A £15.3m investment in AI and fintech services is set to bring 100 jobs to Northern Ireland.
The funding will support the creation of a new AI and Fintech Centre of Excellence at First Derivative’s headquarters in Newry.
The money will be used to support the research and development of services as well as new jobs.
“This investment reflects our tech-first strategy, where innovation is at the heart of how we operate and deliver for our clients,” Andrew Colhoun, Head of First Derivative, said.
“We see a significant opportunity to harness advanced technologies, particularly AI, to modernise operations and improve efficiency,” he explained.
“Establishing our Centre of Excellence is an important step in realising that vision.
Pictured (l-r) at the investment announement are Economy Minister Dr Caoimhe Archibald, First Minister Michelle O’Neill, Andrew Colhoun, Head of First Derivative, Deputy First Minister Emma Little-Pengelly and Kieran Donoghue, Chief Executive of Invest NI“The centre will bring together our expertise and specialist skills with AI software solutions that our clients can integrate seamlessly into their existing systems.”
Mr Colhoun 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.”
The global consulting firm, which provides solutions for the financial services industry, announced its investment plans this week, which are supported by the Northern Irish Government.
“This investment is a huge vote of confidence in Newry, our people and the potential of this city,” First Minister, Michelle O’Neill said as she visited First Derivative’s Newry offices.
“First Derivative has deep roots here and has shown that a world-class company can be built in Newry and compete globally,” she added.
“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.”
As part of the investment the company plans to create 100 new jobs - 70 of which will be based at First Derivative’s HQ in Newry, while the remainder will be based at its Belfast office.
“This is fantastic news for the North and demonstrates the confidence that leading international companies have in our skilled workforce and innovation ecosystem,” Northern Ireland’s Economy Minister Dr Caoimhe Archibald said:
“AI offers significant opportunities to boost productivity, drive innovation and create high-quality jobs,” she added.
“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.”
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