Educational publishing company Houghton Mifflin Harcourt, formerly Riverdeep, is to invest €350 million in a global research and development headquarters in Dublin which will create 450 new jobs over the next five years.
The Boston-based company said the centre will be the “focal point” for its eLearning and digital development business.
The first phase of the project will see an additional 200 positions created at its current Irish offices on Tara Street in Dublin over the next two years.
A location for the research and development centre, which will be in the Greater Dublin area, has yet to be decided upon but the company said the facility would employ 450 workers when fully operational.
The company, which acquired publisher Reed Elsevier's US education arm Harcourt in a deal worth $4 billion last year, said the decision to base its research headquarters here was because Ireland provided “the best hub located uniquely between east and west”.
HMH spokeswoman Fiona O’Carroll said: “The Government’s vision to create a knowledge economy and to invest in people, research and innovation has been a key factor in our decision to expand our operation and their significant financial support has allowed us to base this decision on criteria beyond pure economics.”
She said the majority of jobs would be highly technical in nature and would require 3rd or 4th level qualifications and candidates would also require project management and operational skills.
Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan said: “Houghton Mifflin Harcourt is recognised globally as the leader in its marketplace with an unrivalled reputation for technical innovation and excellence in education publishing.
“That it has decided to locate its global R&D headquarters for its eLearning capabilities here is a strong endorsement of Ireland’s reputation for excellence and innovation.”
Houghton Mifflin Harcourt is the world’s largest educational publisher, employing more 6,000 staff.
Last year it generated approximately $2.5 billion in annual revenues and nearly $1 billion in profits.
