Newry company announces fifty jobs for new graduates
August 10, 2010
by Brónagh Murphy
Newry company First Derivatives, a leading provider of software and support services to the financial services industry, has announced that it has created fifty positions for new graduates.
The announcement was made earlier today (Monday) when Regional Development Minister and MP, Conor Murphy, paid a visit to the firm’s city centre headquarters.
Speaking at the event, Mr Murphy said the announcement is ‘wonderful news’ and represented a ‘major achievement during a time of unprecedented economic challenges’.
“This announcement is wonderful news for Newry. The fact that a local firm of international repute has continued to put its faith in graduate hires is to be commended. I congratulate everyone joining today and hope your career takes off as First Derivatives grows from strength to strength,” Mr Murphy said.
“The North’s political and economic leaders have long known that we must continue the transformation from manufacturing and services to a high value knowledge based economy. Trying to compete on cost with developing countries across the globe will not generate the growth that our local economy requires. Job creation is no longer a simple numbers game. We must take a more strategic approach and ask, are we creating jobs that will be here in 10 years time?
“First Derivatives is a locally based firm, with strong Newry foundations, increasing their presence in Dublin, London, the US, Canada, Australia and Asia. I wish them continued success and given the drive of their management team, I am sure they will achieve just that,” he added.
First Derivatives is enjoying unrivalled success in recent times and just last week its acquisition of a Canadian company was announced. It bought Toronto-based company LakeFront Data Ventures (LDV), a financial data advisory firm. Its clients include investment banks, pension funds, rating agencies and hedge funds. First Derivatives said the deal will extend its data management capabilities in the enterprise and reference areas. The deal, of undisclosed size, is being paid for through a mixture of cash and shares.
Brian Conlon, Chief Executive of First Derivatives said: “Our clients’ strategic plans with respect to data management are expanding dramatically and adding LDV will augment First Derivatives’ ability to address these growing requirements.”
First Derivatives has made a series of acquisitions over the last 18 months.
It employs about 450 people and last year made a profit of £4m on sales of about £26m.