FICO Moves HQ to CA; No Job Cuts Planned
Fair Isaac Corporation (FICO) announced Friday that it has moved its corporate headquarters from Roseville to San Jose, California, to be closer to Silicon Valley’s technology talent pool.
FICO—which moved its corporate headquarters from San Rafael, California, to Minneapolis in 2004—already employs 90 people in San Jose. That group includes President and CEO Will Lansing, who joined the company last January, and Chief Financial Officer Michael Pung. According to a November regulatory filing, Pung was authorized to receive up to $200,000 in relocation expenses to move from Minneapolis to San Jose last fall.
FICO, which employs roughly 2,300, said it plans to hire additional engineers and analytic scientists in San Jose throughout the year, but not much else will change in conjunction with Friday’s announcement. When asked whether any job cuts were planned, company spokeswoman Kate Blatt told Twin Cities Business there would be “none at this time,” in Minnesota or elsewhere, and several executives within the C-suite are and will remain in the Twin Cities area.
“We haven’t stopped investing in the Minneapolis area,” Blatt added. She pointed out that FICO opened a new, 93,000-square-foot custom-built office in Roseville last month. That office employs 275 and houses individuals who previously worked in Minneapolis, where FICO used to be based, and Arden Hills.
FICO offers collections and recovery management services to the financial services industry. The company is best known for its credit scores, which have become an industry standard for assessing consumer risk and are widely used as a tool to help lenders, credit card issuers, and banks make lending decisions.
“FICO began in Silicon Valley, and we view this move as a homecoming,” Lansing said in a statement. “Operating from our base in Silicon Valley, we can more readily build upon our company’s deep talent pool, collaborate with other big thinkers in the world’s premier technology hub, and provide our customers worldwide with powerful innovations that will help them compete more effectively in the era of Big Data.”
News of the headquarters move isn’t entirely surprising, as rumors about such a decision have reportedly been circulating for some time.
Next month, FICO will take over a second floor of the building that’s now home to its San Jose office, Blatt said. That building, which will serve as its new corporate headquarters, is located near Mineta San Jose International Airport, and the additional floor will house executive suites.
Aside from its offices in San Jose and Roseville, FICO operates regional hubs in San Diego and San Rafael, California; London and Birmingham, England; Singapore; Beijing; and SÃ£o Paolo, Brazil.
FICO was founded in 1956 by engineer Bill Fair and mathematician Earl Isaac, who met while working on operations research projects at the Stanford Research Institute in Menlo Park, California. The company has had a local presence since 1992, when it acquired an Arden Hills direct marketing company called DynaMark.
FICO is among Minnesota’s 40-largest public companies based on its revenue, which totaled $676.4 million in the fiscal year that ended in September—up 9.2 percent from the prior year; net income for the period totaled $92 million, up 28.6 percent.