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IQor Inc., a New York-based collection agency, plans to expand its office in Minneapolis and will move 550 employees into a revamped 40,000-square-foot facility, according to Vikas Kapoor, company president and CEO.

The company is the third-largest U.S. collection agency with $344.9 million in revenue in 2008, according to exclusive research by Collections & Credit Risk magazine.

"The region has been a terrific market for us, and will continue to be a key part of our global footprint. We plan to add an initial 60 people to our workforce by the end of this year, and grow another 15% by December 2010," he says. "This new facility allows us room for continued growth, with a goal of increasing our capacity to more than 1,000 employees."

The company plans to hire workers between now and the end of the year.

The iQor lease was signed in October.

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