Chicago’s Envestnet, which creates software for investment firms, is planning to rapidly expand its new development center in Chesterbrook, bringing over a hundred new jobs to the area, writes Joseph N. DiStefano for Philly.com.

During an interview with Philly.com, Josh Mayer, Envestnet’s Chief Operating Officer revealed that he has moved from Chicago with his family so he could head the operation. The company has already hired over 100 employees and plans to grow that to over 150 by the end of the year to qualify for state aid, with space for hundreds more.

“We did a search,” said Mayer. “I have people in Boston, in Denver, in Silicon Valley. But this area checked all the boxes for us. There are universities nearby. We have proximity to New York and transportation to our Chicago headquarters.”

In addition, Mayer commented that he was pleasantly surprised by the outstanding technological presence in the area, with SEI Investments in Oaks, Lockwood Advisors in Malvern, and Wheelhouse Analytics in West Chester.

Pennsylvania has agreed to pay the company close to half a million in tax credits and grants in return for its promise to hire at least 153 full-time workers.

“Envestnet plans to invest at least $4.9 million in the project and has committed to creating 153 new full-time jobs over the next three years,” said Governor Tom Wolf’s office.

Read more about the expansion at Philly.com here.