Tech firm First Derivatives creates 359 jobs in Northern Ireland
The creation of more than 350 new jobs by a technology firm based in Newry represents a multimillion-pound boost to the economy, it was claimed today.
First Minister Peter Robinson and Deputy First Minister Martin McGuinness welcomed the announcement by First Derivatives.
The company already provides software, risk management systems and consulting services for global financial institutions, but is expanding its core capital markets consulting business.
Invest NI has offered £4.3 million of support towards the expansion project.
But Mr McGuinness said the wages accompanying the jobs would feed millions into the local economy.
"First Derivatives is part of an important and growing hub of technical expertise in financial services which continues to attract international attention and investment at a critical time for our economy," he said.
"The new jobs will generate over £13 million in salaries annually which will feed into the local economy.
"This is an investment which will have a very positive knock-on effect for our growing financial services and technology sectors."
Mr Robinson said: "First Derivatives is one of our most successful indigenous software companies, which has fuelled its growth by continuously developing and delivering innovative products and services in the complex and technically challenging financial services arena.
"Creating 359 quality jobs in this high-value sector with support from Invest NI, this significant investment is a tremendous boost for the local economy."
First Derivatives is one of the fastest-growing firms of its kind in the world and its clients are largely Global 100 financial institutions.
The company's chief executive Brian Conlon said: "First Derivatives' strategic goal is to differentiate itself from its competitors through a unique combination of capital markets domain knowledge and technical expertise in financial services technologies.
"With this expansion we are substantially increasing our capacity in the area of capital markets consulting with the aim of growing our global business significantly over the next three years."
The jobs boost was welcomed by Enterprise Minister Arlene Foster.
"Supporting the creation of high-value jobs with salaries significantly above the Northern Ireland average is a key corporate focus for Invest NI, as is encouraging export growth," she said.
"First Derivatives' investment supported by Invest NI combines both of these elements by creating quality jobs to help it target markets in Europe, North America and the Asia Pacific region."
US economic envoy to Northern Ireland Declan Kelly also welcomed the jobs announcement.
"Northern Ireland continues to attract investment from financial services companies because of all the advantages that the region offers, including a talented workforce, competitive operating environment, and high speed connectivity," he said.
"First Derivatives is a tremendous example of the mutual benefits offered by transatlantic trade and investment. As the company has continued to grow, it has been able to create new jobs both in Northern Ireland and also in the United States."
He added: "In the past week alone, Northern Ireland has seen over 700 high quality jobs created, despite continued economic challenges.
"This is a clear sign that the region's economy is moving in the right direction, and I look forward to building on this momentum with First Minister Robinson and Deputy First Minister McGuinness in Washington DC during St Patrick's Week."