Version 1 acquires Neueda to create 'one of NI's largest expert tech businesses'

  • Irish tech firm Version 1 has acquired Northern Ireland-headquartered digital services firm, Neueda for an undisclosed sum. 

    The purchase is the 12th for Version 1 to date - the last of which was its acquisition of Singlepoint last year - and is aimed to help it create one of the largest expert technology businesses in NI.

    Founded in Belfast in 2002, Neueda has long-standing relationships with customers across the public and private sectors. It has particular niche sectoral expertise in capital markets, partnering with global companies including JP Morgan, Citi, Liberty IT, Credit Suisse and Microsoft.

    Multinational IT services provider, Version 1 said as its customers accelerate their digital transformation, the acquisition adds additional scale and capabilities to its rapidly growing digital and cloud business to meet this demand.

    Neueda brings expertise in Digital Transformation, Trading Technology, Data Analytics, Cloud Services, KDB+, and Accelerated Delivery Platforms.

    Combined, the businesses will have almost 2,000 employees, more than 500 customers and projects revenue of €200m in the next year with operations in Ireland, the UK, Spain, and India.

    RELATED: Version 1 announces 180 new Belfast jobs

    Following the acquisition, the Neueda executive management team, including Chief Executive Officer Paddy O’Hagan, will join the Version 1 team.

    It follows the announcement earlier this month of the creation of at least 180 new high-quality technology jobs by Version 1 in Northern Ireland, of which 120 will come through a new Assured Skills Academy being run by Belfast Met.

    Version 1 CEO Tom O’Connor said that "Neueda’s compatibility with Version 1 in terms of shared company values and a 19+ year track record of excellence in delivery combined with a deep commitment to its people (as evidenced by its Great Place to Work status) makes this an excellent match for Version 1.

    "We are excited about the prospect of accelerating our growth ambitions as a combined entity, delivering real differences for our clients, and providing best-in-market career opportunities for the most talented technical minds," he continued.

    “This is a very exciting time for Version 1 and Neueda, our collective teams, customers and partners. Together we will provide market-leading Digital, Data and Cloud services from our deep talent pool, through our enhanced IP and diversified customer base.”

    RELATED: Health & Wellbeing at Version 1

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