Wombat, which set up a global centre of software engineering excellence in Belfast in 2005, has just bought Belfast company Harco Technology.

The American firm, which provides software for electronic trading systems worldwide, purchased the Ulster data analysis, reporting and compliance technology specialist for an undisclosed sum.

Wombat said the acquisition of Harco, which services the market data spend management needs of over 70 trading floors worldwide with its data access and reporting tool, will enhance its product offering.

"The acquisition is a landmark for both Wombat and Harco as well as for Northern Ireland," said Danny Moore, chief operating officer of Wombat.

"We've worked very closely with the Harco team for a few years now on various successful global projects and in doing so discovered a shared sense of determination, ingenuity and belief in our ability to build a world class team here.

"We consider ourselves fortunate to have such high calibre business and technical expertise join our team."

Wombat, which also has offices in New York, London, Chicago and Tokyo, now employs over 80 people in three offices in Belfast city centre and has plans to recruit further in the areas of sales, marketing, development and consulting staff.

It is also keen to expand its engineering arm in Belfast.

The US-based company serves the biggest names in the global trading markets, including all of the world's 10 largest banks.