Banker's Toolbox, a financial industry software company, moved its headquarters to Austin, the Austin Business Journal reports. Its former headquarters was in North Hollywood, California. The company decided to move because of Austin's location in the Central time zone, and to recruit local talent.
"Austin has been dubbed the `Silicon Hills' due to the concentration of high-tech companies headquartered in the area, so there is an incredible amount of local talent that we can tap into," company CEO Daniel Cho wrote in a statement.
Cho also stated that the area's lower cost of living was another draw.
Banker's Toolbox employs 60 people in offices across the country, in Denver, San Diego, Tampa, and Atlanta. It offers commercial real estate loan stress tests, anti-money laundering software, and wire processing.