Version 1 buys Belfast digital services specialist Neueda

Irish IT services company Version 1 has acquired Belfast digital services specialist Neueda for an undisclosed sum.

The acquisition is Version 1’s 12th to date and brings opportunity for further growth for the company.

Founded in Belfast in 2002, Neueda has expertise in digital transformation, trading technology, data analytics, cloud services, KDB+ and accelerated delivery platforms. It has particular expertise in capital markets, partnering with companies such as JP Morgan, Citi, Liberty IT, Credit Suisse and Microsoft.

‘Skilled and specialised’

The combined businesses will have almost 2,000 employees and more than 500 customers, with projected revenue of €200 million in the next year.

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“This deal brings to Version 1 a highly skilled and specialised technology team with deep expertise in digital transformation, data analytics, trading, cloud services and other key technical consultancy areas which will enable Version 1 to further accelerate our customers’ businesses with IT and enable the public sector to reach citizens more effectively with key services,” said Version 1 chief executive Tom O’Connor. “We are excited about the prospect of accelerating our growth ambitions as a combined entity, delivering real differences for our clients, and providing best-in-market career opportunities for the most talented technical minds.”

Mutual customers

Following the acquisition, the Neueda executive management team will join the Version 1 team, including chief executive Paddy O’Hagan.

"The acquisition is excellent news for our customers, with Version 1 and Neueda combining our technical capability across our mutual customers in Northern Ireland to continue to deliver excellent customer experiences, while tapping into the breadth of Version 1 resources and services to solve a wider variety of IT challenges and transformations, " Mr O'Hagan said.

The acquisition of Neueda follows Version 1's purchase of Singlepoint last year, and the announcement earlier this month of the creation of 180 new high-quality technology jobs by Version 1 in Northern Ireland. The company now has operations in Britain, Ireland, Spain, and India.