Deutsche Bank to expand Cary tech center

Posted June 20, 2013 1:02 p.m. EDT

— DB Global Technology Inc., which provides software application development and maintenance services for Deutsche Bank, plans to expand its software development center in Cary, creating 431 jobs by the end of 2016, officials said Thursday.

The company, which was created in 2009 and already employs 250 in Cary, plans to invest $13.5 million in the expansion.

DB Global Technology produces software applications for financial instrument trading, order management and transaction processing, algorithmic trading, risk calculation and Web-based front-end applications for Deutsche Bank. Officials said they expect demand for their services to grow as the investment banking sector becomes increasingly reliant on technology.

The state Economic Investment Committee approved a Job Development Investment Grant for the expansion. Under the terms of the grant, the company can receive a rebate of 35 percent of the state withholding taxes for the new jobs if it meets job and investment targets in each of the next 10 years. If all targets are met, the company could receive up to $5.55 million.