Neueda develops a range of software solutions for its public, private sector and Capital Markets clients globally.
It has experienced major revenue growth year on year and has previously made it on to the Deloitte Technology Fast 50 list.
Announcing the major investment, Economy Minister Diane Dodds said, “Neueda is a Northern Ireland company to be proud of.
“It was established in Belfast in 2006 and has grown exponentially since then.
“This current expansion is a renewed commitment to its Belfast headquarters and sends out a clear and unequivocal message that Northern Ireland is very much open for business.
“The jobs will be created in a sector in which our economic recovery plan has identified as an area where Northern Ireland can lead,” she continued.
“The digital sector currently underpins many other sectors and has the potential to grow rapidly providing more and better-paid jobs.
“These jobs will contribute over £10million in additional annual salaries to the local economy.
The Economy Minister added, “I would like to commend Neueda on taking further steps to grow its business in such challenging times and I wish it every success for the future.”
Invest Northern Ireland has been working in partnership with Neueda for eight years and has offered advice and expertise to help it grow to scale.
This new offer of £2.2million will support the creation of 230 jobs, which will include software engineers, Digital Transformation professionals, cloud solution experts as well as increased sales capabilities.
COO of Neueda, Paddy O’Hagan said, “We continue to be impressed by our local talent and as we expand our Belfast team we are keen to showcase Neueda’s expertise to the world and enhance and expand our portfolio of products and services.
“Invest NI’s support has been instrumental in our journey so far, without it we wouldn’t have been able to scale up at the pace we have.
“Our vision is to significantly grow our customer base outside Northern Ireland and this investment will give us the resources we need to achieve this ambitious growth strategy.
“We hope to drive sales in the US, GB, mainland Europe and eventually into Asian markets where we see an abundance of opportunities for our services,” he added.
To accommodate its expansion plans, the company moved to new premises in Lanyon Towers in late 2019.
Currently, its staff are working from home at full capacity delivering for its clients.
Congratulating the company, Invest NI’s CEO, Kevin Holland, said, “With a first-class management team and a clear vision for the future, Neueda is an excellent example of how a local company with the drive, strategy and ambition to grow, can become a well-known leader in its field.
“We first began working with Neueda in 2012 when it employed just nine people.
“Now, helped by our support, ongoing advice and its participation in our Scaling Programme, the company is announcing another large expansion taking its employment to over 450.
“This latest expansion comes just three years after a £12million investment in 2017, which we also supported, and I am confident Neueda will continue to grow further.
“The company’s continued ambition and focus on external markets is exactly what we are looking to foster through our Scaling Programme.
Kevin added, “Its success is a great example of what this targeted support can help a company achieve – turning a once SME into a large-scale home-grown business.”