Virtual Computing Environment (VCE), a cloud joint venture launched by EMC and Cisco, has selected Richardson, Texas, to serve as the company’s headquarters.

The decision comes after the Texas Enterprise Fund, a state economic development fund, announced it would provide a $2.45 million incentive to the start-up. In return, VCE says it will invest about $35 million in capital expenditures in the region and create close to 430 local jobs.

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