Enterprise Minister Arlene Foster today announced a major investment by Newry-based First Derivatives plc, supported by Invest Northern Ireland.
Generating an additional £11.6million in wages and salaries in the first two years through the creation of 132 new consultancy positions and 10 new managerial posts, the investment will facilitate further global growth for First Derivatives plc.
Invest NI has offered over £3million to support the project which includes an element of staff skills development, part funded by the European Regional Development Fund (ERDF).
First Derivatives plc is a leading provider of consultancy and software solutions to the capital markets industry. Focused on financial institutions, the company develops, implements and supports a broad range of mission critical trading and risk management systems across front, middle and back-office operations.
Making the announcement, the Minister said: “Since it was established in 1996, First Derivatives plc has rapidly grown into one of our most innovative and successful export companies, employing over 100 people in highly specialised positions. Central to its success has been a focus on the continuous development of its consultancy services and software portfolio which have attracted most of the world’s largest financial institutions as clients.
“Working with Invest NI, this latest investment will support the company’s export strategy for the global financial services sector. It is geared towards creating an additional 142 new highly specialised consultancy and managerial posts, generating an additional £11.6million in wages and salaries over the next two years.
“This is extremely positive news from a home grown company at a time where many local firms are feeling the effects of the global economic downturn.”
Brian Conlon, CEO, First Derivatives plc, added: “Over the last 12 years, First Derivatives has developed a recognised brand in the financial services sector. Our niche products and services continue to enjoy strong demand. Critical to this success has been innovation across all areas of the business, as well as significant investment in training and development.
“Our consultancy services help institutions within the capital markets industry to develop, implement and support a broad range of trading and risk management systems across front, middle and back office operations. Ultimately, this results in streamlined operations, reduced costs and enhanced risk management - critical factors at any time but particularly in the current economic climate.
“This proposed investment, supported by Invest NI, will facilitate our global growth plans and ensure that First Derivatives plc is competitive in export markets.”