UPDATE: Telos to invest $5 million, add 160 jobs in Loudoun
The proposed renovation is an effort to increase cybersecurity capacity, and the company is expected to add 160 new jobs over the course of the next three years.
"The $5 million is part of a larger investment plan," said Renate Neely, the marketing director at Telos Corporation.
Beyond the money set aside solely for the renovation of the building, additional investments are expected to add jobs and increase research and innovation within the company, according to Neely.
As part of the Governor’s Opportunity Fund, Telos is expected to receive $500,000, which will be earmarked "to assist Loudoun with the project."
"The company is also eligible to receive a Major Business Facility Job Tax Credit. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities," according to a prepared statement from the governor's office.
There were discussions to move the facility to Maryland, but ultimately Loudoun will retain 240 existing jobs. There are currently more than 500 employees at the company.
“Not only is Telos an important business for Loudoun County, they’re also a very active community partner," said Loudoun County Board of Supervisors Chairman Scott K. York in a prepared statement from the governor's office.
Telos became incorporated in 1971 and moved from Herndon to Ashburn in 1996.
In 1997 the company shifted to a focus on cybersecurity, and now does much of its work for the government.
John Wood, CEO and Chairman of Telos Corporation, was in the gallery for Governor McAuliffe's address to the Joint Assembly Jan. 13.
In his first address as governor, Terry McAuliffe (D) mentioned Wood and Telos saying, "Telos CEO John Woods is here with us today. John, thank you for your work keeping our nation’s cyber assets safe, and for continuing your company’s great partnership with the Commonwealth of Virginia."
"Exciting times ahead!" Wood tweeted shortly after the announcement.
The expansion comes at an interesting time for the county, which is positioning itself to expand business with the addition of rail, multiple road expansions and eight mixed-use developments.