£2 million boost for financial services sector will create 77 jobs

Economy Minister Nigel Dodds announced a £2 million investment, creating 77 jobs, by global financial services company Wombat Financial Software.

American-owned Wombat, which established its Belfast operation in 2005 with assistance from Invest Northern Ireland, develops advanced software which is used to supply stock exchange data to financial institutions at high speed. This data is then used to make trading decisions, many of which are automated and rely on high-speed connectivity.

This new expansion will create 77 high quality jobs at Wombat’s Belfast centre of engineering excellence. These will be in areas including software development, service operations and sales and marketing.

Speaking at Wombat’s offices in Belfast, the Minister said: “Wombat’s decision to reinvest here, underlines the firm’s confidence in Northern Ireland and the specialist skills which are available here. It also further strengthens the local financial services sector, a key target area for growth and investment.

“Clearly the company’s initial decision to open an operation in Belfast has added value to Wombat’s global business and I hope that this further expansion will continue to deliver major successes in new and existing markets.”

Danny Moore, Chief Operations Officer, Wombat Financial Software added: “Our experience in Belfast has been extremely positive with highly skilled software engineers and our proximity to Europe helping us to grow and sustain our business. By creating 77 new posts, which will deliver in excess of £15 million in wages and salaries by 2010, we hope to take Wombat’s Belfast centre of engineering excellence to an even more competive level and explore new market opportunities.”

Mr Moore added: “Invest NI’s continued support has been invaluable, helping us to develop an appropriate infrastructure and facilitate staff training. We look forward to the organisation’s continued support.”