An agricultural company will invest over $6 million in Memphis and bring in over 700 jobs within the next three years.
Tennessee Governor Bill Haslam announced Indigo Ag., Inc. will establish its headquarters for its North American commercial operations in Memphis.
"I'm extremely pleased to see Indigo create hundreds of corporate office jobs in Memphis with this expansion," Haslam said. "Indigo is one of the fastest growing startups in the country, and the decision to make Memphis such a vital part of its future growth is a testament to Tennessee's vibrant economy and skilled workforce."
Indigo will occupy 60,000 square feet within the Toyota Center building. It will soon be renamed Indigo Plaza.
Indigo uses technology to help farmers create sustainable and healthy crops.
"We chose to establish and grow Indigo's headquarters for North American commercial operations in Memphis because of the proximity to our customers and Indigo Research Partners, the pro-business climate, access to world class talent, and the collaborative relationship between state and city government leaders," Indigo President and CEO David Perry said. "We are committed to Memphis, a hub for North American agriculture, and we are excited to continue to grow in such an innovative and forward-focused city."
Indigo's corporate headquarters is located in Boston.
The company established an office in Memphis in 2016 with just 12 employees, which is a major difference compared to the 700 expected over the next few years.
Memphis Mayor Jim Strickland said Indigo is exactly the type of business they are looking for in Memphis.
"This is a huge win for Memphis because it demonstrates to others in the industry that we mean business, and we're ready to go to work," Strickland said.
Strickland compared himself to Memphis Tigers' head coach Penny Hardaway for landing the deal.
"I often say I feel like I'm Penny Hardaway. I'm out there recruiting the best and brightest and just like he signed James Wiseman, the number 1 recruit in the country a month ago, I feel like I just signed the number 1 recruit in Memphis," said Strickland.
As the company continues to grow, Perry said they will consider expanding.