Foster announces £2.8million investment by Cybersource

Enterprise Minister Arlene Foster today announced US based, CyberSource’s plans to invest almost £2.8million, in R&D at its Belfast centre.

CyberSource is a world leader in the development of payment-management solutions with approximately 295,000 customers worldwide. Over the next three years, CyberSource’s Belfast team will design and develop cutting edge technologies based on Java software to enhance its payment platforms.

Invest Northern Ireland has offered over £625,000 of support for this initiative, which includes part funding from the European Regional Development Fund (ERDF).

Announcing the investment the Minister said: “This further investment by CyberSource, a world-leading technology company, underlines its confidence in Northern Ireland’s skills base.

“Innovation is at the heart of CyberSource’s success and is also key to economic growth. Projects like this contribute to the development of high level R&D capability in Northern Ireland, and will further strengthen our IT and financial services sectors.”

Michael Walsh, President and CEO of CyberSource, added: “The level of talent and energy our Belfast team has brought to the organisation has exceeded our expectations. As the team grows, it will play a central role in achieving the strategic objectives of the company.”

Notes to editors

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1. CyberSource is investing £2,796,670 in research and development. Invest NI has offered £625,967 of support through its Grant for R&D programme which is part funded by the European Regional Development Fund under the Sustainable Competitiveness Programme for Northern Ireland.
2. CyberSource set up the Belfast R&D centre in 2008. It currently employs 31 staff there and over 600 worldwide.
3. For media enquiries, please contact DETI Press Office on 028 9052 9297. Out of office hours please contact the duty press officer via pager number 07699 715 440 and your call will be returned.