The U.S. data security firm is reportedly planning to build its European hub in a Swiss tax haven.
Denver, CO-based Palantir has elected to set up its European offices in Schwyz, according to a report by Swiss outlet «Handelszeitung,» (in German) which cites Urs Durrer, the local official responsible for economic development. The canton, known for favorable corporate tax laws, has drawn multinationals like BASF in recent years.
Google's European headquarters is in Dublin, but its largest office on the continent is in Zurich. Palantir, specialized in big data analytics, has drawn controversy in the past for working for clandestine government spy agencies.
The U.S. company has deep ties to Swiss banks including a partnership with Credit Suisse that is at the heart of a dispute playing out in U.S. court. The Swiss bank has stuck with Palantir even as others, like J.P. Morgan, have backed away.
Swiss Hiring Planned
Led by founder and CEO Alex Karp, the loss-making company last year moved its headquarters out of Palo Alto to Denver over what he decried as Silicon Valley's «increasing intolerance and monoculture». Karp studied philosophy in Germany including under renowned academic Juergen Habermas before founding Palantir 18 years ago.
The company, which already has offices on a quiet street in central Zurich, plans to initially hire as many as 40 software engineers in Altendorf in Schwyz, the Swiss outlet reported. Palantir went public four months ago on Nasdaq, and its shares have tripled since then, giving it a market value of $55.3 billion.
