COLUMBUS, Ohio — The London Stock Exchange has planted a flag in Cleveland, picking the city to host the North American headquarters for its international business-development initiative.

The headquarters for the London Stock Exchange Group’s Elite initiative, which trains small and medium-sized companies to help them grow, is expected to open sometime early next year, officials announced Monday.

The company is expected to hire 40 workers with an annual payroll of $5 million, according to the terms of a state tax credit awarded last month. But state officials officials said the significance extends beyond the direct jobs linked to the project.

Lt. Gov. Jon Husted, who visited London over the weekend to finalize the deal, said Elite’s decision to locate in Cleveland has “great long-term upside” for Ohio.

“In a global economy, it’s hard for companies who are not on the coasts sometimes to get access to capital,” he said. “And this is a great opportunity to build a connection that has already proven to be effective.”

Officials also announced Cleveland will host the Elite program’s international conference next year, the first time the event has been held outside of Europe.

In a statement, Luca Peyrano, the CEO of Elite, said the organization’s expansion builds on its existing collaboration with JobsOhio, the state’s economic development nonprofit.

“Cleveland is the ideal location for Elite with its long-standing history of institutional investment, concentration of SMEs (small and medium-sized enterprises), strong educational institutions, and supportive and welcoming business community,” Peyrano said.

After the project’s announcement, Cleveland Mayor Frank Jackson, Cuyahoga County Executive Armond Budish and Greater Cleveland Partnership President/CEO Joe Roman issued statements praising the development.

“From the onset of this process, we recognized that elite is a unique organization generating incredible results for businesses around the globe. This is a very special opportunity for Cleveland and Ohio," Roman said.

A specific headquarters site has not yet been announced.

Elite’s aim is to help mid-sized businesses reach their next level of growth by giving them training and connecting them with investing networks.

Elite entered Ohio — and the North American market — last year, when company officials chose nine Southeast Ohio companies and the city of Athens to join its program.

The companies since have “graduated” the program. Athens Mayor Steve Patterson and local businesses representatives accompanied Husted and other state officials on the trip to London over the weekend.

Elite officials say its network includes more than 1,200 businesses and 400 advisers and investors across 43 countries. They claim participants in the program, launched in Italy in 2012, grow considerably faster than similar peer companies.