Austin's welcome mat might seem pretty well-tread at this point. But with each new addition to the tech ecosystem, Austin's pool of talent and opportunity gets a little deeper.
The latest addition is a San Jose data services company called Harmonate.
The company, which launched publicly in 2019, specializes in using data and machine learning to accelerate private capital document processing and data analysis by automatically pulling data from general ledger systems and other documents.
The company announced March 23 it is planning to relocate its headquarters from San Jose to Austin, although it will maintain a presence in Silicon Valley, CEO Kevin Walkup said via email.
This marks at least the 15th headquarters relocation for the Austin area just this year, with many from California. The pandemic seems to have accelerated a relocation trend to lower-cost states.
Walkup, who was promoted from COO to CEO last August, said the company picked Texas for its blend of tech talent and experienced financial leaders. It hasn't yet selected a location for its office.
"There are a number of great options," Walkup wrote. "But we will have offices here in Austin while taking advantage of the right talent where it is, as well as the right balance between in-person and virtual."
Currently, Harmonate has about 20 employees, with four employees in the Austin area, including its CEO and CTO. It plans to make hiring announcements in coming weeks.
"We will always be proud of our Silicon Valley inception, and we are equally energized by the fuel our new Texas home brings to the transformation of private capital data operations," Walkup said in a statement.
Harmonate spun out last year from NES Financial, a financial transactions services company, according to Silicon Valley Business Journal.
