First Minister , deputy First Minister
and Economy Minister
Dr have announced that
First Derivative is investing £15.3 million in R&D and jobs
at a new AI and Fintech Centre of Excellence.
First Derivative, an EPAM company, is a global consulting firm
that provides a range of solutions for the financial services
industry. Its client base includes many of the world's top
financial institutions.
Welcoming the investment while visiting the company's HQ in
Newry, First Minister, said: This investment is a
huge vote of confidence in Newry, our people and the potential of
this city. First Derivative has deep roots here and has shown
that a world-class company can be built in Newry and compete
globally.
This £15.3 million R&D investment will put First Derivative
at the forefront of AI innovation and create 100 high-quality
jobs, including 70 in Newry. Importantly, these jobs were secured
against international competition, with support from Invest NI
and the Department for the Economy.
AI is transforming economies around the world, and we want the
North to help shape that future by providing ethical, fair, and
responsible AI solutions. This investment is regional balance in
action, turning innovation into investment, creating good jobs in
our communities and giving more people the opportunity to build
their careers and their future at home.
Speaking at the announcement in Newry, deputy First Minister
said: "This is great
news for Newry and a real testament to the strength of our tech
talent pipeline here in Northern Ireland.
"First Derivative is a local success story, and this Centre of
Excellence demonstrates the confidence that leading businesses
have in our workforce and our potential to lead in AI and fintech
innovation. The fact that this local company has grown into a
global player, while continuing to invest and create jobs here,
speaks to the strength of what we have to offer.
"By working together with industry partners like First
Derivative, we can deliver real opportunity for people in Newry
and right across Northern Ireland, while further cementing our
position on the global stage as a home for advanced technology
and innovation."
As part of the investment the company plans to create 100
new jobs. 70 of the new jobs will be based at First Derivative's
HQ in Newry while the remainder will be based at its Belfast
office.
Minister Archibald said: This is fantastic news for the north and
demonstrates the confidence that leading international companies
have in our skilled workforce and innovation ecosystem.
AI offers significant opportunities to boost productivity, drive
innovation and create high-quality jobs. While the pace of
technological change presents challenges across the economy,
investments such as this demonstrate AI's potential to support
growth, enhance competitiveness and create rewarding career
opportunities.
The creation of 100 high-quality jobs will provide exciting
opportunities for people to build careers in AI and FinTech,
particularly in the Newry, Mourne and Down area. This investment
supports my priority of achieving greater regional balance by
creating high-value employment and innovation opportunities
outside Belfast and ensuring economic prosperity is shared
across the north.
First Derivative will carry out R&D to develop new process
and technology solutions for blue chip clients that will enable
the company to enhance its competitiveness.
Andrew Colhoun, Head of First Derivative said: This investment
reflects our tech-first strategy, where innovation is at the
heart of how we operate and deliver for our clients. We see a
significant opportunity to harness advanced technologies,
particularly AI, to modernise operations and improve efficiency.
Establishing our Centre of Excellence is an important step in
realising that vision. The centre will bring together our
expertise and specialist skills with AI software solutions that
our clients can integrate seamlessly into their existing systems.
Andrew added: Ultimately the centre will help us be better
positioned to solve complex client challenges and increase
productivity. At the same time, this investment strengthens our
presence in Northern Ireland and allows us to tap into the strong
and growing talent base on offer here.
Invest NI has offered the company an R&D grant of £3,204,190,
helping to secure this significant investment for Northern
Ireland ahead of other potential locations.
Kieran Donoghue, Chief Executive of Invest NI said: We are
delighted that First Derivative has chosen Northern Ireland as
the location for this significant investment, following strong
international competition. Securing this project is a clear
endorsement of the skilled workforce in Newry and Belfast, our
competitive business environment and growing reputation as a
centre for advanced technology.
It also builds on our long-standing partnership with First
Derivative. Our previous support has helped the company to invest
in management development, technical skills and functional
training. This combination of investment in people and innovation
is key to securing long-term growth, and we look forward to
continuing to support First Derivative as it expands here.
Invest NI's R&D support for this project is part funded by
the UK Government Shared Prosperity Fund (SPF).
