A software development and marketing company based in Luxembourg has announced plans to open its U.S. headquarters and hire 200 people in metropolitan Phoenix.
Stealth Software CEO Gerard Warrens says Tuesday that the privately-owned company will pick a city within two to four weeks where it will locate its new office.
Warrens says the company considered Austin, New York and Silicon Valley, but picked Arizona because it offered a competitive business environment and a skilled workforce.
"If you compare to other states like California, New York, Massachusetts, the same kind of skill set would have cost the company a lot more money," said Gerard Warrens, CEO of Stealth Software.
Stealth is bringing a $2 million capital investment and wants to hire 200 people -- median wage $75,000.
The firm is looking to hire software developers, sales people and others.
It also wants to do work in the bioscience, aerospace and defense sectors and collaborate in research projects with universities across Arizona.
Patrick O'Grady, editor with the Phoenix Business Journal, was not surprised by today's announcement considering the valley's growing reputation in the software industry.
"Phoenix has a bigger component of software companies than most people realize, there is a lot of stuff out there that kind of flies under the radar," said O'Grady.
O'Grady estimates about 20 software companies are already here and growing, which sends a signal to other software companies that this is an environment they can thrive in.
"When I talk to people, they compare us to Silicon Valley in 1969. We're at the point where we can develop into something," said O'Grady.
Arizona Gov. Jan Brewer says the announcement is a sign that Arizona's business environment is becoming more competitive.
We've also learned State Farm insurance may be bringing 7,000 jobs to the east valley when it opens its regional headquarters in Tempe.
The Phoenix Business Journal reports State Farm plans to build a $1 million campus near Mill Ave and Rio Salado Parkway, east of the Hayden Ferry Lakeside Project.
The Associated Press contributed to this report.