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CyberSource commits £2.8m to Belfast R&D centre

17 February 2010  |  6864 views  |  0 Savings house in hands

US online payment and security outfit CyberSource has committed to spend around £2.8 million in research and development at its centre in Belfast.

The firm says its team of 31 staff at Belfast will use the money over the next three years to design and develop technologies based on Java software to enhance its payment platforms.

Economic development organisation Invest Northern Ireland has offered around £625,000 of support for the initiative, which includes part funding from the European Regional Development Fund.

Michael Walsh, CEO, CyberSource, says: "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."

Meanwhile, Invest Northern Ireland has also committed £355,000 to banking software developer First Derivatives to fund market research and product development. The latest money is on top of a £3 million investment provided last January.

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