Information technology provider Data Inc. has expanded into Edison, the first step in a multiyear global growth plan.
The Montvale-based company today christened third-floor offices at 510 Thornall St., near Metropark train station, where about 10 people — mostly in recruiting and sales — will work.
CEO Arun Verma said Edison employment should double to 20 by first quarter 2014, with more expansion planned later as the company develops more applications for its clients. Data Inc. is leasing about 1,500 square feet, and possibly more space in the future, over three years from building owner Bergman Real Estate Group.
The Edison location marks the first move of what figures to be a two-year expansion for Data Inc., which plans to add offices nationwide and globally in step with client growth. Domestic plans call for new sites in North Carolina, Virginia, Illinois, Kentucky and Georgia.
Data Inc. also projects growth abroad with offices in Brazil and Asia. Its last overseas expansion occurred in 2006, when it opened offices in Switzerland, and before that, the United Kingdom and India in 2001.
The expansion is a big initiative for the company — formed in Verma's Washington Township, Bergen County, basement in 1983 — a move the CEO said is enabled by a clean balance sheet.
"We are debt free," he said. "We've never used anyone else's money, so therefore, it's all question of reinvesting our profits."
Verma said Data Inc. growth mirrors its customers, mostly financial services companies who are branching outside the New York metropolitan area as other states offer generous tax incentives and lower costs. Verma said Edison is a good choice for its New Jersey expansion because of its access to transportation hubs, other businesses and workforce.
"Our expansion strategy is based on our client needs," Verma said. "Edison allows us to better serve our New Jersey clients, and we want to be ready to take advantage of additional IT investments made by corporations headquartered throughout the state as the economy continues to grow. As our business continues to grow nationally and internationally, we'll make the same investment in other locations."
Chief Technology Officer Ashis Bhisey said business spending on IT has picked up after a slowdown in the recession as companies shift from basic maintenance to bolder upgrades required by changes in the economy.
Verma said financial service companies are seeing growth in wealth management services as the equities markets recover from the financial crisis of the late 2000s.
Plus, he said clients like Goldman Sachs, Morgan Stanley, UBS, Merrill Lynch are investing more in IT in the wave complex new securities regulations.
Those trends have coincided with an increasingly mobile work force, bringing personal smartphones and tablets into company networks, which requires additional security. Verma said Data provides deep expertise that many companies don't have in house.
"The battleship will take many miles and many hours to create that turn," he said. "The speedboat will do it a lot faster, the missile boat. That's what we do."
Data Inc. also serves clients in the pharmaceutical, automotive and transportation industries as well as state and federal government. The company reports about $75 million in revenue, up from about $40 million three years ago. It employs 40 in Montvale among 390 scattered across the United States, part of a global workforce totaling about 700.