First Derivative’s new owners invest in Newry
EPAM, the new owners of First Derivative, have demonstrated their intention to invest in First Derivative Newry-based services by commissioning the development of new client service facilities that will support business-critical systems for some of the world's largest banks.
EPAM, a Pennsylvania-based digital technology firm, bought First Derivative from FD Technologies for £230m recently.
The deal, after expenses, returned about £205m to FD Technologies.
The money will used to pay off £20m of debt, support the KX business plan and return some money to shareholders.
Balazs Fejes, Global CRO, Ben Brinkworth, Head of Financial Services EMEA and Amit Singhal Head of delivery EMEA met David Collins, CEO First Derivative and the FD leadership team in Newry to discuss growth plans and future investment post the completion of the acquisition.
To highlight the global significance of the Newry operation, First Derivative hosted a live stream event from the bustling Newry offices, reaching thousands of employees worldwide for EPAM and First Derivative. David Collins and Balazs Fejes discussed their shared vision for the future of the company.
David Collins said, “This is all about synergy between the two firms, we now have access to a much larger client base which could easily see us double the team here in Newry.
"The potential here for growth is huge.”
Balazs Fejes said, “The services delivered from Newry are crucial to our clients. We're excited to continue growing the talented team in Northern Ireland.”
First Derivative's investment in Newry not only strengthens its commitment here but also continues to create valuable job opportunities for the local community and beyond.
The investment will further solidify the company's commitment to Northern Ireland.