Oracle is moving its headquarters to Austin

San Francisco (CNN Business) Oracle is joining the growing exodus from Silicon Valley to Texas.

The company will move its corporate headquarters to the state's capital, Austin, it said Friday. It also instituted a more flexible work policy for its employees, who can choose their office location or continue to work from home.

"We believe these moves best position Oracle (ORCL) for growth and provide our personnel with more flexibility about where and how they work," spokesperson Deborah Hellinger told CNN Business. "We will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood Shores, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, Mass. among others, and we expect to add other locations over time."

The news was first reported by Bloomberg.

Oracle (ORCL) is one of Silicon Valley's oldest companies, founded in 1977 in Santa Clara and currently headquartered in nearby Redwood City.

The software and cloud services provider has 135,000 employees worldwide.

Oracle, which recently made headlines for its joint bid with Walmart to buy social media darling TikTok, is the latest in a spurt of big tech companies and executives shifting base to Texas.

Hewlett-Packard Enterprises, a subsidiary of the company that pioneered Silicon Valley, announced last week that it would move its main office to Houston. Several smaller tech companies such as SignEasy, QuestionPro and DZS (formerly known as Dasan Zhone Solutions) have also moved from California to Texas.

Silicon Valley is notorious for its exorbitant real estate prices and California has a high personal income tax rate, while Texas has none.

Tesla and SpaceX CEO Elon Musk announced earlier this week that he had moved to Texas as well, though his companies will continue to be headquartered in California.