Business

IT firm's expansion will create 500 jobs

ONE of Northern Ireland's most successful companies First Derivatives is to expand with almost 500 new staff.

The Newry based IT firm will take on 484 new workers as part of a growth initiative which has attracted £3.9 million from Invest NI.

The jobs will be paid well in excess of the median wage in the north, with salaries averaging more than £45,000.

It will take the total number working at First Derivatives in Belfast, Dublin, London, New York, Philadelphia, Hong Kong, Tokyo, Singapore and Sydney to almost 1,400.

First Derivatives - one of only two Northern Ireland companies on the London Stock Exchange - provides trading and risk management software systems and consulting services for multinational financial institutions and technology vendors.

The news is the latest in a long line of large scale job announcements, many at the higher end of the wage spectrum.

First Derivatives CEO Brian Conlon said the investment "will substantially increase the capacity of First Derivatives and enable the group to develop new business in export markets".

"Critical to the success of our business is the quality of staff, and we know from experience that we can recruit excellent staff locally. Invest NI's ongoing support continues to be essential to our growth plans," he said.

First Minister Peter Robinson said the positions would "generate over £22m a year to the local economy in salaries and provide high quality employment opportunities.

"The Northern Ireland Executive has made growing our economy its number one priority and through continued job creation and expansion by companies such as First Derivatives Group we will meet that goal.

"First Derivatives is one of Northern Ireland's most successful indigenous software companies and should be commended on its remarkable achievements in what is a highly competitive global market."

Deputy First minister Martin McGuinness said it was "another sign the executive's plans for jobs and investment are working".

He said the announcement was "a clear indication that First Derivatives remain responsive to the evolving needs of global markets. They are a local company with an international reputation for quality of services and everyone involved should be proud of their achievements."

Enterprise minister Arlene Foster said: "One of Invest NI's key objectives is to support the creation of high value jobs with salaries above the Northern Ireland average, such as those being created by First Derivatives today, as these will ultimately help to rebuild and rebalance our economy."

Ulster Unionist MLA Danny Kennedy said First Derivatives' story was "one of tremendous growth and expansion which is of great credit to the local founder and chief executive of the company, Brian Conlon."

Judith Cochrane of the Alliance Party said it was "further evidence that our economy is beginning to recover following the financial downturn."

Michael Noble, chief executive of IT sector body Monentum said the announcement was "obviously great news for Northern Ireland and this combined with recent job announcements demonstrates that the target of 20,000 new professional jobs articulated in our recently launched Digital Action Plan is achievable".

Earlier this year, First Derivatives posted an increase in profits, up 29 per cent to £7.9m before tax.

It came after the business enjoyed a 24 per cent rise in turnover to £69.9m for the 12 months to the end of February.

Mr Conlon founded the company 18 years ago with a £5,000 loan from a credit union.

* INVESTMENT: First Derivatives provides trading and risk management software systems and consulting services for multinational financial institutions and technology vendors. Right, Deputy First Minister Martin McGuinness , Brian Conlon, CEO of First Derivatives, Kevin Cunningham (MRP) and First Minister Peter Robinson