Credit card company Visa Inc. plans to open a new facility in Palo Alto's California Avenue Business District in November, which will accommodate about 300 employees, the corporation announced on Monday.
The new $6.4 million campus, at 385 Sherman Ave., will combine three stories of offices with research-and-development space, according to City of Palo Alto records. Employees will focus on technology research, business intelligence, data security and merchant solutions, according to the corporation's statement.
"We continue to expand our research and development capabilities globally and are investing in facilities that enable our teams to collaborate in the creation of digital commerce solutions," Rajat Taneja, executive vice president of technology, said in the statement. "Our new Palo Alto office allows us to draw on the diversity of the Bay Area talent pool and build an even stronger connection with the Silicon Valley community of data scientists, engineers and entrepreneurs."
The Palo Alto campus, which includes 51,000 square feet of office space in the building at the corner of Sherman and Birch Street, will enlarge Visa's footprint in the San Francisco Bay Area, adding to the company's existing Foster City and San Francisco locations. Visa has had a presence in Silicon Valley since the early 1970s. The company now has more than 3,500 employees in the Bay Area, according to the statement.
"Visa's reputation as the leading team in the payments industry can be linked to our Bay Area roots and the access we enjoy to the cultural diversity, creativity and innovative mind-set of this region," Michael Ross, executive vice president of human resources, said.
The corporation opened several new buildings in the last year, including a new technology development center in Bangalore, India, and innovation centers in Dubai, Miami, San Francisco and Singapore. Clients and partners work side-by-side with Visa payment experts to build commerce products. The company has also expanded existing technology-development operations in Singapore and Austin, Texas.
Plan for Palo Alto office building ekes out approval, Aug. 22, 2014