Polte’s move to The Colonnade is part of the company’s broader strategy to attract top technology talent in Cloud Location Services.
DALLAS, October 31, 2019 – Polte Corporation, a Cloud Location Services software startup innovating a patented alternative to traditional GPS technology, relocated its office from Richardson to a Class A office building in Addison. The company subleased 6,896 square feet (sf) in The Colonnade at 15301 Dallas Pkwy.
Polte’s patented Location-as-a-Service software solution leverages ubiquitous 4G and 5G cellular networks and cloud computing to enable highly accurate location data indoors and outdoors across geographies. Business processes, customer self-service automation and better decision-making insights enable consumer, commercial and industrial businesses to capitalize on location, which is essential to how we all work, live and play.
Ryan Hoopes with Cushman & Wakefield represented Polte in their property search and lease negotiations.
“Polte’s strategic relocation to Addison comes at an exciting time,” Hoopes said. “They recently raised a round of funding to expand their technology business and grow the company. The relocation to Addison from Richardson, along with the selection of a Class A office building, will help them compete for top technology talent in the Dallas area.”
Polte’s newly announced $12.5 million funding enables Polte to grow its employee base, particularly in the areas of sales, marketing and engineering. The firm, which currently employs dozens of workers, expects to more than double its employee count in the next year to support its go-to-market plans.
Polte CEO Ed Chao said, “Polte is strategically positioned to disrupt the 4G and 5G Massive IoT industry’s need for location services. To address the light-speed growth pace, we must scale our business quickly. The move to The Colonnade allows us the flexibility to grow our company as demand ramps.”
Polte’s accelerating growth is the latest example of a technology firm finding success in the Dallas area. Tech jobs now represent 5.8% of the Dallas’ total employment, and tech companies account for 6.9% of all Dallas office space, according to Cushman & Wakefield research.
Matt Heidelbaugh and Cribb Altman, also of Cushman & Wakefield, represented the sublandlord, RMG Enterprise Solutions, Inc., in the Polte sublease.