Visa will be building a new global IT center in Austin which will create 794 new jobs.
The office of Governor Rick Perry announced that in exchange for bringing the jobs to Texas, the state will give the company $7.9 million through the Texas Enterprise Fund.
The TEF was created by the Legislature in 2003 to help create jobs. Projects must be approved by the governor, lieutenant governor, and the speaker of the House.
"Visa is continually looking for opportunities to add world-class talent to our organization," said Will Valentine, a Visa spokesperson. "Austin offers a vibrant technology community and business-friendly climate, and we are working closely with local officials to finalize an agreement."