(RALEIGH) -- Information solutions provider Reed Elsevier Inc. plans to expand its operations in Wake County. The company will create 350 jobs over the next five years and invest $1.75 million in Cary.

“We’re laser-focused on delivering greater value and better outcomes for our customers,” said Mike Walsh, CEO of LexisNexis Legal & Professional. “The expansion in Cary supports our mission to bring innovative products and services to market, even faster than today.”

The company currently employs more than 300 people in Cary and Charlotte. The group employs more than 30,000 people globally, including more than 16,000 in North America.

The company is eligible for state incentives that could amount to as much as $8.86 million.  The incentives in the form of a grant would be equal to 75 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 10 years in which the company meets annual performance targets.  This is according to information from the Governor's office.

Other counties could also benefit from the Reed Elsevier expansion.  As much as $2.95 million could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties.