(CNN) – Oracle joins the growing exodus from Silicon Valley to Texas.
The company will move its headquarters to the state capital Austin, it said on Friday. In addition, a more flexible work policy has been introduced for employees who can choose their office location or continue working from home.
“We believe these moves will best position Oracle for growth and give our employees more flexibility in where and how they work,” spokeswoman Deborah Hellinger told CNN Business. “We will continue to support key hubs for Oracle around the world, including those in the US such as Redwood Shores, Austin, Santa Monica, Seattle, Denver, Orlando, and Burlington, Massachusetts. We expect to add more locations over time. “
The news was first reported by Bloomberg.
Oracle is one of the oldest companies in Silicon Valley, founded in Santa Clara in 1977 and currently headquartered in nearby Redwood City.
The software and cloud service provider employs 135,000 people worldwide.
Oracle, which recently made headlines for its joint offer with Walmart to buy social media darling TikTok, is the latest in a spate of big tech companies and executives moving their base to Texas.
Hewlett-Packard Enterprises, a subsidiary of the pioneering company in Silicon Valley, announced last week that its main office would be relocated to Houston. Several smaller tech companies like SignEasy, QuestionPro, and DZS (formerly known as Dasan Zhone Solutions) have also moved to Texas from California.
Silicon Valley is known for its exorbitant property prices, and California has a high income tax rate while Texas doesn’t.
Elon Musk, CEO of Tesla and SpaceX, announced earlier this week that he has also moved to Texas, although his companies will continue to be headquartered in California.