CHICAGO | Economic & Business Development

[Arch City]

Originally Posted by Justin_Chicago

I think you are missing the argument. The corporate functions and R&D will likely always remain in St. Louis but the executive team and support staff (Investor Relations, Corporate Development, Treasury, Corporate FP&A) could be attracted to Chicago in the near future due to globalization. This is exactly what happened with Caterpillar. Plant scientists do not need access to O'Hare airport for a direct flight to Australia or Southeast Asia.

Trust me, I'm not missing the point. St. Louis is home to AB-InBev North American HQs, however, New York City is home to its commercial strategy office that has executives, sales, marketing etc. I understand the nature of satellite executive offices. St. Louis just lost Boeing's Defense division executive HQs to Virginia - although the bulk of its defense jobs remain in St. Louis.

Truth is, Monsanto has always been a global company based in St. Louis. Surely, there will be a newly-organized executive team and support staff in St. Louis, but I suspect the most significant aspects (Investor Relations, Corporate Development, Treasury, Corporate FP&A) will be handled in Germany and St. Louis. While anything is possible, I just don't think a Chicago move will happen. Monsanto is very entrenched in St. Louis and Bayer seems to respect that.

Just for the record, my understanding is the St. Louis division will be under Bayer Crop Science, which will be HQd in Germany. Crop Science is to have four divisions (Seed & Traits and North American commercial headquarters in St. Louis, Global Crop Protection and overall Crop Science headquarters will be in Monheim, Germany, an important presence in Durham, NC (RTP), as well as digital farming activities in San Francisco, CA.).

Originally Posted by Justin_Chicago

I personally doubt Monsanto (even an executive office) will ever leave St. Louis. The city has a lot of great stuff going for it, such as strong universities (Washington Univ), a good presence of fortune 500 companies (AB InBev, Express Scripts, Ameren, Reinsurance), and decent airport access (#32 busiest). Minneapolis also shares similar attributes. I think Chicago will attract companies with global ambitions from the next tier of cities and start-ups looking for readily available tech talent, support structure, robust B2B ecosystem, and capital.

There will be an executive office in St. Louis - no doubt. It's already been decided. Monsanto (and other local global firms) have operated a global outfits out of St. Louis forever using St. Louis-Lambert International Airport. Also, while it's no O'Hare, and as quiet as it's kept, the airport is growing year-over-year. St. Louis is also in the process of luring British Airways.

[jpIllInoIs]

I don't think any of the major cities of the Midwest are at any risk of losing HQ's to Chicago. They all have adequate air service and connectivity. It doesnt match O'Hare but it is adequate and if the C-Suite is content then they wont up and move.

The most vulnerable are the 3rd tier cities like Battle Creek, Ft. Wayne, Benton Harbor, Evansville,

Take this company for example Franklin Electric Grew from a rural machine shop into a true global company through acquisitions and good management. However now they have 23+ locations on every continent. And a manufacturing plant in Madison, WI and Ft. Wayne IN. How much longer will the C-Suite operate out of Ft. Wayne. Right now the Directors and C-Suite is populated with experienced professionals from other major companies and many have MBA's from Northwestern and Booth. This is the profile of a likely corporate relo while leaving all manufacturing in place.

[rgolch]

Archcity..... breath in..... no one on this forum actually thinks Monsanto has any possibility of leaving St Louis. You can quit posted all these details that no one really cares about.

I think what this is really about is that is very evident that Fortune 500 type companies really need to be based in major metropolitan areas anymore. Not just for issues of international airports, but for talent in areas of both business and technology. Your not gonna find a lot of high end coders and the like in places like Peoria and the quad cities. In that regard places like St Louis and Minneapolis are ok.

[Justin_Chicago]

I love Arch City's fire. Midwest versus the world.


Software firm raises $25 million, names new CEO

SpringCM, a fast-growing cloud software company, raised another $25 million for expansion and named a new CEO.

Crestline Investors, a fund based in Fort Worth, Texas, led the investment in SpringCM, which is best known for its contract-management application built on top of the Salesforce platform. Dan Dal Degan, a veteran software exec from Chicago who joined SpringCM's board last year, becomes CEO. Founder Greg Buchholz will be president and chief operating officer.

The company, which has about 120 employees, is expecting a boost from government customers. It's also expanding beyond its Salesforce roots, selling the underlying document-management software as well, Dal Degan said. Recently the company signed new or expanded deals with Uber, IKEA, Valvoline, S-Three, Nationwide and Accenture.

Article: http://www.chicagobusiness.com/artic...ets-25-million

[Justin_Chicago]

Fraud analytics firm Rippleshot raises $2.6 million in funding

Chicago-based Rippleshot, which uses machine learning and data analytics to help banks and credit unions spot fraudulent activity, has raised $2.6 million in new funding.

The company, started by CEO Canh Tran, Yueyu Fu and Randal Cox in 2012, so far has worked with banks and credit unions to identify which customers have had likely had credit or debit cards compromised and might need a new card, and help card issuers mitigate fraud in other ways.

Now, Rippleshot plans a merchant-facing product, which will use data to help determine whether a payment method used at a retailer actually belongs to the customer.

Rippleshot employs 10 in its offices at Catapult Chicago.

The funding round was led by Chicago-based venture capital firm KDWC. CMFG Ventures, the Madison, Wisc.-based venture capital entity of CUNA Mutual Group, also came on board as a strategic investor.

Article: http://www.chicagotribune.com/bluesk...207-story.html

[marothisu]

Telecom firm ready for hiring spree in new River North HQ

http://www.chicagobusiness.com/reale...er-north-hq-32

Telecommunications firm Nitel is moving its headquarters to the former Apparel Center, with plans to add at least 100 new employees in the coming years.

Nitel has subleased 32,115 square feet in River North Point, the building along the Chicago River that was formerly known as the Apparel Center, the company said. Nitel is subleasing the space from advertising technology firm Rocket Fuel, which is moving to smaller space on Michigan Avenue.

[Justin_Chicago]

Facebook Will Boost Chicago Presence in 2017

Facebook is growing its Chicago office, hiring for 30 new roles in 2017 with plans to grow the team in years to come.

The new roles fall under the Partner Management (PM) team, which helps small and medium-sized businesses use Facebook’s services, such as Pages and advertising, to grow their business. Open roles include Partner Manager, Team Lead and Manager and the company will be hiring through 2017. Facebook’s PM team is usually located in Austin, Texas, but Facebook said Chicago’s “talent pipeline and attractiveness to new candidates” is the reason they’re expanding here.

"We made the decision to expand to Chicago because it gives us another really strong market that has a rich talent pipeline, rich community, and a very broad agency and client ecosystem," said Katherine Shappley, Facebook's SMB (small and medium business) regional director for North America to Chicago Inno. "This expansion is really going to compliment the work that my team does across the country, and with the team in Austin. We believe that in making this investment in a new market, we can increase the support for both our agency and advertising partners."

Article: http://chicagoinno.streetwise.co/201...sence-in-2017/

[Justin_Chicago]

Canadian firm moving HQ to Chicago

A Canadian engineering and architecture firm will be the latest company to move its headquarters to downtown Chicago, Mayor Rahm Emanuel's office said today.

EXP, now based in the Toronto suburb of Brampton, Ontario, will formally announce the move tomorrow, the mayor said in a statement. The company plans to add 150 new jobs in Chicago, joining 230 employees already in the downtown office.

The firm's work in Chicago, according to the mayor's office, has included infrastructure projects involving Lake Shore Drive, the Museum Campus, Wacker Drive reconstruction, the 35th Avenue pedestrian bridge, CTA train stations and an air traffic control tower at O'Hare International Airport.

Article: http://www.chicagobusiness.com/reale...-hq-to-chicago

[the urban politician]

^ Not a major global concern, but still a hefty player which is great to see

[HowardL]

Not HQ news but ancillary news which is good too.

I am the big booster of this city as the one and only global center of financial derivatives but McCormick Place, though having taken some licks from drought belt and swamp belt convention centers, is still a global monster. Nice to see some Loop office space being occupied due the big Lakefront showcase.

Willis Tower upgrades set the table for National Restaurant Association lease

[Randomguy34]

Surprised these two weren't mentioned yet

KPMG plans to add 500 more Chicago jobs

By CLAIRE BUSHEY
KPMG promised Mayor Rahm Emanuel in 2012 that it would hire 500 professionals within five years, a quota it met last year when its Chicago headcount hit 2,331. Now the firm says it will add 500 more to bring its staff to 2,800 by 2020.

Despite the expansion, the firm's growth in the Chicago market has lagged behind that of competitors PriceWaterhouseCoopers and Ernst & Young, according to Crain's data. The number of local professionals has increased 27 percent at both KPMG and Deloitte since 2012. At PwC and EY, the spike is nearly double: 50 percent and 52 percent, respectively.

A KPMG spokesman declined to comment on the hiring pace.

Professional services has been one of the hottest sectors in Chicago for half a decade now. Accounting firms have been using their brand recognition to move aggressively into consulting and advisory services, said Todd Shapiro, CEO of the Illinois CPA Society. "They're growing dramatically, especially in non-audit and tax areas, and that's driving a lot of the hiring," he said. "Some firms actually have more non-CPAs working for them than CPAs."....

http://www.chicagobusiness.com/artic...gnews-20170223

GE Healthcare moving hundreds of jobs from Barrington to Chicago

By Meg Graham
GE Healthcare says it's moving hundreds of jobs, primarily in technology, from Barrington to Chicago.

The General Electric subsidiary, which announced last year it was moving its headquarters from the U.K. to Chicago, plans to move its Barrington operations to the downtown office where GE Transportation is also headquartered.

The 500 W. Monroe St. office is currently home to 600 employees, including GE Healthcare’s executive management team and GE Transportation’s Digital Solutions business.

GE Healthcare is the latest in a line of suburban companies moving downtown, including ConAgra Brands, Kraft Heinz and Motorola Solutions, which also moved into the 500 W. Monroe St. building last year.

The company would not disclose the exact number of jobs moving downtown from Barrington, but said the move will ultimately bring GE’s total employees at 500 W. Monroe St. to over 1,000. The positions moving to Chicago include software engineers and developers, data scientists, product managers and other roles....

http://www.chicagotribune.com/bluesk...223-story.html

[the urban politician]

Yay. Fill those apartment and condo towers. More haute cuisine, more people to hail cabs, walk around in suits, to wait in line at the food truck, and to be buzzed at happy hour in the bars. Long live the central area boom

[Justin_Chicago]

PartySlate raises $1.6 million

PartySlate, an online platform to connect event providers with people looking to plan weddings, meetings and celebrations, has raised another $1.6 million.

PartySlate, which is similar to home-building and decorating site Houzz, went live in May. Event vendors, such as photographers, caterers and venue providers, post photos of their work and profiles. Consumers browse the site looking for ideas and providers. More than 2,000 vendors have posted so far on the site, says CEO and co-founder Julie Novack.

The company has 12 employees, up from five a year ago. PartySlate has expanded from Chicago to Dallas, Los Angeles and San Francisco. Next up is New York. Novack hopes to be in a dozen cities by year-end. Based at 1871, PartySlate has participated in both WiSTEM, an incubator at 1871 for women-led tech companies, and Techstars Chicago, an accelerator at 1871.

Article: http://www.chicagobusiness.com/artic...es-1-6-million

[Justin_Chicago]

Chinese maker of Skil tools moving North American headquarters to Naperville

The Chinese maker of Skil power tools will move its North American headquarters this spring from Grand Rapids, Mich., to Naperville, where it eventually expects to have about 200 workers, as part of its recently completed purchase of the Skil brands from Robert Bosch.

Chervon recently finalized its previously announced acquisition of Skil brands, which include power saws, from Germany's Robert Bosch Tool, whose North American headquarters are in Mount Prospect. The deal gives Chervon control over the Skil and Skilsaw businesses in North America. Terms weren't disclosed.

By May, Chervon will have more than 100 workers in Naperville, with nearly 40 moving from Bosch operations in Mount Prospect and others from Chervon in Grand Rapids as well as from small offices in Geneva and South Barrington.

Chervon eventually expects to have about 200 workers over the next few years in Naperville in a new 124,000-square-foot facility at 1203 E. Warrenville Road. The property had been built for a Swedish company that never moved into it. The employee counts also include new hires.

"With the acquisition of Skil, we felt it was wise to centralize functions, and after many years of consideration, Naperville and the Chicagoland area really moved to top of list for several reasons," including proximity to current Bosch and Chervon workers and access to an airport, universities and talent, Chervon Chief Marketing Officer Joe Turoff said. He said no tax breaks were requested or received.

Article: http://www.chicagotribune.com/busine...224-story.html

[Justin_Chicago]

Hickory Farms HQ moving to Chicago

Hickory Farms, the seller of gift packages featuring summer sausage and cheese, is moving its headquarters to Chicago from Ohio as the 65-year-old company looks to add products and hire new employees.

The privately held company today will open a headquarters with 15 relocated employees at 311 S. Wacker Drive in the West Loop, CEO Diane Pearse said.

Hickory Farms is moving the corporate headquarters from Toledo, Ohio, where a smaller office will remain, she said.

The company has leased about 7,300 square feet at 311 S. Wacker, or enough room for about 50 employees, Pearse said. She declined to say how many employees Hickory Farms is expected to have long-term in Chicago, but said the lease includes options to expand as it makes new hires in Chicago.

Article: http://www.chicagobusiness.com/reale...ing-to-chicago


Outcome Health plans huge new HQ in River North

Outcome Health is increasing its headquarters space by six times with a nearly 400,000-square-foot office lease in River North, signaling that one of Chicago's fastest-growing companies is keeping its foot on the gas.

The health technology company, formerly known as ContextMedia, has leased almost 400,000 square feet in the former American Medical Association headquarters building at 515 N. State St., according to people familiar with the deal. That is about 70 percent of the space in the 29-story tower at 515 N. State St., which has 664,158 square feet, according to real estate data provider CoStar Group.

Article: http://www.chicagobusiness.com/reale...s-hq-expansion


Guaranteed Rate hiring nearly 300 in Chicago this year

Guaranteed Rate, the fast-growing mortgage lender whose name now adorns the Chicago White Sox' ballpark, is leasing more office space and creating 280 new jobs in Chicago this year.

The initiative is designed to give workers wanting to enter the mortgage field a decent-paying start in the business. The jobs, which will pay $50,000 to $75,000 to start, will train employees to become mortgage lenders, working to start in Guaranteed Rate's call center in Chicago.

In an interview, Guaranteed Rate CEO Victor Ciardelli III said he needs to more than double headcount in his company's call center to handle an increase in volume coming from the Internet.

Article: http://www.chicagobusiness.com/artic...cago-this-year

[Justin_Chicago]

AddStructure raises $1.4 million to bring voice search to more retailers

AddStructure, a Chicago startup building a voice shopping platform powered by machine learning, has raised $1.4 million in seed funding.

The company, which participated in Techstars’ inaugural retail accelerator, has been working with Target to launch a product that lets online shoppers search using natural language. AddStructure is working with Best Buy as well; the retail company also invested in the startup's seed funding round.

The funding will go to accelerating development of the voice shopping platform, which is the company’s fourth product targeted at e-commerce sites. Its other products are called Signal, Path and Scaffold, which all use machine learning to improve search, capture more organic traffic and structure-user generated content, respectively. The new platform doesn’t have an official name yet but is called “Conversational Commerce by AddStructure” for the time being.

Article: http://www.chicagotribune.com/bluesk...301-story.html

[the urban politician]

Great stuff. The Hickory Farms HQ move sounds like bigger news than it really is

[HowardL]

Originally Posted by the urban politician

Great stuff. The Hickory Farms HQ move sounds like bigger news than it really is

You know, it's a tiny company but there was that Crain's article a month or so back talking about just this sort of migration to Chicago from mid-sized metros.

There was a quote in this Crain's article describing how Chicago has exactly the logistical and talent edge they were looking for in transforming the company. That seems to be a common theme.

=======================

Now back to what gives me wood ... Chicago finance. CBOE, as of today, is the other big boy/girl in town having officially absorbed BATS. CME Group is the long time giant but I think that having another big-and-getting-bigger exchange in the Loop is good for both companies and Chicago as a whole.

Young graduates in finance and fin-tech now have more employment options in Chicago. The finance ecosystem just got a major boost. Plus CBOE just waded into the capital markets while CME is purely derivatives.

IFF the Chinese acquisition of CHX goes through, that could inject some much needed equities power into Chicago as well. That is still a little murky though.

Anyway, let's enjoy this bit of news:
CBOE reaches for new heights with $3.4 billion deal for Bats Global Markets

and another take:
Old School Trading Pits to Remain After High-Tech Exchange Deal

[Justin_Chicago]

Farming tech firm picks larger office for new crop of hires

Farming technology firm Climate Corp. is moving to a larger Chicago office, where it plans to hire 40 to 60 employees in the next two years.

The San Francisco-based company aims to move by November to just over 21,000 square feet in the Fulton West office building under construction at 1330 W. Fulton Market, said Chicago office leader Corbett Kull.

Larger offices are part of rapid changes for an operation once known as 640 Labs, which Kull co-founded. 640 Labs was acquired by Climate Corp., a unit of St. Louis-based agriculture giant Monsanto, in 2014.

Article: http://www.chicagobusiness.com/reale...ng-adds-tenant

[HowardL]

Short, sweet and rather nice.

Chicago's tech image is on the rise

Chicago's reputation as a tech center is on the rise.

It ranked sixth among cities around the world among executives asked by KPMG to name three locations outside San Francisco/Silicon Valley that will be seen as leading technology innovation hubs in the next four years.

Shanghai ranked first, followed by New York, Tokyo, Beijing and London. Also tied with Chicago were Washington, D.C., and Berlin, followed by Tel Aviv and Boston. That's a big step up from last year's survey, when Chicago was tied for 18th.