocation will be complete by February 2020.
The announcement comes on the heels of steady growth in recent years. In 2016, El Toro announced over $2 million in investment to renovate office space on First Street for an upgraded headquarters operation. Today, it employs more than 100 people.
“Louisville is a great home for El Toro,” said El Toro CEO Stacy Griggs. “The commonwealth of Kentucky and the city of Louisville have been fantastic partners in helping us build one of the fastest growing technology companies in the U.S.”
Opened in Louisville in 2013, El Toro provides a range of online marketing services, including advanced analytics, mobile location marketing and IP targeting. El Toro’s patented tools provide a unique series of technologies that allow customers to direct marketing efforts toward their target audience via numerous methods of omnichannel delivery, which includes digital advertising, connected TV and direct mail. The company also provides ad tech for political advertising both in the US and internationally.
Sen. Gerald Neal, of Louisville, said the company’s decision to remain in Louisville is a reflection on the local business environment.
“We are thrilled El Toro has decided to relocate and expand here in Louisville,” Sen. Neal said. “This decision exhibits the confidence El Toro has in our well-equipped workforce and community. We look forward to the continued success of El Toro.”
Rep. Charles Booker, of Louisville, expects El Toro’s growth to continue for years to come.
“What El Toro has done in a relatively short amount of time is phenomenal and speaks to the innovative spirit in our commonwealth,” Rep. Booker said. “These new jobs will have a major impact on our local economy and create real opportunity for many families. I’m also proud that the company is settling into the East Market District, where it will undoubtedly thrive even more. Something tells me this latest expansion won’t be its last.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday approved the company for a modification to previously approved tax incentives up to $7.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of the new tax revenue it generates over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.