For Immediate Release: July 25, 2016
The Motley Fool, a multimedia financial-services company, is expanding its headquarters in Alexandria’s Carlyle neighborhood. Governor Terry McAuliffe’s announcement, which follows, details the significance of this expansion and reflects the City of Alexandria's strategic goal to support businesses and to foster a strong, diverse and growing local economy. The City and the Alexandria Economic Development Partnership worked with the Office of the Governor to retain this growing business in order to increase private investment and job creation in Alexandria.
The City applied for, and received, a Commonwealth Opportunity Fund grant to create the most compelling offer to keep The Motley Fool in Alexandria. The state and the City will each contribute $350,000 over a three-year period, based on investment and job creation milestones met by the company. These milestones include a $5 million investment in capital expenditures and the addition of 60 new jobs to the current workforce of 282. The City projects that its investment will be recovered within the first year of the firm’s new 10-year lease.
This announcement complements the City’s ongoing Carlyle Vitality Initiative, focused on improving the vitality and quality of life for those working, living and visiting Carlyle through physical and experiential improvements to the neighborhood. For more information, visit www.alexandriava.gov/CarlyleFun.
For media inquiries, contact Maurisa Turner Potts, Founder/CEO of Spotted MP (Marketing + Public Relations), at maurisa@spottedmp.com or 703.501.6289; or Cynthia E. Chin, Manager of Marketing and Communications for the Alexandria Economic Development Partnership, at chin@alexecon.org or 703.652,5375.
Following is the text of the Governor’s announcement, which is also available at https://governor.virginia.gov/newsroom/newsarticle?articleId=16064:
For Immediate Release: July 25, 2016
Contacts:
Office of the Governor: Christina Nuckols, christina.nuckols@governor.virginia.gov
Virginia Economic Development Partnership: Vince Barnett, (804) 545-5815, vbarnett@yesvirginia.org
The Motley Fool: Alison Southwick, (703) 254-1475, asouthwick@fool.com
Governor Terry McAuliffe announced today that The Motley Fool, a multimedia financial-services company, will invest $5 million to upgrade its facility and expand recruitment efforts in the City of Alexandria. Virginia successfully competed against Washington, D.C., for the project, which will retain 282 jobs and create 60 new jobs.
“The Motley Fool has been at the forefront of innovative financial solutions for more than 20 years, and I congratulate this global financial company on its expansion in the City of Alexandria,” said Governor McAuliffe. “It is critical that we provide world-class business resources and workforce training in order to attract and retain high-quality companies in the Commonwealth. We will work with businesses to ensure that they have the tools to grow and prosper here in the Commonwealth as we continue to build a new Virginia economy.”
“Congratulations to the Motley Fool on the expansion of its operation in Alexandria,” said Secretary of Commerce and Trade Maurice Jones. “Virginia and the northern Virginia region offer a best-in-class infrastructure and business experience that are ideal for business growth. The Motley Fool has had impressive success both domestically and internationally, and we are excited to continue our partnership.”
The Motley Fool is dedicated to helping the world invest better by providing financial solutions for investors through various stock, investing and personal finance services. Founded in 1993, the company advocates for individual investors worldwide through the use of its website, podcasts, books, newspaper column, radio show, mutual funds and premium investing services. The Motley Fool has offices in Australia, Canada, Germany, Singapore and the United Kingdom.
“Since our humble beginnings in a backyard shed on South Fairfax Street, The Motley Fool has called Alexandria home,” said Tom Gardner, Co-Founder and CEO of The Motley Fool. “Even as we continue to expand globally, we remain true to our local roots and are proud to be a part of the Alexandria community.”
The Virginia Economic Development Partnership worked with the City of Alexandria to secure this project for Virginia. Governor McAuliffe approved a $350,000 grant from the Commonwealth’s Opportunity Fund to assist the City with the project. The company is also eligible for up to $60,000 in funding and services to support employee training activities, which are provided through the Virginia Jobs Investment Program.
“Here in Alexandria, we love The Motley Fool. It is truly an Alexandria business success story, and we are very proud that it was founded here and that it has flourished here in our beloved, historic city,” said Alexandria Mayor Allison Silberberg. “As a company nationally recognized for its friendly corporate culture and investment in people, The Motley Fool’s decision to stay and grow in Carlyle supports Alexandria’s vision of unique, amenity-filled neighborhoods where residents and businesses live, work, and play.”
“The Motley Fool's upgrade and expansion in Alexandria exemplifies what I've always known to be true, that we have an especially talented, educated, and diverse workforce here that's perfect for these kinds of innovative, forward-thinking companies,” said Delegate Mark Levine. “I’m proud to support the General Assembly’s efforts to fund programs that spur this kind of economic development. Congratulations are in order both for Governor McAuliffe and the City of Alexandria.”
“It is always good news when new jobs are created in Virginia,” said Senator Adam Ebbin. “It is great news when those jobs are high-quality, high-tech positions with forward-thinking and high-energy companies like The Motley Fool. The Governor and the City of Alexandria deserve credit for successfully helping to grow an innovative workplace that has received top accolades as one of the 'best places to work' from the Washington Post, Washingtonian, Washington Business Journal, and Glassdoor.”
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