Hartford Business Journal

August 23, 2021

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27 HARTFORDBUSINESS.COM | AUGUST 23, 2021 and Cromwell- based Payveris, which is in the process of being acquired by Washington-based Paymentus for $152 million. Nymbus, a banking software company headquartered in Florida, has an office in Glastonbury, as does Wisconsin's Fiserv, which also has a site in Wallingford. And the state has been especially active in recruiting out-of-state companies since the springtime lull in the pandemic, announcing the relocations of Philip Morris International (moving from New York City to Fairfield County) and manufacturer ITT Inc. (White Plains to Stamford) and plans by New York- based fintech iCapital to open a new office in Greenwich. Mickey Goldwasser, vice president of marketing and chief of staff at Payrailz, credits the state with working to foster the fintech sector through multiple government and non-government channels. Goldwasser pointed specifically to DECD, which manages financial and tax incentives; Connecticut Innovations, the state's venture capital arm; and the Connecticut Technology Council, which represents thousands of area tech companies. "In some cases, Connecticut could be a hard sell," he said. "But there are a lot of resources here. The state is doing what it can to make itself more attractive to businesses." Payrailz provides white-label payment technology to credit unions and banks. The payment system relies heavily on artificial intelligence to mine the massive amount of data accumulated by financial institutions, looking for ways to be helpful. Payrailz employs more than 50 people. TOMO is expected to receive "earn-as-you-grow" incentives from DECD that provide grants in arrears as job-creation targets are reached. The firm currently has around 115 employees, and between 40 and 45 are based in Stamford, while others work remotely. "Things are very different now from the reputation Connecticut had years ago," Schwartz said, noting the warm reception his company has received not only from DECD Commissioner David Lehman but also AdvanceCT and the governor's office. "They're working to build a real community here." Denious said AdvanceCT has worked to win over financial tech firms by stressing the importance of proximity to the Greater Hartford area. "You have what we might call 'old- line' financial services companies in Hartford and they're investing in technology and looking for solutions," FOCUS: BANKING & FINANCE Mark C. D'Addabbo former President and CEO of New England Retail Proper es, Inc, has formed a new real estate development firm, MACK V Development, LLC, headquartered in West Har ord, CT. A er leading New England Retail Proper es, Inc. for more than 30 years, the newly organized firm will focus on ground up development primarily designed for retail tenants. The company currently has projects in various stages of development in Vermont, New Hampshire, Connec cut, Eastern NY, Long Island, NY and Massachuse s. Ma hew J. Darling formerly a vice president at NERP has also joined the organiza on and shall be responsible for overseeing projects from site acquisi on to store opening. Contact: mark.daddabbo@mackvdevelopment.com ma .darling@mackvdevelopment.com Peter Denious he said. "What better ecosystem to tap into? The most important players in the world are sitting right there." Also factoring in are the state's colleges and universities, contributing to a well-educated workforce, and a relatively diverse talent pool, which has taken on new importance for many large employers. UConn earlier this year announced it was launching a 36-credit fintech master's degree program to cater to the growing industry. Aggressively emphasizing those advantages, Denious said, may be the best way for Connecticut to shed its old image as unaccommodating or disinterested in new ventures or too expensive to do business in. "We've had this reputation, but let's make sure people understand what we offer," he said. "I would argue that we haven't made people aware of what's here. Could that move the needle significantly? The answer is yes." 'Flight to comfort' Still, Connecticut's most powerful selling points might be attributes that have not changed, including its bucolic small towns and plentiful state parks and forests. "Connecticut has a lot to offer," Goldwasser said. "It's a great place to live. There's a human factor to this." Denious said the contrast between major cities and Connecticut — cramped and densely populated versus more spread out and private — has been given new significance by public health concerns. "It's the pandemic effect," he said. "The question now is, can these big companies get their employees to get back on the trains, into a 50-story building, sitting in close proximity to many other people? Connecticut offers an alternative to that." According to Denious, AdvanceCT has emphasized that point in recent discussions with New York-based companies the organization is looking to win over and draw to Connecticut. Schwartz has noted a corresponding change in consumer preferences through his work at TOMO, which develops products aimed at streamlining the homebuying experience. "What you're seeing is a flight to comfort," he said. "Here, you can have a backyard and great schools but you can also commute to work at a company that's energetic and modern." Schwartz predicted that "winning combination" won't lose its appeal to would-be city transplants any time soon "Stamford and Connecticut in general seem to be having their moment, and we expect that to continue," he said.

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