Belfast Telegraph

CyberSource to invest £3m in Belfast centre

By Symon Ross

US technology company CyberSource has announced plans to invest almost £3m in its Belfast research and development centre.

The California-based company, which develops electronic payment and risk management solutions, received £625,000 from Invest Northern Ireland towards its total £2.8m investment.

It said that over the next three years its team in Victoria House in Belfast would design and develop cutting edge technologies based on Java software to enhance |its payment platforms.

Mike Walsh, president and chief executive of CyberSource, said: “The level of talent and energy our Belfast team has brought to the organisation has exceeded our expectations. As the team grows, it will play a central role in achieving the strategic objectives of the company.”

CyberSource currently employs 31 at its Belfast operation. No new jobs are anticipated as part of the latest investment in the centre.

Announcing Invest NI’s assistance via its grant for R&D programme, Enterprise Minister Arlene Foster said: “This further investment by CyberSource, a world-leading technology company, underlines its confidence in Northern Ireland’s skills base.”

Invest NI’s contribution to its expansion in Belfast includes part funding from the European |Regional Development Fund.

Earlier this month CyberSoruce posted a 22% rise in fourth quarter revenues to $76.1m and a 29% increase in billable transactions. For the whole of 2009 it saw a 16% increase in revenue, 31% increase in transaction volumes, and added 138,000 new customers.

Mr Walsh said: “Our development lab in Belfast played a significant role in these outcomes, having delivered several key products over the course of 2009 that not only brought in new customers but also contributed to record customer satisfaction. As we grow our team in Belfast, we look forward to even greater contributions from this vital element of CyberSource innovation.”

Belfast Telegraph