Up to 250 jobs are to be created in Londonderrry with the announcement that first-time investor Alchemy Technology Services is to set up a European centre of excellence in the city.
The firm will provide software implementation and technology consultancy to the UK and European insurance sector.
It will also provide certified staff to system integrators, software providers and insurance companies for the implementation of digital solutions across the insurance industry.
Over the next three years the firm aims to recruit 256 people, ultimately generating more than £6 million in salaries in the area.
“The Alchemy management team has extensive knowledge of the insurance sector and in delivering transformation projects,” said Invest Northern Ireland chief executive Alastair Hamilton who announced the investment.
“They have identified a gap in the market to provide a service to the insurance industry and believe Londonderry is the right place to find the talent to meet this need.
“Alchemy is planning to create the new roles in software implementation and technology consultancy over the next three years.
“The majority of the roles will be customer facing with the opportunity to work on projects right across Europe.
“With average salaries in the mid-£20k range, and good opportunities for progression, these are roles that will suit college and university students, as well as graduates.
“Once the project is fully implemented it will generate over £6.5 million in annual salaries, a real economic boost for Northern Ireland, and the North West specifically.”
Government has offered nearly £2.3m of funding to support the creation of the new roles and secure the project for Northern Ireland.
Alchemy founding director John Harkin said the time was right for the firm to come into the market.
“Insurance companies in the UK, and across Europe, are making an unprecedented investment in the digital transformation of their core systems and processes to respond to the changing demands within their marketplace.
“There is a real shortage of specialist skills to respond to this upsurge in digital transformation projects across the insurance industry.
“We plan to help meet that demand by bringing new talent into the industry.”
Mr Harkin said he looked forward to working with the Department for the Economy’s Assured Skills Training programme as the company sought to recruit business and technology orientated graduates and college students with good communication and interpersonal skills for the firm which will be based at City Factory on Patrick Street.
“I am originally from Derry, and have made frequent visits here in recent months as we assessed different locations for this investment.
“I have met with the colleges and university, and numerous students and have been impressed.
“I am confident that this is the right place to set up our business and find the talent we need.”