Northern Irish financial software company First Derivatives is to create 142 new jobs in a move that will generate additional £11.6m sterling in wages and salaries in the first two years.
The financial software firm will create 132 consultancy positions and 10 managerial posts.
Invest NI has offered over £3m sterling to support the project, which includes an element of staff skills development, part-funded by the European Regional Development Fund (ERDF).
First Derivatives 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.
“Since it was established in 1996, First Derivatives has rapidly grown into one of our most innovative and successful export companies, employing over 100 people in highly specialised positions,” said Northern Ireland enterprise minister Arlene Foster.
“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 highly specialised consultancy and managerial posts, generating an additional £11.6m in wages and salaries over the next two years.
“This is extremely positive news from a home-grown company at a time when many local firms are feeling the effects of the global economic downturn,” Foster said.
Brian Conlon, CEO, First Derivatives, said that over the last few 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 is competitive in export markets,” Conlon said.
By John Kennedy