A software company which started out as a Queen's University research project is to create 60 jobs following the completion of an equity funding round led by venture capital firm Crescent Capital.

Lagan Technologies, the Belfast-based developer of customer relations management (CRM) software, currently employs 50 people, a figure set to double over the next two years.

The funding will be used to expand the sales and marketing operations which focus on the Government, telecommunications, retail and financial services sector.

The company's client list includes Birmingham City Council, Ulster Bank and Guernsey Telecom.

Announcing the funding round yesterday, Crescent Capital investment manager Mr Aidan Langan said the project underlined the growing role of venture capital in local economic development.

"Lagan is one of Northern Ireland's premier indigenous software companies and in leading this latest funding round we were impressed by its proven ability to compete successfully with some of the world's biggest corporations," he said.

Managing director of Lagan Technologies Mr Des Speed said the investment package would enable the company to exploit new opportunities.

"We are confident that Crescent Capital will bring significant added value to our business given its reputation for providing strong management support to its portfolio companies," he said.