Rokt, a prominent ecommerce technology company leveraging machine learning and AI, announced a $17.6 million investment to expand its New York City headquarters.
This expansion includes leasing an additional 34,000 square feet at 175 Varick Street and establishing an R&D hub for developing advanced ecommerce software solutions.
Bruce Buchanan, CEO of Rokt, underscores the importance of local talent in driving the company's growth, said:
"New York City's vibrant talent pool is crucial for our success as a tech company. Our expanded headquarters will not only accommodate our growing team but also serve as a world-class R&D center, reflecting our commitment to pioneering in ecommerce technology."
The expansion will bring Rokt's total occupancy to over 100,000 square feet, dedicated to innovation in ecommerce solutions. Over the next five years, Rokt plans to invest $100 million in this R&D hub, focusing on cutting-edge software development powered by AI and machine learning.
Additionally, Rokt's expansion is backed by up to $4.7 million in tax credits from the Empire State Development's Excelsior Jobs Program. This support will aid in creating over 386 new jobs, in addition to keeping 300 existing positions.
Hope Knight, President, CEO, and Commissioner of ESD, praised the expansion. She pointed New York City's role as a vibrant hub for ecommerce and technology innovation.
Moreover, Rokt's technology enhances ecommerce transactions by using machine learning to offer highly relevant deals to shoppers at crucial decision-making moments. This approach maximizes revenue opportunities and customer acquisition for its partners, including notable names like Live Nation, PayPal, and Hulu.
Conclusion
Finally, Rokt's investment in its New York City headquarters signals a strong commitment to advancing AI and machine learning in ecommerce. This expansion not only fosters job creation but also cements the company's role as a leader in innovative ecommerce solutions, driving forward the industry's technological evolution.
