Square Inc. (SQ - Free Report) recently signed a lease to buy a property in Seattle, in view of opening a new office therein.
The office is expected to accommodate approximately 100 workers.
We believe that the developments will enable it to carry on with new growth initiatives.
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Currently, in Seattle, Square has about 20 employees who focus on machine learning, the company's developer platform, core payments business and food ordering platform Caviar.
It now plans to move into an office campus spanning 14,000 square footin the 28-story Financial Center building located at 1215 Fourth Avenue in downtown Seattle.
This move aligns with Square’s motto of providing better services to customers, accommodating rapid growth and leveraging the area’s diverse high-technology talent pool.
Reportedly, Square has seven open Seattle jobs listed on its website. However, the company may hire more per its requirement.
Seattle is the tech business hub of the United States with world class technology talent. It is a strategically-positioned location that provides easy access to worldwide markets.
As a result, large tech companies across the country such as Facebook (FB - Free Report) , EMC, eBay (EBAY - Free Report) , Microsoft (MSFT - Free Report) and Amazon have set up stores in the region. Additionally, the city provides ample scope to enlarge their respective workforce with the availability of professional and loyal expertise.
Square is the latest to join the technology companies that are fast-growing in the Seattle area. The company has been making continuous efforts to buy new properties.
Inthis regard, last December, Square had inked a deal for more than 100,000 square feet in Oakland. The company plans to move about 2,000 employees into the Oakland space starting in late 2019. It added another 104,135 square feet to its Mid-Market headquarters in San Francisco.
We believe these measures are necessary to maintain the growth momentum of Square in the online payment space.
Currently, Square carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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