A south Down-based company it is to create almost 360 jobs in the border city of Newry.

First Derivatives has told the London Stock Exchange the posts will be filled over the next three years and will bring the total workforce at the company to 900.

First Derivatives provides computer software and consultant services to global investment banks and hedge funds.

Now, Invest Northern Ireland has provided £4.3m to help fund the expansion with the company filling 347 new consultancy and operations posts and 12 managerial positions.

Brian Conlon, Chief Executive of First Derivatives, said: "This support from Invest NI will help us to execute an aggressive growth strategy that will capitalise on the opportunities we are being presented with from our global client base."

The Stormont First Minister, Peter Robinson and the Deputy First Minister, Martin McGuinness were on hand today as they announced the major investment.

Peter Robinson said: "First Derivatives is one of our most successful indigenous software companies, which has fuelled its growth by continuously developing and delivering innovative products and services in the complex and technically challenging financial services arena.

"Creating 359 quality jobs in this high value sector with support from Invest NI, this significant investment is a tremendous boost for the local economy."

Deputy First Minister Martin McGuinness said: "First Derivatives is part of an important and growing hub of technical expertise in financial services which continues to attract international attention and investment at a critical time for our economy.

"The new jobs will generate over £13m 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."

First Derivatives is recognised as one of the fastest growing capital markets vendors in the world and its clients are largely Global 100 financial institutions.

Brian Conlon, boss of First Derivatives continued: "First Derivatives' strategic goal is to differentiate itself from its competitors through a unique combination of capital markets domain knowledge and technical expertise in financial services technologies.

"With this expansion we are substantially increasing our capacity in the area of capital markets consulting with the aim of growing our global business significantly over the next three years."

Also adding her voice, NI Enterprise Minister Arlene Foster, added: "Supporting the creation of high value jobs with salaries significantly above the Northern Ireland average is a key corporate focus for Invest NI, as is encouraging export growth.

"First Derivatives' investment supported by Invest NI combines both of these elements by creating quality jobs to help it target markets in Europe, North America and the Asia Pacific region."

(BmcC/GK)