More details have emerged regarding the American Express takeover of the former Zibibbo restaurant space in downtown Palo Alto. The company announced that its new technology hub will employ about 200 people in a Dec. 11 press release.
A company spokeswoman confirmed the move in June. The corporate venture arm of American Express Co., American Express Ventures, moved into a small office location at 102 University Ave. in 2011, and the move into the 15,999-square-foot site will greatly expand American Express's presence in Palo Alto.
The new team will focus on innovations in big data, cloud computing and mobile infrastructure, the company said. American Express Ventures, as previously reported, will also move into the new location and will continue its investments in early-stage start-ups in digital commerce, data and analytics and security and servicing, the company said.
Chief Technology Officer Nik Sathe, who previously served in executive roles at Google and PayPal, will be the senior executive based at the Palo Alto hub, the company said.
"The Silicon Valley is rich in technology talent who will be instrumental in building the platforms that enable the delivery of products and services that continue to enhance our customers' experience and address their ever-evolving needs," Sathe said.
"Engineers at American Express have the opportunity to scale their impact across hundreds of our developers and millions of our loyal customers around the globe. We're excited to be able to tap into the Silicon Valley talent pool to grow this team and set up our business for long-term success."
The buildup to 200 employees will be "over time," the company said.