Ministers announce multi-million investment in new AI and Fintech Centre of Excellence at First Derivative

Pictured (L-R) are Economy Minister, Dr Caoimhe Archibald; First Minister, Michelle O'Neill;  Andrew Colhoun, Head of First Derivative; deputy First Minister, Emma Little-Pengelly and Kieran Donoghue, CEO, Invest NI. 

First Minister Michelle O’Neill, deputy First Minister Emma Little-Pengelly and Economy Minister Dr Caoimhe Archibald have announced that First Derivative is investing £15.3 million in R&D and jobs at a new AI and Fintech Centre of Excellence.

First Derivative, an EPAM company, is a global consulting firm that provides a range of solutions for the financial services industry. Its client base includes many of the world’s top financial institutions.

Welcoming the investment while visiting the company's HQ in Newry, First Minister, Michelle O’Neill said: "This investment is a huge vote of confidence in Newry, our people and the potential of this city. First Derivative has deep roots here and has shown that a world-class company can be built in Newry and compete globally.

“This £15.3 million R&D investment will put First Derivative at the forefront of AI innovation and create 100 high-quality jobs, including 70 in Newry. Importantly, these jobs were secured against international competition, with support from Invest NI and the Department for the Economy.

“AI is transforming economies around the world, and we want the North to help shape that future by providing ethical, fair, and responsible AI solutions. This investment is regional balance in action, turning innovation into investment, creating good jobs in our communities and giving more people the opportunity to build their careers and their future at home."

Speaking at the announcement in Newry, deputy First Minister Emma Little-Pengelly said: "This is great news for Newry and a real testament to the strength of our tech talent pipeline here in Northern Ireland.

"First Derivative is a local success story, and this Centre of Excellence demonstrates the confidence that leading businesses have in our workforce and our potential to lead in AI and fintech innovation. The fact that this local company has grown into a global player, while continuing to invest and create jobs here, speaks to the strength of what we have to offer.

"By working together with industry partners like First Derivative, we can deliver real opportunity for people in Newry and right across Northern Ireland, while further cementing our position on the global stage as a home for advanced technology and innovation."

Minister Archibald said: “This is fantastic news for the north and demonstrates the confidence that leading international companies have in our skilled workforce and innovation ecosystem.  

“AI offers significant opportunities to boost productivity, drive innovation and create high-quality jobs.  While the pace of technological change presents challenges across the economy, investments such as this demonstrate AI's potential to support growth, enhance competitiveness and create rewarding career opportunities. 

“The creation of 100 high-quality jobs will provide exciting opportunities for people to build careers in AI and FinTech, particularly in the Newry, Mourne and Down area. This investment supports my priority of achieving greater regional balance by creating high-value employment and innovation opportunities outside Belfast and  ensuring economic prosperity is shared across the north.”

First Derivative will carry out R&D to develop new process and technology solutions for blue chip clients that will enable the company to enhance its competitiveness.

Andrew Colhoun, Head of First Derivative said: “This investment reflects our tech-first strategy, where innovation is at the heart of how we operate and deliver for our clients. We see a significant opportunity to harness advanced technologies, particularly AI, to modernise operations and improve efficiency. 

“Establishing our Centre of Excellence is an important step in realising that vision. The centre will bring together our expertise and specialist skills with AI software solutions that our clients can integrate seamlessly into their existing systems.”

Andrew added: “Ultimately the centre will help us be better positioned to solve complex client challenges and increase productivity. At the same time, this investment strengthens our presence in Northern Ireland and allows us to tap into the strong and growing talent base on offer here.”

Invest NI has offered the company an R&D grant of £3,204,190, helping to secure this significant investment for Northern Ireland ahead of other potential locations.

Kieran Donoghue, Chief Executive of Invest NI said: “We are delighted that First Derivative has chosen Northern Ireland as the location for this significant investment, following strong international competition. Securing this project is a clear endorsement of the skilled workforce in Newry and Belfast, our competitive business environment and growing reputation as a centre for advanced technology.

“It also builds on our long-standing partnership with First Derivative. Our previous support has helped the company to invest in management development, technical skills and functional training. This combination of investment in people and innovation is key to securing long-term growth, and we look forward to continuing to support First Derivative as it expands here.”

Invest NI’s R&D support for this project is part funded by the UK Government Shared Prosperity Fund (SPF).