Software firm to create 40 jobs at new R-amp;D hub

Wednesday, 22 December 2010

Co DOWN company First Derivatives is set to open a new research and development office in Belfast with the creation of 40 jobs.

The firm, which supplies software and consulting services to global investment banks and hedge funds, will launch the centre in the new year.

The new office will provide a central hub for the development of the company's Delta product suite, used by investment banks, hedge funds and other financial institutions across the world.

First Derivatives' chief technical officer Brendan Duffy said that the centre will help the firm to further deliver systems and products to the global financial services sector.

"Our core team in Belfast comprises some of the most recognisable talent in the financial services industry," he said.

"We believe this combination of skill and enthusiasm will propel First Derivatives to be the leading company in its sector".

Brian Conlon, founder and chief executive of First Derivatives, added: "First Derivatives has invested heavily in research and development in recent years and the provision of software services is an increasingly important part of our business.

"The opening of a dedicated centre in Belfast will further strengthen our position as a market leader in this field."

The new Belfast office will be based at 11-13 Gloucester Street, Belfast.

First Derivatives currently employs over 500 people with staff based in every major global financial centre.

While the Belfast office is the first expansion in Northern Ireland outside the company headquarters outside Newry, the firm also operates from offices in the rest of the UK, the Republic of Ireland, the United States, Canada and Australia.

Along with UTV and Andor Technologies, First Derivatives is one of the few companies in Northern Ireland to be listed on the Stock Exchange. It was set up in 1996 and floated on the Alternative Investment Market in 2002.

Mr Conlon, who was named Ernst -amp; Young's Entrepreneur of the Year for 2010, sold a total of 869,706 ordinary shares in the company or 5.5%, worth £3.6m, at the start of December. He retains a 49.6% shareholding which at today's prices is worth over £36m.