FIRST DERIVATIVES, the Newry based specialist financial software company, hopes to create 359 new jobs as part of a major expansion drive.

It is the latest ambitious project from a company set up by chief executive Brian Conlon in a spare bedroom 15 years ago and which is currently one of the North’s fastest growing, indigenous software firms.

First Derivatives provides software risk management systems and consulting services to global financial institutions.

Its new investment programme, which is being backed by £5.4 million in financial support from Invest Northern Ireland, aims to expand its core capital markets consulting business.

Once the new jobs are in place, the Newry company will have a workforce totalling 900 people.

First Minister Peter Robinson said yesterday that the company’s latest expansion could deliver a “tremendous boost for the local economy”.

Mr Conlon is confident the project will help his firm to grow its global business significantly over the next three years. He said the company’s strategic goal was to “differentiate itself from its competitors through a unique combination of capital markets domain knowledge and technical expertise in financial services technologies”.

Its key clients operate in Global 100 financial institutions and Deputy First Minister Martin McGuinness believes the company’s success is helping Northern Ireland carve a reputation for itself as a “hub of technical expertise in financial services”.

“The new jobs will generate over £13 million in salaries annually which will feed into the local economy. This is an investment which will have a very positive knock-on effect for our growing financial services and technology sectors,” Mr McGuinness added.