Dodds announces investment on first day of US-NI conference

May 07, 2008

As delegates start to arrive for the US-NI Investment Conference, Economy Minister Nigel Dodds announced investment plans by US firm CyberSource.

CyberSource plans to establish a research and development centre in Belfast with the creation of 56 new jobs.

CyberSource is a world leader in the development of secure electronic payment and risk management solutions with approximately 237,000 customers worldwide. CyberSource technology is used to process orders for goods and services over the Internet.

Over the next three years, CyberSource plans to recruit up to 56 software development professionals at a Belfast-based R&D centre, which is expected to deliver approximately £2million in wages and salaries annually by 2011. They will work closely with CyberSource R&D centres in the US to accelerate the company’s aggressive product development pipeline. Invest NI has offered Cybersource support totalling £840,000 to offset costs of starting a new R&D centre.

Making the announcement, Economy Minister Nigel Dodds said: “Today’s announcement sends a very positive message to conference delegates who are arriving in Northern Ireland from North America.

“CyberSource is internationally renowned as a specialist in the development of solutions used to process secure online transactions. By establishing an R&D centre here in Northern Ireland, this company is reinforcing the strength of the local skills base which it believes will boost the competitiveness of CyberSource in global markets.

“I am delighted to welcome the company to Northern Ireland and I hope that their endorsement of this region will encourage other companies from high value growth sectors such as ICT, business services and financial services to consider Northern Ireland as an investment location.”

Bill McKiernan, Chairman and CEO of CyberSource added: “We are delighted to expand our engineering operations into Northern Ireland. Our new R&D centre will be an integral part of CyberSource global operations as the demand for secure payment processing solutions continues to grow at a rapid rate worldwide.”

In 2007, CyberSource processed over 1.2 billion transactions valued at more than $54billion, a 57% increase over 2006

“On our visits to Northern Ireland, we were impressed by the scale of the growing technology and financial services sectors and realised that tapping into this knowledge base would add significant value to our global operations. We are already operating globally and have sales and service operations in Reading, UK, and in Tokyo. We look forward to recruiting the brightest individuals from the pool of impressive engineering talent in Northern Ireland, and Invest NI’s support will enable us to create the centre on a budget neutral basis in our first year”, Mr MCKiernan added.

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