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Square Inc. Opens East Coast Operations Center In New York City’s SoHo Neighborhood

Area Development Online News Desk (04/24/2014)
Square Inc., a leading provider of technology that allows businesses to accept credit card payments on mobile devices, is expanding its operations and opening its East Coast headquarters in New York City, which will create over 350 jobs in the Big Apple.

Square’s office will be located at 375 West Broadway in the SoHo neighborhood of New York City, and Square expects to move into its new location this summer, adding to 35 existing jobs in New York. Square’s New York workforce will include highly-skilled engineers, developers, web designers, and business professionals.

“Square’s decision to create a new East Coast headquarters in SoHo is the latest in a growing trend of start-up, innovative tech industry firms that have chosen New York State as the place to expand their business,” Governor Andrew Cuomo said. “With a highly talented workforce, a government committed to cutting barriers to growth, and a business climate that inspires innovation, the rapid expansion of the tech sector in New York State proves our economic strategy is working. I welcome Square Inc. to New York, and congratulate the company on this decision to expand here in SoHo and grow their business by 350 employees.”

In particular, the expansion will help develop the City’s enterprise-facing or B2B technology sector, as well as attract a sophisticated group of engineers, build the local talent base, and promote New York as a hub for serious technologists, the Governor’s Office said.

“New York exerts a significant impact upon global commerce, technology, and art — something we do every day at Square as we help local sellers grow their business with simple and beautiful tools,” said Demetrios Marantis, head of international government, regulatory, and policy work at Square. “We are inspired by the innovation in New York State and thrilled to be near the world’s leading financial center and part of its ever-growing tech industry.”

Manhattan Borough President Gale A. Brewer said, “New York City’s tech sector is growing by leaps and bounds, and each success builds on the next. I heartily welcome Square Inc. to Manhattan and applaud Empire State Development for its role in promoting job creation and new investment.”

As an incentive to encourage Square to proceed with its expansion in New York City, Empire State Development offered to provide up to $5 million in performance-based Excelsior tax credits, which are tied directly to the company’s job creation and investment commitments.

“New York State is becoming a worldwide hub for technology development and under Governor Cuomo’s leadership the State’s focus on economic development is leading to more private investment by industry leaders – which means more jobs for New Yorkers,” said President/CEO/Commissioner Kenneth Adams. “By supporting Square’s new East Coast headquarters in New York, we’re creating new opportunities for nearly 400 New Yorkers and proving that the Empire State is a place where high-tech pioneers want to come to innovate and succeed.”

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