Snapchat has agreed to create 396 jobs in the state of New York in exchange for tax breaks totaling up to $5 million from Empire State Development.

The incentive proposal stipulates that Snapchat of Venice create the jobs over the next five years and keep them through January 2027, reports the New York Post. The company currently employs about 100 employees in the former New York Times building.

Snapchat is valued at $18 billion and has been growing rapidly. On Monday, the company reached an agreement to purchase search engine company Vurb for reportedly about $110 million. Vurb is a recommendation app that helps user find sights to see, restaurants, books, events, and music.

Technology reporter Garrett Reim can be reached at Follow @garrettreim on Twitter for the latest in L.A. tech news.

For reprint and licensing requests for this article, CLICK HERE.