FICO is moving its headquarters from Minneapolis to San Jose to be closer to Silicon Valley's engineering talent pool, company officials confirmed Thursday.
FICO's president and CEO William Lansing joined the company last January and already works at the San Jose office. The company already has 90 people in San Jose. It has 2,300 employees worldwide.
"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," Lansing said in a statement.
The move is a testimonial to the drawing power of the valley's growing base of companies involved in cloud computing and analyzing large troves of data collected by computers. There's a brisk competition for employees skilled in those fields.
A new headquarters is under construction near Mineta San Jose International Airport. The company said the office will be completed in February.
FICO in November announced it acquired CR Software LLC, a provider of collections and recovery services for credit issuers, government organizations, collection agencies, retailers, health care providers and other enterprises.
FICO was started in 1956 as Fair, Isaac by engineer Bill Fair and mathematician Earl Isaac, who met while working at Stanford Research Institute in Menlo Park, Calif. Its first headquarters was in San Rafael, Calif. where there is still an office, but the headquarters was later moved to Minneapolis.
FICO licenses its credit scoring algorithm and formula to other credit rating agencies. FICO's Falcon Fraud Manager is used by credit card companies to screen for payment fraud. An estimated 2 billion credit and debit cards are protected by Falcon, according to the company.