A Newry-based financial software start-up will become the first Northern Ireland company in five years to seek a listing on London's Alternative Investment Market (AIM).

A Newry-based financial software start-up will become the first Northern Ireland company in five years to seek a listing on London's Alternative Investment Market (AIM). First Derivatives hopes to raise £2 million sterling (€3.25 million) in a share offering next week on AIM, the UK market for young and growing companies.

It is only the second company in the North to seek an AIM listing. BCO Technologies, the west Belfast silicon wafer manufacturer now owned by Analog Devices, acquired a listing in 1997.

First Derivatives specialises in developing software for the financial sector. Its clients include several US software companies and European banks. It was recently named as Ireland's fastest-growing technology company in the 2001 Deloitte & Touche Technology Fast 50 Awards. The new AIM listing is expected to captialise First Derivatives at around £7 million.

Northern Ireland has a poor track record of producing listed companies which has not been helped by former listed companies such as Mackie International and Powerscreen Internationaldisappointing shareholders.

However, the outstanding performance by Northern Ireland's rising pharmaceutical star, Galen Holdings, and the solid track record of Viridian has helped improve the North's investment profile in the lpast four years.

Mr Brian Conlon, managing director of First Derivatives, said the firm sought a listing to attract increased working capital to finance its future growth.