Newry: Tech firm invests over £15m and adds 100 AI jobs

Newry based tech firm First Derivative has announced a £15.3m investment in research and development for people working at the cutting edge of Artificial Intelligence (AI).

Founded by the late Newry businessman Brian Conlon in 1996, but now owned by EPAM, First Derivative is a global consulting firm that provides a range of solutions for the financial services industry.

Although headquartered in Newry, the company has clients around the world and works with around 80 banks.

It also confirmed on Wednesday that it was creating 100 jobs for a new AI and fintech centre of excellence.

Seventy of those jobs will be based in Newry, with the remainder in Belfast.

This will bring the total First Derivative workforce to around 600 people.

Invest NI has provided just over £3m of support for the initiative.

Speaking at the jobs announcement, FD’s Head Andy Colhoun said the investment put the firm at the “forefront of the AI revolution”.

“We are hoping to be at the beginning of an upward curve here,” he said.

“They will be working at the cutting edge of advanced AI technologies that are coming out, solving really complex problems for our clients globally. 12 or 13 of those projects are already underway.”

First Minister Michelle O’Neill and deputy First Minister Emma Little-Pengelly were among those at today’s announcement.

Economy Minister Caoimhe Archibald, who was also present, said: “This will create high-quality jobs that deliver across all of the objectives we have under the economic vision in terms of good jobs, improving productivity and improving regional balance.”

The issue of Invest NI’s performance in relation to regional balance has previously been discussed, with the organisation facing criticism over the level of inward investment in the north west.