First Derivatives, a financial services software and consultancy services provider, is to create 359 jobs in Northern Ireland.

The Newry, Northern Ireland-based company is embarking on the recruitment drive after receiving £4.3 million funding from Invest Northern Ireland, the Northern Ireland Economic Development Agency.

It will help to address the fact that the ICT jobs market in Northern Ireland is experiencing a greater skills shortage than the rest of the UK, according to recent e-skills UK research.

First Derivatives is planning to create 347 consultancy and operations jobs, and 12 new managerial positions over the next three years, to aid the expansion of its capital markets consulting division.

The new staff will increase the total number of employees at the company to 900.

On its website, the company says it is also investing heavily in its product development teams in Newry, Belfast and Dublin. It is looking for software engineers, with a minimum of 2.1 degree and at least four years’ development experience, to fill job vacancies such as flex developer, High Performance Computing consultant, and developers in Java, C#, C, and VBA.

The recruitment drive follows US-based networks company Ciena’s plans to cut up to 60 jobs at its County Antrim factory in Northern Ireland, as part of its plans to relocate the work.