A technology firm based in Newry is to create over 350 new jobs, it was announced today.

First Derivatives already provides software, risk management systems and consulting services for global financial institutions, but is expanding its core capital markets consulting business.

Invest NI has offered £4.3 million of support towards the expansion project.

First Minister Peter Robinson and Deputy First Minister Martin McGuinness welcomed the announcement.

Mr McGuinness said the wages accompanying the jobs would feed millions into the local economy. “First Derivatives is part of an important and growing hub of technical expertise in financial services which continues to attract international attention and investment at a critical time for our economy,” he said.

The new jobs will generate over £13 million in salaries annually which will feed into the local economy, he said. “This is an investment which will have a very positive knock-on effect for our growing financial services and technology sectors.”

Mr Robinson said the creation of 359 quality jobs “is a tremendous boost for the local economy”.

First Derivatives is one of the fastest-growing firms of its kind in the world and its clients are largely Global 100 financial institutions.

PA