Bloomberg L.P. to open new R&D office in San Francisco

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Michael Bloomberg. (Photo by Diane Bondareff/Invision for JPMorgan Chase/AP Images)
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Jeremy Barr

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Bloomberg L.P. founder and majority shareholder Michael Bloomberg said Thursday that the financial services and and media company will open an office in San Francsicto to focus on research and development.

The new R&D office will eventually be staffed by 100 developers working to improve the company's financial newsgathering and distribution capabilities, Bloomberg said.

"We’re proud of our New York roots, and during my years as the city’s mayor, our administration helped spur major growth in the tech industry," Bloomberg wrote in the post. "But Bloomberg is a global company, and as we have grown over the past decade and expanded our ambitions, our tech needs have grown, too."

The location of the office is a testament to the caliber of tech talent in the region, he said.

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In the later years of his three terms as mayor of New York, Bloomberg often spoke of the importance of the development of the tech industry to the city's future. He spearheaded the competition for campus space for a tech and applied sciences college on Roosevelt Island that was eventually awarded to Cornell.

Bloomberg's choice to announce on LinkedIn looked like another overture to the tech world. Long a networking site for professionals, it has of late been courting more original content, especially from bold-faced names in politics and business.

Bloomberg, in the post, also praised The Alliance: Managing Talent in the Networked Age, co-written by LinkedIn founder Reid Hoffman.

"The book is a quick read—at only 155 pages, it’s faster than watching 'The Wolf of Wall Street', and only slightly more expensive," he wrote.

Read the announcement: http://linkd.in/1pfx1TE