Newry-based software developer First Derivatives has secured a deal worth in excess of £300,000 with a leading global financial institution in Asia, with support from Invest Northern Ireland.
The breakthrough deal will see the financial institution’s Asian operations adopt new and highly innovative financial management software, called qAlgo, developed by First Derivatives following a £800,000 investment backed by Invest NI.
The system uses leading edge grid computing combined with vector database technology to enable financial institutions to gather and analyse complex market data quickly in order to implement major investment decisions.
The software can process a greater amount of data at higher speeds than other similar applications, reducing usage costs for the client. It can also integrate with the client’s existing systems to produce a “one-stop solution” for market analysis.
Michael O’Neill, Chief Operating Officer of First Derivatives, said: “In the fast-moving financial services sector, it is essential that companies have as much information as possible on which to base investment and trading decisions. This requires software which can quickly and effectively gather and analyse a multitude of market data and use this to predict outcomes which, although never certain, are feasible and risk-managed.
“Our new system is the culmination of three years’ development with the support of Invest NI and features speed and functionality which differentiate it from our competitors. We believe it will help us to build on our already strong market position and further consolidate our reputation as a high quality global service provider whilst generating significant additional export turnover.
Mr O’Neill continued: “We place high importance on innovation and have dedicated project teams continuously seeking out changes and improvements to our products as well as developing new ones. Invest NI has helped us to maintain this focus and ensure that we extract the maximum value from our R&D activities.”
Carol Keery, Invest NI’s Director of Innovation, Research and Technology Development, said: “If Northern Ireland is to increase its overall level of productivity it is crucial that companies of all sizes recognise the significant commercial opportunities that can be opened up by investing in innovation.
“First Derivatives is an excellent example of an indigenous company performing strongly in challenging global markets by channelling the high level of technical ability of its staff to develop products which distinguish it from the competition.
“Winning its first sales of this highly innovative software application to a major global player in investment banking is an importantand welcome breakthrough for First Derivatives, which willprovide a platform for further growth.”
Invest NI provided research and development funding for this project through its COMPETE Programme, which is part funded by the European Competitiveness Programme 2007 – 2013 under the European Regional Development Fund (ERDF).