Version 1 Signs Deal to Acquire Digital Services Specialist Neueda
Version 1 forges ahead with ambitious growth strategy following acquisition of Belfast digital services specialist Neueda
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 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.
Pictured: Version 1 CEO Tom O’Connor and Neueda CEO Paddy O’Hagan outside Neueda HQ
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.
Tom O’Connor, CEO, Version 1 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.
The purchase of Neueda is the latest in an acquisitive streak that saw Version 1 acquire Singlepoint last year, a deal that was completed in 2020 during the global pandemic, with the seamless integration of the acquired business carried out remotely.
Paddy O’Hagan, CEO of Neueda 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.
Join Northern Ireland's Most Thriving Tech Employer
With a loyal and rapidly growing Customer base, a Strong Organisation that furloughed no employees during the COVID-19 pandemic, and Empowered Employees that consistently vote us a Top Workplace, Version 1 could be the right career move for you. Our growth is set to further accelerate throughout 2021 and beyond. As such, we are hiring a large variety of roles in Development, Engineering, QA, Design, Platform, Data, Delivery, and more. If you want to join a strong business on a mission to make a real difference with IT, read more.Read More
About Version 1
Founded in Dublin, Ireland, Version 1 employs almost 1600 people across the UK, Ireland, Spain, and India. The rapidly growing IT Services provider specialises in delivering Digital, Cloud, Data and ERP Transformation services to commercial enterprises and public sector organisations. With longstanding customer relationships in Ireland’s public sector, Version 1 has notably been gaining a strong foothold in the UK public sector with recent wins in Highways England, Her Majesty’s Courts and Tribunals Service (HMCTS), Ofgem, Home Office, Harrow Council, London Redbridge Council and Barts Health NHS Trust to name a few.
As an AWS Premier Partner, a Microsoft Gold Partner, and an Oracle Partner, Version 1 works closely with its technology partners to impartially advise customers navigating the rapidly changing world of IT. Version 1 has invested over 1 million euro since 2018 in exploring the benefits of cutting-edge technologies and proof-of-concept projects in Blockchain, AI, Data Analytics, Machine Learning and Chatbots with its customers.
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