A Newry-based financial software company has secured £350,000 in research and development funding from Invest NI, it emerged yesterday.
The funding was announced in a filing on the Irish Stock Exchange yesterday, which said the finance would ‘ensure that First Derivatives continues to develop best in class solutions for its recognised product brand in the financial services sector’.
Some of the funding — to be used for market research and product development — has been provided by the European Regional Development Fund, the company said.
It follows a £3m investment by Invest NI in the AIM-listed company in January last year.
First Derivatives’ chief executive Brian Conlon said: “The financial investment from Invest NI will assist in our plans to enhance the product side of the business.
“The investment will ensure that our software portfolio continues to expand globally and will enable the acceleration of research and development as we aim to improve our offering to our customers.”
First Derivatives said it expects the funds will be drawn down during 2010.
News of Invest NI’s fresh assistance follows First Derivatives’ purchase of collasped Dublin-based company Cognotec.
First Derivatives this week revealed it will spend up to £3m to acquire the assets including intellectual property rights of the Dublin firm. One tenth of its £3m payment will be held back until delivery of ‘certain agreements’ by Cognotec’s receiver.
First Derivatives employs more than 400 people worldwide and has operations in London, New York, Stockholm, Shanghai, Singapore, Toronto and Hong Kong.