Open System Technologies' growth triggers 5,000-square-foot expansion
Open System Technologies has hit its growth spurt.
The IT infrastructure service and product company is expanding its Grand Rapids office space at 605 Seward Ave. NW by a third of its size, adding another 5,000 square feet to its current 15,000-square-foot location.
Construction costs are pegged at about $200,000, said OST Marketing Director Mike Lomonaco. The additional space is expected to be finished March 1.
OST expects total revenue for 2012 to be more than $80 million, up from $68 million in last year, Lomonaco said. The company expects its revenue from application development to be more than $8 mllion this year, up from $5 million in 2010.
More revenue means more work — and maybe more employees — and Lomonaco said the expansion is needed to keep pace.
The new space is designed by Lisa Keller Designs and constructed by R. Wagenmaker Contractor, Lomonaco said. It will allow clients to work more closely with OST technicians in the testing and creation process of products, he said.
OST has offices in Grand Rapids, Ann Arbor, Minneapolis and London. OST currently employs 112 people, 80 of which are based in Grand Rapids, Lomonaco said.
OST's revenue has grown at a compounded rate of more than 30 percent annually since 2003. Inc. magazine has placed OST on its list of 5,000 fastest growing private companies several times.