A new Belfast-based technology company, Meridio, which boasts Japanese electronics giant Fujitsu among its shareholders, will create 120 jobs in a new £11.3 million sterling (€18.8 million) investment.
Meridio aims to market and capitalise on the initial success of a document and management software product that was previously developed by Kainos, another Northern-based firm. IBI Corporate Finance led the fund-raising for the new company, which attracted £1.35 million from the North's Industrial Development Board (IDB) in the form of share capital.
Sir Reg Empey, the North's Minister of Enterprise, Trade and Investment, said Meridio's success in attracting backers such as Fujitsu was significant because it represented an "endorsement" of the company.
Meridio currently employs 45 people in the North and 10 people in Europe and has plans to recruit additional staff.
Mr Frank Graham, the chief executive of Meridio, was formerly managing director of Kainos. He is confident the company will succeed despite the recent problems suffered by the technology sector because he said the product had a successful track record and had already been sold to international customers.
"We see a substantial growth opportunity in a marketplace which has not been seriously affected by recent difficulties in the industry and is projected to grow by 31 per cent annually to reach $4 billion by 2004," Mr Graham said.
He said the Meridio product was currently used by financial institutions such as Cheltenham and Gloucester plc and First Active Bank. It also lists the Belgian government and Toyota among its major customers.
