SAN JOSE — The San Jose Earthquakes have signed their first stadium naming rights deal, teaming up with a Silicon Valley technology company for one of the richest team sponsorships in Major League Soccer — and the Quakes will need the money, because the cost of their new home is soaring.

The South Bay soccer club is set to announce Wednesday that the team’s new home will be called Avaya Stadium when it opens next to San Jose International Airport in March. Avaya, a Santa Clara-based global firm that provides tech services to other companies, will pay $20 million over 10 years.

It comes as the Earthquakes also revealed for the first time that the cost of the privately financed stadium, originally pegged at $60 million when construction began two years ago, has shot up to about $100 million. That’s still roughly average for a new MLS stadium.

Team officials reiterated that the franchise, co-owned by A’s owner Lew Wolff, would fund the extra cost without taxpayer expense or higher ticket prices. The Earthquakes say the increase is not a cost overrun, but rather was the result of late add-ons such as improved scoreboards, more solar panels, higher-end finishes, a new party deck, an upper concourse, player amenities and other features the team will unveil in the coming months.

“It’s really everything that has gone up a couple notches,” President Dave Kaval said.

The good news for the team is that the naming rights agreement is believed to be tied for the third-most lucrative deal, on an annual basis, in the 19-team MLS. It is more valuable than the Raiders’ O.Co Coliseum deal, about on par with AT&T’s annual fee given to the San Francisco Giants, and just shy of SAP’s yearly payment for the San Jose Sharks naming rights. Yet it is not in the same league as the biggest, most recent deal in the Bay Area: the 20-year, $220 million naming rights contract the 49ers secured last year for the new Levi’s Stadium.

Kaval said the naming rights drew interest from 40 to 50 companies, ranging from local firms to companies in Europe and Asia that wanted a foothold in Silicon Valley. He said the team had to wait for the 49ers to finish their courting of sponsors to avoid a “crowded marketplace.”

In addition to forking over money, Avaya will power the technology side of the stadium, which the Earthquakes hope will be the most advanced in the league. It will be the first cloud-enabled stadium in MLS, courtesy of Avaya, and fans will be able to use a nifty mobile app.

“We wanted to find a company that could actually enhance the stadium; that’s why a technology company would be logical for that,” Kaval said. “The cool thing for fans is it’s going to be constantly evolving.”

The 18,000-seat stadium, under construction on Coleman Avenue, already has its field and thousands of seats installed and is set to be completed by the end of next month. It includes the largest outdoor bar in North America, massive double-sided scoreboards — just installed this week — and field-level suites.

Avaya has 14,000 employees worldwide and reported $4.4 billion in revenue last fiscal year. It specializes in helping companies engage with customers, but isn’t well known by the public because it doesn’t sell products to consumers.

“This is a way for us to play a bigger part in the community,” said Joe Manuele, Avaya’s vice president of cloud services. “It’s also a showcase for us so our customers can see the technology in action in a very unique environment.”

Most MLS teams have a stadium naming rights sponsor, and they range from roughly $1 million to $2 million per year. By far the biggest MLS deal is believed to be for the Los Angeles Galaxy’s massive StubHub Center, at more than $7 million per year, while the Toronto FC have an agreement with the Bank of Montreal that hits nearly $2.4 million annually, according to the Sports Business Journal.

“I would have thought that San Jose might have gotten a little bit more given the market” in Silicon Valley, said Gemini Sports Group president Rob Yowell, who has brokered naming rights deals for the Golden State Warriors, Galaxy and many other teams. “But overall, it’s probably a pretty solid deal for the Quakes.”

But the extra sponsorship revenue will pay for only half of the $40 million increase to construction, which represents about a decade’s worth of player salaries.

The new stadium cost of $100 million still lags behind seven other new MLS stadiums built in the past decade and is on par with two others, according to Forbes, though some of those projects included other elements such as additional community fields.

The 66 percent cost increase comes after the team last year delayed the opening of the stadium from 2014 to 2015 because of construction issues, though the team insists that did not drive up the price.

It’s unclear how the Quakes will pay for the added cost, as the ownership has not disclosed its financing plan. A separate development group called Hunter/Storm is trying to build a large mixed-used project next to the stadium. Wolff has worked with the group in the past, but it’s unclear if he has a financial stake in the project. The city is negotiating the deal behind closed doors — standard for real estate talks — and at Tuesday’s City Council meeting, Wolff was listed as one of the parties scheduled to negotiate in closed session.

The Earthquakes, after finishing in last place this season, can use all the money they can get. MLS teams can buy up to three “designated players” by paying them salaries that don’t count against the salary cap, and the Quakes currently have two, including star Chris Wondolowski.

Contact Mike Rosenberg at 408-920-5705. Follow him at Twitter.com/RosenbergMerc.