Minister for the Economy in Northern Ireland Diane Dodds has announced that Belfast based AquaQ Analytics is creating 123 new jobs as part of a £8.3m investment.

Enterprise software development firm AquaQ Analytics specialises in database solutions for capital markets sector clients.

It provides Big Data expertise to blue-chip clients across multiple industries, including specialist data management, data analytics and data mining services.

The company’s expansion will double its workforce, a move hoped to strengthen its position in export markets and diversify into new sectors.

Once in place, Dodds said the jobs will contribute over £3.2m of annual salaries to the Northern Ireland economy.

Making the announcement, Dodds said: “This significant reinvestment by AquaQ Analytics is welcome news as we work to rebuild the economy post-pandemic. The potential of our digital sector was at the core of my recently published medium term economic recovery plan. ‘

“Big Data is a rapidly growing area of Northern Ireland’s tech sector. It is important to utilise and optimise data to obtain valuable business information that will help to revive industry sectors like hospitality and tourism following COVID-19.

The firm has secured 35 new employees and is still recruiting  software engineers, Kdb+/q developers as well as Data and Business Analysts.

Jonny Press, CTO at AquaQ Analytics, said: “The area of Big Data technology is something that we recognise will be of great importance to the wider tech sector, particularly as companies look at new ways to innovate due to COVID-19.”

Invest NI is now offering the company £861,000 of support towards the creation of the new jobs.

Brian Dolaghan, Executive Director of Business and Sector Development at Invest NI, welcomed the company’s investment.

He said: “We have a long standing relationship with AquaQ Analytics and are pleased to continue supporting the company as it strengthens its presence in Northern Ireland.”