Version 1 accelerates growth with Neueda acquisition

24 Jun 2021

Neueda CEO Paddy O’Hagan and Version 1 CEO Tom O’Connor. Image: Version 1

The growing Dublin-founded company will take on Neueda’s valuable client list including major players in capital markets.

In its 12th acquisition to date, Version 1 has acquired Belfast-based digital services specialist Neueda for an undisclosed sum.

This follows a recent announcement that Version 1 would be adding 180 jobs in Northern Ireland.

Following the acquisition of Neueda, Version 1 will have almost 2,000 employees and more than 500 customers. The acquiring company predicts revenue of €200m in the coming year across its operations in Ireland, the UK, Spain and India.

“The acquisition is excellent news for our customers, with Version 1 and Neueda combining our technical capability across our mutual customers in Northern Ireland to continue to deliver excellent customer experiences, while tapping into the breadth of Version 1 resources and services to solve a wider variety of IT challenges and transformations,” said Neueda CEO Paddy O’Hagan.

IT services provider Version 1 set its sights on Neueda for its experience in capital markets. Founded in 2002, Neueda has partnered with companies such as JP Morgan, Citi, Liberty IT, Credit Suisse and Microsoft.

The Belfast company has also been expanding its operations, announcing plans last summer to invest £20m and create 230 new jobs.

Version 1, meanwhile, specialises in bringing digital transformation services to commercial enterprise and public sector organisations. It has secured longstanding relationships in Ireland’s public sector and recent wins in the UK include Highways England, Her Majesty’s Courts and Tribunals Service, the Home Office and Barts Health NHS Trust.

The acquisition of Neueda will add to Version 1’s growing digital and cloud business, adding expertise in digital transformation, trading technology, data analytics, cloud services, Kdb+ and accelerated delivery platforms.

“Neueda’s compatibility with Version 1 in terms of shared company values and a 19-plus year track record of excellence in delivery combined with a deep commitment to its people makes this an excellent match for Version 1,” said Version 1 CEO Tom O’Connor.

“We are excited about the prospect of accelerating our growth ambitions as a combined entity, delivering real differences for our clients, and providing best-in-market career opportunities for the most talented technical minds.”

Neueda’s executive management team, including O’Hagan, will join the Version 1 team to focus on growing the business in Northern Ireland.

Version 1, which was founded in Dublin in 1996, also acquired Dublin-based digital consulting firm Singlepoint last year. This deal was completed during the pandemic, with the integration of the business carried out remotely.

Elaine Burke is the host of For Tech’s Sake, a co-production from Silicon Republic and The HeadStuff Podcast Network. She was previously the editor of Silicon Republic.