GE Capital Technology Center Reaches Hiring Milestone
CE Capital reached an significant milestone last week, when it obtained its 100th IT professional for the GE Capital Technology Center in New Orleans. The new hire help keeps the Company on track to employ 150 IT professionals by the end of the 2013. By 2015, GE Capital wants to produce a total of 300 jobs with salaries ranging from $60,000 to $100,000 (plus benefits) that will support the Company’s growth as a leader in New Orleans’ developing technology sector.
“We are aggressively looking to bring more dynamic IT talent to New Orleans. This city is truly one of the nation’s unique treasures. New Orleans is an exciting place to work due to the spirit of innovation, technology, entrepreneurship and, most of all, its rich culture,” says Mike De Boer, chief information officer, GE Capital Technology Center New Orleans.
The most recent hire by GE Capital’s is a native of New Orleans, and is great representation of the amazing talent that New Orleans has to offer. Among recent honors, the city was named “No. 1 Metro for IT Job Growth in the USA,” and Forbes named the New Orleans metro area second “Best Big City for a Job”.
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Over half of GE Capital’s new hires are from Louisiana, and the Company will continue to recruit experienced candidates from Louisiana and New Orleans. Recruitment efforts will also include a national outreach campaign emphasizing New Orleans as a dynamic place to work and live.
The GE Capital Technology Center is located in the heart of New Orleans’ Central Business District on the 30th floor of Place St. Charles. The first phase of the technology center, dedicated in April, has 24,000 square feet of operational workspace. The second phase of construction, encompassing 20,000 square feet, is currently underway on the 32nd and 33rd floors and should be operational by the end of October 2013. By 2015, the company plans to build out a total of 70,000 square feet of space, featuring state-of-the-art equipment, collaborative workspaces and breathtaking views of New Orleans.
Information Technology has become one of the main industries behind ecomonic growth in New Orleans. GE Capital is motivated to continue developing this important segment of New Orleans industry and is currently hiring experienced IT professionals in the following categories: business solutions, system administrators, data management, enterprise and networking services.
“This milestone is an exciting one for the GE Capital Technology Center New Orleans,” said Martha Poulter, GE Capital vice president and chief information officer. “Knowing we can recruit qualified talent to work and live in this exceptional city reaffirms our decision to build our Technology Center here.”
M&A activity key lever for future tech sector growth
Despite the continuing uncertainty of the pandemic, the tech sector has witnessed soaring dealmaking activity over the past year, rocketing in the second half of 2020, with the last quarter of 2020 a record one for M&A activity, and momentum continuing into 2021.
Dealmaking in tech sector soars in past year
And the latest figures bear this out with the number of technology M&A deals totalling US$208.44bn globally in Q1 2021, according to GlobalData. While the US holds top spot both in volume of deals (1034) and total value (US$140.61bn), Europe ranked next with 649 deals (US$44.49bn) with the UK continuing its reign as Europe’s biggest M&A market with 204 deals.
In particular, megadeals – those valued at US$5bn or more – soared in 2020 representing 59% of all global technology sector deal value in 2020, up from 47% in 2019, according to the latest edition of the EY Technology Global Capital Confidence Barometer.
This tech sector trend towards megadeals is backed up by EY’s CCB data, with 16% of tech sector respondents planning to pursue transformative deals valued at US$5bn or more in the near-term.
While technology deal activity “all but stopped at the beginning of 2020 after fluctuating between historic highs and lows, companies pivoted quickly and tech M&A exploded in the second half of the year”, says Barak Ravid, EY Global TMT Leader for Strategy and Transactions.
M&A activity level for tech sector growth
Looking ahead to the future, technology executives are optimistic, with nearly half (47%) expecting profitability to fully rebound this year, according to CCB data, compared to 23% across all sectors, and with more than half (51%) planning to pursue M&A in the next year in order to sustain growth.
According to Ravid, M&A activity is increasingly becoming a key lever for growth as businesses look to recover.
“To position themselves for future revenue growth, tech companies are now adjusting their M&A strategy to focus more on a target’s business resilience, digital technology alignment and to gain market share through consolidation,” says Ravid.
However, with an increasingly competitive deal market and ongoing geopolitical tensions, the majority of tech execs expect to see more competition in the bidding process for assets over the next year, primarily from private capital.