Posted on Monday 30 June 2014 by Ulster Business

First derivatives creates 484 high paying jobs in newry

Brian Conlon, chief executive and founder of Newry company First Derivatives

A Newry financial software company has announced plans to create 484 jobs which will pay wages nearly twice the Northern Ireland average.

The posts at First Derivatives will generate over £22m a year in salaries in total, a figure which works out at more than £45,000 a year on average for each job compared to the average full time salary here of £24,000.

Most will be IT-related roles split between First Derivatives core business - which provides trading and risk management software systems to companies trading stocks, shares and other derivatives - and subsidiary Market Resource Partners - which designs marketing programs for the technology industry.

Brian Conlon, CEO, First Derivatives plc said the extra headcount will help the company continue its expansion into overseas markets.

“These investments will substantially increase the capacity of First Derivatives and enable the Group to develop new business in export markets,” he said. “Critical to the success of our business is the quality of staff, and we know from experience that we can recruit excellent staff locally. Invest NI’s ongoing support continues to be essential to our growth plans.”

The business development agency has offered £3.9m worth of support to First Derivatives, around £8,000 for each job.

Enterprise, Trade and Investment Minister Arlene Foster said the expansion is answering the agency’s .

“One of Invest NI’s key objectives is to support the creation of high value jobs with salaries above the Northern Ireland average, such as those being created by First Derivatives today, as these will ultimately help to rebuild and rebalance our economy.”

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