US financial services group Bisys is to expand its operations in Ireland with the provision of 250 jobs over five years in Waterford.
Bisys is a key international player in one of the fastest growing areas in the global financial services industry.
The company already employs some 400 people in Dublin.
The announcement is welcome news for Waterford which suffered a major jobs set back earlier in the year, with the announcement that Waterford Crystal was to close its Dungarvan operation with the loss of almost 500 jobs.
Bisys is quite a different style of company. It has decided to expand its Irish operations established to administer Hedge Funds, complex financial products which use high risk investment strategies to make large profits.
Globally more than a trillion dollars is invested in hedge funds and Ireland is a location of choice for administering European hedge fund business.
Bisys, supported by the IDA, is promising 250 jobs in Waterford over five years at the IDA's technology park at Butlerstown.
The vast majority of the jobs will require a third level qualification.
Bisys hopes it will be able to attract personnel from those looking to leave Dublin, where most of the country's financial services industry is located, for a relatively more sedate lifestyle in the southeast.
