First Derivative has announced it is investing £15.3 million in research and development through a new AI and fintech centre of excellence, supported by a £3.2 million Invest NI grant. It matters because the firm is explicitly building the centre to modernise its own operations and improve efficiency, rather than positioning AI purely as a product it sells outward to clients.

First Derivative is a Newry-headquartered global consulting firm providing technology and process solutions for the financial services industry, employing around 600 people across offices in Europe, North America and Asia Pacific. Since December 2024 it has been owned by NYSE-listed EPAM, a Pennsylvania-based digital engineering and transformation company.

The investment will create 100 new jobs, with 70 based at First Derivative's Newry headquarters and the remainder in Belfast, bringing the firm's overall headcount to around 600.

The centre will develop new process and technology solutions for blue chip financial services clients, aimed at enhancing First Derivative's own competitiveness rather than only expanding its service catalogue.

First Derivative head Andrew Colhoun said: "This investment reflects our tech-first strategy, where innovation is at the heart of how we operate and deliver for our clients." He added: "We see a significant opportunity to harness advanced technologies, particularly AI, to modernise operations and improve efficiency. Establishing our centre of excellence is an important step in realising that vision."

Colhoun said the centre will bring together First Derivative's expertise and specialist skills with AI software solutions that clients can integrate seamlessly into their existing systems, tying the internal operational upgrade directly to client-facing delivery.

Invest NI chief executive Kieran Donoghue said: "We're delighted First Derivative has chosen Northern Ireland for this significant investment, following strong international competition. It's a clear endorsement of the skilled workforce in Newry and Belfast, our competitive business environment and our growing reputation as a centre for advanced technology."

For the sector, First Derivative building an AI centre to fix its own operating model before scaling it to clients signals that consulting firms increasingly need to prove internal efficiency gains before they can credibly sell the same transformation externally.

Source: Irish News