An intelligent document processing provider is moving its global headquarters from London to New York ‘to ensure maximum focus on the company’s biggest market’.
Eigen Technologies was founded in London in 2015 and has had a New York office since 2017. The company, which featured on our recent FinTech 50 ranking, also opened a third office in Lisbon earlier this year.
With North America representing more than 70% of the company’s revenues, it says the move provides the best opportunity to fulfil its potential – and that New York is ‘the financial centre most open to the adoption of AI technology’.
Indeed, the company’s commercial leadership has been based in New York since 2017, while its technical leadership was based in Europe.
“At Eigen we pride ourselves on being both a commercially successful and technically excellent company,” said Dr. Lewis Z. Liu, co-founder and CEO, who is originally from New York.
“All B2B software businesses live and die by their customers and with 70% of our revenue coming from North America, it is clear that our headquarters need to be in our biggest market.
“This is reinforced by the fact that the United States provides the best environment and support to build the biggest and most successful tech businesses.
“Eigen will always be a globally minded company. That is reflected in our people, our customers and our culture. We reflect the unique international outlook of New York and London, the global cities that Eigen is rooted in.”
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He added: “Thirteen years ago, I moved to London to work for McKinsey. Later I founded Eigen and started a family. In that time, we’ve built a great business. But the world has changed since we were founded.
“Brexit has significantly undermined the benefits of the UK as a home market for us, particularly in weakening the university ecosystem and the loss of a single unifying market with Europe.
“So, while I am very sad to leave London, it is time for me to return to New York and lead Eigen on to the next stage of its journey in order for it to fulfil its potential.”
Eigen’s clients include Goldman Sachs, ING, BlackRock, Aviva, Fortress and Allen & Overy. It says it will continue to maintain its large presence in London, with the technical leadership based there.