BOULDER — LogRhythm Inc., a security software company whose products help its customers counter damaging cyber threats, has been approved to receive up to $75,000 in rebates for sales and use taxes, and permit-related fees from the city of Boulder.
The flexible rebate program is an incentive available to businesses to encourage primary employers to remain and expand in Boulder rather than move to other communities.
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LogRhythm has been growing rapidly and is expanding its office space in Boulder to accommodate additional employees.
Last year, LogRhythm Inc. was named Tech Company of the Year at the Colorado Technology Association’s annual APEX Awards. It has been mentioned as one of Colorado’s top candidates for an initial public offering. In July, the company raised a $40 million equity round of financing.
Andy Grolnick, president and chief executive at LogRhythm, said the flexible rebate incentive program has helped make it possible for the company to remain in of Boulder, which has been its home for almost 10 years.
The city awards the rebates when companies meet a set of social, community and environmental sustainability guidelines.
The city, in a prepared statement, said LogRhythm has met the requirements and, of note, pays higher than average wages, supports local nonprofit organizations, encourages employees to reduce vehicle trips and emissions by providing showers, changing facilities and secure bicycle parking, allows telecommuting, encourages van and carpooling, and fosters participation in Bike to Work Day and Tube to Work Day each year.