24 June 2021 News
Version 1, a leading technology and digital transformation provider, has accelerated its growth and added to its global customer base with the acquisition of Northern Ireland based digital services specialist, Neueda.
The purchase, for an undisclosed sum, is the 12th for Version 1 to date and will help it meet ambitious growth plans, particularly in capital markets where the newly-acquired company Neueda specialises, and create one of the largest expert technology businesses in Northern Ireland.
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 leading companies including J.P.Morgan, Citi, Liberty I.T., Credit Suisse and Microsoft.
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, with Neueda bringing expertise in Digital Transformation, Trading Technology, Data Analytics, Cloud Services, KDB+, and Accelerated Delivery Platforms.
Combined, the businesses will have almost 2000 employees, more than 500 customers and projects revenue of €200 million in the next year with operations in Ireland, the UK, Spain, and India.
Following the acquisition, the Neueda executive management team, including Chief Executive Officer Paddy O’Hagan, will join the Version 1 team, focusing on bringing technology leadership to grow its Digital and Cloud Practice in Northern Ireland.
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: “This deal brings to Version 1 a highly-skilled and specialised technology team with deep expertise in Digital Transformation, Data Analytics, Trading, Cloud Services and other key technical consultancy areas which will enable Version 1 to further accelerate our customers’ businesses with IT and enable the public sector to reach citizens more effectively with key services.”
“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.”
“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.”
Chief Executive Officer Paddy O’Hagan said: “We’re delighted to sign this deal which reflects very positively on the quality and commitment of the Neueda business and team. The acquisition is excellent news for our customers, with Version 1 and Neueda combining our technical capability across our mutual customers in Northern Ireland to continue to deliver excellent customer experiences, while tapping into the breadth of Version 1 resources and services to solve a wider variety of IT challenges and transformations."
The purchase of Neueda is the latest in an acquisitive streak which saw Version 1 buy Singlepoint last year, a deal which was completed in 2020 during the global pandemic, with the seamless integration of the acquired business carried out remotely.
Tom O’Connor, CEO, Version 1