Internet job site Indeed announces $26.5 million expansion in Stamford

STAMFORD — The largest internet job site in the world says it plans to spend $26.5 million to expand its offices in Stamford, growing the workforce from about 700 employees to more than 1,200 in the coming years.

Dave O'Neill, the chief financial officer of Indeed, is crediting Connecticut's "great talent pool" with helping the internet grow into a global presence, with more than 200 million users a month.

The company's expansion was announced Wednesday. The Connecticut Department of Economic and Community Development will provide a 15-year, $7 million low-interest loan to support the expansion, which includes more leased space.

State funds may also be used for new equipment and improvements. Indeed is also eligible for up to $15 million in tax credits and loan forgiveness if it meets certain employment obligations.

Governor Dannel Malloy said the state still remains ripe for economic development, citing major investments by Amazon, Charter Communications and NBC Sports.

But in a state still bruised by the departure of Aetna and GE's top brass, Malloy said the numbers speak for themselves.

"What you tend to do is say well somebody is moving 200 jobs to another state for $160 million, the sky must be falling. We just signed a deal for $26 million dollars that not only keeps 750 jobs here but will see the addition of 500 jobs. It will be interesting to see how many front pages that’s on tomorrow," said Malloy.