San Marcos Mercury | Local News from San Marcos and Hays County, Texas

by BRAD ROLLINS

Upland Logic Inc., a startup straddling the financial services and information technology sectors, is considering relocating its headquarters from Atlanta to San Marcos.

Prior

Prior

The San Marcos City Council voted at its regular meeting Tuesday night to guarantee most of an $800,000 small business loan the company is seeking from the Economic Development division of Texas Gov. Rick Perry’s office.

As collateral, Upland Logic has pledged all of its physical assets — furniture, fixtures and equipment valued at about $500,000 — and its intellectual property rights, which it says are worth $6-$8 million. At the insistence of council member Wayne Becak, a retired banker, the council asked for additional security including the company’s trademarks and patents and to be named as a beneficiary on a life insurance policy written for Upland founder and chief executive officer Mark B. Prior.

“We don’t want to end up in a situation where the company owes us and we owe the state,” Becak said.

If a deal is finalized during the next few weeks, the company will commit to creating 125 jobs over the next five years with an average annual salary of more than $65,000, Greater San Marcos Partnership President Adriana Cruz told the San Marcos Mercury. Six of the company’s executives plan to relocate to Central Texas, Cruz said. New hires are expected to fill out most of the remaining payroll.


For MercuryPro members only

Read the full story (438 more words).
Join MercuryPro today. Click here.





COVER: PHOTO ILLUSTRATION by TODD WISEMAN/THE TEXAS TRIBUNE

Email Email | Print Print

--

2 thoughts on “Atlanta tech firm may move headquarters to San Marcos

  1. This is exactly what San Marcos needs, and kudos to Mr. Becak for dotting the important “i”s.

    Everybody wins in this deal. Upland gets a great new hometown for its headquarters, and a steady flow of college grads who would love to stay here after they graduate. They will enjoy proximity to Austin and its high-tech community without having to pay Austin’s exorbitant price tag,

    The salaries cited here will be hefty by San Marcos standards but a bargain for Upland — again, a win-win.

    Let’s hope this goes through!

  2. Absolutely a huge win for San Marcos in general, and this company too, provided this company is real it’s a win-win. I hope due diligence is being done, along with a surprise visit to their offices in Atlanta to make sure everything is legit. Sure it is, but always good to be safe and us not out the cash later on.

Leave a Reply

Your email address will not be published. Required fields are marked *

:)