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Bill.com, fresh from IPO, will shift headquarters to San Jose

SAN JOSE — Bill.com, fresh from an initial public offering of its stock, has struck a deal to lease a big chunk of office space in north San Jose, a deal that will enable the company to move its headquarters to the Bay Area’s largest city.

The new leasing deal by Bill.com, a cloud-based provider of financial and billing services, is a fresh feather in the cap for San Jose, which has been on a hot streak in recent years in being able to attract major corporate expansions.

“We welcome a fast-growing fintech company like Bill.com to north San Jose, and their hundreds of employees,” Mayor Sam Liccardo said Friday in comments he provided to this news organization.

Bill.com has leased nearly 132,000 square feet in north San Jose at 6220 America Center Dr., according to a filing with the Securities and Exchange Commission.

The company will shift its headquarters from the current primary location in Palo Alto.

The new offices in north San Jose would provide enough room for 650 to 700 Bill.com employees, based on commonly accepted ratios for employees per square foot of office space.

Bill.com enables company-to-company bill payments and other financial services.

The lease is due to begin by May 2020 and is scheduled to expire nearly 11 years later in April 2031, the SEC filing by Bill.com stated.

“The company’s future principal executive offices” — Bill.com headquarters — will be located in the just-leased offices in the office complex, according to the regulatory filing.

Bill.com raised $216 million through the December IPO. The company priced its shares at $22 on Dec. 11. Since then, Bill.com shares have rocketed higher, gaining more than 77 percent in a matter of weeks.

Over the 12 months that ended in September, Bill.com lost $12.1 million on revenue of $121.1 million. Prior to its IPO, Bill.com raised $347 million through a series of venture capital and private financing rounds.

The offices that Bill.com has leased are in one of the buildings developed by Steelwave in the America Center tech campus. Cushman & Wakefield, a commercial real estate firm, is seeking tenants for the increasingly full office complex, located in north San Jose’s Alviso district near the interchange of State Route 237 and Great America Parkway.

“Innovative employers like Bill.com are increasingly embracing San Jose because we have the infrastructure and scale that can accommodate their growth,” Mayor Liccardo said. “We look forward to supporting their continued success.”

 

 

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