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A County Down-based financial technology firm is to create 484 jobs.

First Derivatives currently employs about 900 people, mostly in Newry, and also has offices in New York, Shanghai and Sydney.

Last year, the firm made a pre-tax profit of £7.9m on turnover of just under £70m.

The company makes financial analysis software used by investment banks all over the world and also provides consultancy services.

Invest NI has offered £3.9m to support the company's expansion and creation of new jobs.

First Minister Peter Robinson said the jobs would generate more than £22m a year to the local economy.

"The Northern Ireland Executive has made growing our economy its number one priority and through continued job creation and expansion by companies such as First Derivatives Group, we will meet that goal," he said.

Deputy First Minister Martin McGuinness said: "This is another sign the executive's plans for jobs and investment are working."

The firm was founded by Brian Conlon in 1996 and floated on the stock market in 2002.

At that time it had just 26 employees and turnover of less than £2m.

Based on its current share price, the firm is worth about £188m.

Mr Conlon continues to hold a large shareholding in the firm.

First Derivatives is one of only two stock market listed companies in Northern Ireland.