ServiceNow (NOW) is planning to relocate its headquarters from Silicon Valley to West Palm Beach, Florida, Bloomberg reported Friday, citing two people familiar with the plans.

Known as 'Wall Street South' for its financial presence, Palm Beach County is set to gain a significant tech player if the move happens, according to the report.

ServiceNow, which develops software to help companies manage personnel and IT operations, expects to initially move hundreds of employees, with the potential for thousands in the long term, Bloomberg reported.

"While nothing has been decided, we see West Palm as an exciting opportunity to expand even further in the state of Florida," a company spokesperson told Bloomberg.

ServiceNow did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)