ROANOKE (WSLS 10) – Roanoke-based Meridium plans to double its workforce over the next five years.
The company announced on Wednesday it had been acquired by GE Digital for $495 million.
Meridium may be best known to many people locally for its iconic building along Interstate 581 in Roanoke, but in the world of manufacturing, it’s known for software that helps big companies predict and prevent the failure of things like jet engines.
The company employs 160 people in the Roanoke Valley and CEO Bonz Hart expects that number will double over the next five years, thanks in part to the investment GE is expected to make in the company.
Hart said it’s in everyone’s best interest for Meridium to stay in Roanoke.
“What we need is minds and minds can make up their mind where they like to live and we are here in the Valley and they understand that,” said Hart. “They understand the value of that intellectual property, value what we did since 1993 and they don’t want to see that dissipate or else what they just purchased then becomes less valuable.”
In many cases, when an outside company comes, in it results in layoffs, and reduction in the size of the local operation.
Hart said he will stay on as CEO, the company will continue to be called Meridium and he expects they will expand from the current building to occupy other space in downtown Roanoke as well. He also expects new partnerships with Virginia Tech.