Invest Northern Ireland has secured an investment which will see Wombat, the US-based financial services group, establish its global center of software engineering excellence in Northern Ireland.
Wombat’s software transfers stock exchange data to remote trading floors in banks at high speed, improving the efficiency and accuracy of automated trading systems. The investment will enable Wombat to focus on product development and customer support, with a longer term view to the Belfast site emerging as a base for European sales.
Welcoming the investment Ian Murphy, Director of Creative and Design-Based Industries, Invest NI said, “Wombat’s commitment reinforces Northern Ireland’s global reputation as a key business base for international entrepreneurs wanting to exploit market opportunities in Europe. Invest NI has established support for these entrepreneurs with global potential, under our accelerating entrepreneurship strategy.
The project will further enhance Northern Ireland’s reputation as a world class centre for financial services software and we hope it will act as a catalyst for further projects in the sector.”
“Wombat intends to develop a world class engineering center of excellence in Belfast to support our growing customer base both in Europe and the financial centers in the North East US”, said Danny Moore Chief Operations Officer, Wombat Financial Software Inc.
“We were searching for a location with talented engineers, most notably with C/C++ and Unix skills, but equally important customer facing experience, excellent English language communication skills, work ethic and a service ethos. Belfast scored very high on all these fronts.
Moore added: “The financial assistance from Invest Northern Ireland will help us to invest in key staff, training and infrastructure early in the process. We expect to be able to deliver strategic product and engineering initiatives from Belfast through the second half of 2005.”
Wombat has an exclusive client list including many of the leading Tier 1 investment banks in London and the US, leading hedge funds, market makers and mutual funds.
Wombat joins a growing number of internationally respected organisations such as Citigroup, Oracle and Microsoft which have recently announced the establishment of software development centres in Northern Ireland.