Newry-based tech firm First Derivative has announced a £15.3 million investment in research and development for people working at the cutting edge of artificial intelligence.

Founded by the late Newry businessman Brian Conlon in 1996, First Derivative has since December 2024 been owned by NYSE-listed EPAM, a global digital engineering and transformation company based in Pennsylvania.

First Derivative is a global consulting firm that provides a range of solutions for the financial services industry, with clients around the world and around 80 banks among its customer base. The investment, supported by an R&D grant of just over £3 million from Invest NI, will fund a new AI and fintech centre of excellence.

The company confirmed it was creating 100 jobs for the centre, with 70 based in Newry and the remainder in Belfast, bringing its total workforce to around 600 people. Andy Colhoun, Head of First Derivative, said the investment put the firm at the "forefront of the AI revolution." He added: "We are hoping to be at the beginning of an upward curve here. They will be working at the cutting edge of advanced AI technologies that are coming out, solving really complex problems for our clients globally. Twelve or 13 of those projects are already underway."

Colhoun also said the centre would bring together the firm's expertise and specialist skills with AI software solutions that clients can integrate seamlessly into their existing systems, describing the move as reflecting First Derivative's tech-first strategy, where innovation is central to how the business grows.

The structural driver is the intensifying international competition for AI-focused financial services talent, which is pushing established consultancies to build dedicated centres of excellence in existing regional hubs rather than expanding through new locations.

For the sector, this signals continued investment by global financial services consultancies in Northern Ireland's established technology talent base, with grant-supported expansion reinforcing existing headquarters rather than shifting operations elsewhere.

Source: bbc.com / irishnews.com / newsletter.co.uk