Norwalk data IT provider Datto Inc. said it will create at least 100 jobs in exchange for a $7 million state loan and grant package, Gov. Dannel P. Malloy’s office announced.
The state will provide a $5 million loan with favorable terms, and the chance to earn up to $2 million in grants for hitting hiring targets. Datto will use the funds to help complete a $15 million headquarters expansion.
Principal payments on the 10-year loan will be deferred for the first three years, and the state will forgive $2.5 million of the loan if the company retains 150 jobs and creates 100 more within two years. Additionally, Datto can earn a grant of up to $2 million if it creates 350 jobs within five years.
The Department of Economic and Community Development will also provide $5,000 to train Datto’s first 200 new hires.
Datto offers hybrid cloud-based backup, disaster recovery and other services.
The company announced in September that it had raised $25 million in venture capital.
