A technology company in Ames is expanding and adding 700 jobs over the next five years.

WebFilings, a company providing business reporting solutions, will have positions in software and Web development and customer success, a WebFilings spokesperson said.

She added that the average pay-scale for these positions would be between $50,000 and $75,000. The firm already has 50 ISU interns. During the next five years, the positions would be added as needed.

The Ames Tribune reported the firm would receive a $2.5 million forgivable loan and a five-year zero-percent-interest loan of $2.5 million from the Iowa Economic Development Authority. It would also receive a 10-year property abatement from the city of Ames.

“The state of Iowa has been a long-time supporter of WebFilings,” said Matthew Rizai, WebFilings’  CEO, in a news release. “This is just one of the reasons why we have chosen to scale our software company in Ames. Today’s award is another example of Iowa’s commitment to growing quality jobs.”

Founded in 2008, WebFilings is based in Ames and Mountain View, California. 

The company also has offices in eight additional U.S. cities as well as in Canada, the United Kingdom and the Netherlands.

The company has 60 percent of Fortune 500 companies as clients including eBay, Best Buy and Delta Airlines. WebFilings employs 800 people overall including more than 300 in Ames. 

The products listed on its website include Securities and Exchange Commission reporting, board reporting and data collection.

Steve Carter, director of ISU Research Park, said the financial incentives present a growth opportunity “unique and far reaching throughout Ames and surrounding communities” and it wouldn’t be possible without WebFilings choosing ISU Research Park as its employee base.

The expansion is part of a growing information technology sector in Iowa.

“If you look at the critical mass that is evolving in software in Central Iowa, this has become a brighter place overtime for attracting software development industry,” said Dan Culhane, president and CEO of Ames Economic Development Commission.

He said the incentives were given based on WebFilings’ record in capital investment and creating jobs.

He also said tech companies are trying to tap into the talent from Iowa State.

“We are working with various companies … from startups to companies from abroad looking to expand operations here. Our pipeline remains full and we remain optimistic we’ll continue to see good things happen in the Ames community,” Culhanesaid.