Stratosphere Quality to invest $3.7 million to expand, update headquarters
By Mark Ambrogi
Stratosphere Quality keeps expanding rapidly.
The company, a global provider of quality assurance and outsourcing solutions to manufacturers, recently announced plans to expand its Fishers headquarters. The company will invest $3.7 million to update the 46,000-square foot headquarters, 12024 Exit Five Pkwy. Between 2012 and 2015, the company grew its revenue by 40 percent, generating annual revenues exceeding $100 million.
“This expansion is really just a continuance of our company story,” said Tom Gray, chief executive officer.
Stratosphere was founded by Fishers resident Steven Cage in 2009. Cage is the chairman.
“We’ve grown our business in those eight years from nothing. Last year, we were over $120 million in sales,” Gray said. “We’ll do about $140 million in 2017. That’s the projection.”
Gray said the business is continuing to grow in its Fishers support center building, 12024 Exit Five Pkwy. Gray said there is a second facility on 11793 Technology Ln.
“We expected to grow in both those facilities and throughout the state over the next five years or so, adding an additional 250 positions in the state of Indiana,” Gray said. “Those 250 positions are really spread across a number of roles.”
Gray said the majority of the work takes place inside of a customer’s company’s facility.
“We have probably 600 employees around the state, and maybe 85 to 100 are located here in Fishers facilities,” he said.
Yet space is needed at the Fishers headquarters.
“We currently have two or three people sharing offices designed for one person,” Gray said. “Our parking lots are full. So one of these things we’re looking to do with this expansion is to make improvements with our parking situation.”
The company’s customer service operation, accounting, finance, human resources and internal technology are all in Fishers.
“Stratosphere’s growth demonstrates the positive impact their service has on companies around the globe, but it’s their impact on Fishers that makes them a great asset, both as a business and as community partners,” Fishers Mayor Scott Fadness stated in a news release.
Due to the company’s job creation plans, the Indiana Economic Development Corporation offered Stratosphere Quality up to $800,000 in conditional tax credits and up to $200,000 in training grants. The incentives are performance-based, so until Indiana residents are hired, the company is not eligible to claim incentives.