Minister annouces £3.5Million expansion by Londonderry companyThursday, 6 November 2008
Leading business process software innovator Singularity is investing over £3.5million to expand its operations and create 62 jobs in Londonderry and Belfast.
The investment by the company, which was founded in Londonderry in 1994, was announced today by Enterprise Minister, Arlene Foster, as she visited the company’s premises in the North West. The project is being supported by Invest Northern Ireland and the European Regional Development Fund (ERDF).
The minister said: “This significant investment by one of our leading software companies brings many benefits including high quality jobs, new product development with associated intellectual property, and increased exports. It also further raises Northern Ireland’s profile as a centre of excellence in high performance software production.”
The investment aims to accelerate Singularity’s growth in the rapidly expanding Business Process Management (BPM) market. The company is planning to develop new products for this market and to expand its presence in the telecoms, capital markets and government market sectors in the UK, US and Far East.
Arlene Foster continued: “Singularity is an indigenous company which has become internationally successful in a highly competitive area. It is considered to be one of the market leaders in this sector and its technical ability is highly respected. Singularity’s strong focus on innovation, research and development has been the key to its achievements and will be the cornerstone of its continuing success.”
Invest NI’s support for the investment includes over £500,000 in training assistance via the European Regional Development Fund (ERDF) to increase management and staff skills and support graduate development.
Singularity employs over 200 staff across its offices in Londonderry, Belfast, London, New York, Singapore and Hyderabad in India. The jobs created by the investment will be spread across Londonderry and Belfast, bringing the total Northern Ireland staff to 161, up from the current 99, and bringing staff numbers worldwide to over 300.
Padraig Canavan, Singularity’s Managing Director, said: “We compete at the highest levels internationally and consistently win. Our ability to do that is based on hiring the best people and continuously focusing on what our customers want. We have achieved a lot, but we have even greater ambitions for the future and we look forward to increasing our workforce in Northern Ireland as the company expands through this project announced today.”
Notes to Editors:
1. Invest NI has offered total assistance of £1.281million, which includes training assistance of £573,683 part funded by the ERDF.
2. The investment will create 43 jobs in Londonderry, and 19 in Belfast.
3. Founded in Derry City in 1994 and privately owned by senior management and staff, Singularity employs over 200 people globally and achieved a turnover of over £15million in its last financial year.
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