Transfinder in the News - Transfinder eyes expansion with purchase of new building
Photographer: MARC SCHULTZ/DAILY GAZETTE PHOTOGRAPHER
From The Daily Gazette
By Andrew Beam
October 10, 2018
SCHENECTADY -- Transfinder is looking to expand beyond its 440 State St. offices.
President and CEO Antonio Civitella on Wednesday said he plans to keep his options open after purchasing the building next door at 438 State St.
The route-mapping software company moved its headquarters to State Street in 2013. After 30 years of working with different school districts and municipalities on their transportation managements systems and services, Citivella said it is time for the company to consider expanding.
Civitella said he bought the building in June for approximately $300,000 from Draper Development LLC. He said the company could expand there and potentially bring another 50 employees onto its payroll. That would be in addition to the more than 110 people the company already employs at three locations: Schenectady, Texas and China.
Civitella said 85 of the firm's employees are located in the current State Street building.
The new space also could help Transfinder expand the services it provides to its clients.
Civitella said he’s also looking at entering into new markets. He said they have already begun working with municipalities, including Schenectady, Binghamton and Clifton Park, but he’s looking for more. This could include the food service industry or even the beverage industry, Civitella said.
“We would love for our software to manage any vehicle that is on the road,” he said.
The newly purchased building houses a Subway sandwich shop, which Civitella said won’t change. He said the business will continue to lease the space it is in.
The announcement comes after a year in which Transfinder reported record revenues -- $13.67 million in 2017, an 8 percent increase over 2016 revenue.
With those results, and the roll-out of new products and upgrades to existing products, Civitella said the company is now able to expand.
Purchasing the building is something Civitella said he learned from his father.
It was a saying of his father's that, “When your neighbor’s house is for sale, buy it.”
That’s what Civitella did. It’s the same reason he purchased the former Schenectady County Department of Motor Vehicles building on lower State Street, next to his New York BizLab business incubator, he said.
Transfinder's growth comes at the same time the city is going through a revitalization, Civitella said. And he said he’s more than happy to contribute.
“The city is expanding, and you want to be a part of that,” he said. “There’s a tailwind here, and you want to ride that.”
Mayor Gary McCarthy said he was pleased to hear about Transfinder's purchase.
“It’s a great business, and we’re just happy they’re being successful,” McCarthy said. “We look forward to working with them on this potential expansion of both its physical plant and its workforce.”
Civitella said there are no plans to modify the newly acquired building or to move anyone over until 2020. But he said the building, which comprises 3,194 square feet, could grow into 10,000 square feet by bringing it up to four stories.
It took an approximately $7 million investment to knock down the former 440 State St. building and rebuild. Civitella said he isn’t sure how much it will cost to add onto the 438 State St. building, but he said it would be in the millions of dollars.
Nothing, though, is set in stone.
“Having options is a good thing,” Civitella said.
The acquisition was unveiled on Transfinder Day. (McCarthy declared Oct. 10 Transfinder Day during a ribbon-cutting ceremony for the 440 State St. building on Oct. 20, 2013.)