Toronto-founded and (for now) New York City-based mass media and information firm Thomson Reuters Corp. announced today that it will be building a new technology centre in downtown Toronto, and relocating its headquarters there as well.
The centre is expected to create 400 Canadian technology jobs over the next two years, growing to approximately 1500 jobs over time.
In an Oct. 7 statement, Thomson Reuters president and CEO Jim Smith said that Canada is not only the company’s home, but “an emerging ecosystem of world-class technology talent” which he said the company is committed to supporting, and that the hub would be dedicated to building “customer-centric platforms and solutions of the future.”
In addition to the hub, which is expected to start hiring within weeks, Smith and Thomson Reuters CFO Stephane Bello will be relocating to Toronto next year, with additional management relocation and recruitment in Toronto to follow.
Unsurprisingly, the company’s renewed push into Canada is at least partly result of government efforts, although neither the federal nor Ontario’s provincial governments offered financial incentives for the deal. Instead, both federal and provincial government representatives assured the company that potential red tape such as immigration paperwork would be processed smoothly, though Prime Minister Justin Trudeau, who attended the Oct. 7 announcement ceremony alongside Ontario Premier Kathleen Wynne and Toronto Mayor John Tory, said that the government didn’t make any “big exceptions” for Thomson Reuters either.
In his statement, Smith thanked Canada’s federal, Ontario’s provincial, and Toronto’s municipal governments for making jobs and innovation a top priority, while Trudeau called the announcement “an example of how great things can happen when the public and private spheres work together – for the betterment of Canadian workers and Canadian families.”
“More and more businesses like Thomson Reuters are choosing Toronto as the city to expand their footprint, embracing new technologies and new partnerships. It’s good for business and it’s good for our economy,” Tory said.
Thomson Reuters currently has 1200 employees based in Canada, and has invested in the Toronto-Waterloo technology corridor before, by establishing Thomson Reuters Labs – Waterloo Region in 2015. The company began sponsoring the MaRS Discovery District’s LegalX Cluster in Toronto, a hub to foster innovations that advance the legal industry, last year as well.
The company presently has developers in 43 countries, but only five large technology hubs in locations including Bangalore, India; and Dallas, Texas. Toronto will be its sixth.
With files from Alex Radu.