SAN JOSE, Calif. FICO, creator of the credit score that bears its name, is moving its headquarters from Minneapolis to San Jose to be closer to the Silicon Valley’s engineering talent pool and where the company began 57 years ago.
The move brings FICO back to its origins the company was founded as Fair, Isaac in 1956 by engineer Bill Fair and mathematician Earl Isaac, who met when working on operations research projects at the Stanford Research Institute in Menlo Park, Calif. In its early days, the company revolutionized consumer lending through credit scoring, with analytic products such as the FICO Score, the standard measure of U.S. consumer credit health, the company said. Today banks, retailers, insurance companies, government agencies, pharmaceuticals companies, telecommunications firms and many other organizations use FICO analytic software to make better decisions.
The company already has 90 people in San Jose, where it is involved in credit data collection and interpretation, and also produces a wide range of fraud prevention tools. FICO’s president and CEO William Lansing joined the company last January and currently works at the San Jose office.
FICO said the new headquarters will serve as an innovation and development hub in the heart of Silicon Valley, enabling it to continue to take advantage of technology innovations in Big Data and cloud computing, and draw from the region’s deep technology talent pool.
A new headquarters is under construction near Mineta San Jose International Airport. The company said the office, which will be completed in February, will become “an innovation and development hub in the heart of Silicon Valley.”
FICO plans to hire additional engineers and analytic scientists throughout the year. The company will continue to maintain regional hubs in San Diego and San Rafael, Calif., London and Birmingham, England, Singapore and Beijing, China, Sao Paolo, Brazil, and at its new offices in Roseville, Minn., which opened last month.