Londonderry-based Alchemy Technology Services has been acquired by global IT and business services giant NTT DATA.

The move will see Alchemy’s team work on major transformation projects for insurers worldwide, the Japanese multinational IT service and consulting company has said.

Alchemy was founded in 2018 by John Harkin and now has a workforce of more than 150 staff in Derry as well as employees in London, following its own acquisition of a UK-based insurance technology firm in 2023.

It became the first tenant of a multi-million pound office block in Ebrington Plaza last year.

Speaking to BBC Radio Foyle’s North West Today programme, Alchemy founder and chief executive John Harkin described the move as “very significant” and said it would create more jobs in Derry.

Alchemy had taken on 40 new staff in the last year, and Mr Harkin said the acquisition will allow the firm to create further job opportunities.

“We want a global Alchemy,” he said.

” Every deal we win can create more jobs here, and we expect to win a lot of deals particularly in the USA, particularly in North America and Canada, and particularly across Europe.”

“To find a business this size and on this scale that has shared values and puts people first is very exciting,” he said.

Bruno Abril, chairman at Alchemy and global lead for insurance at NTT DATA, said the acquisition comes after a number of years of partnering with the Derry firm.

“We saw in Alchemy a good opportunity to further grow our capabilities around the insurance world,” he told BBC Radio Foyle.

“Their specialisation on insurance, their deep expertise and the talent they have created was what took our attention.”

“The priority will be to create a centre of excellence based out of Derry,” he added.

Economy Minister Dr Caoimhe Archibald described the news as a “major milestone” for the north west.

“Since establishing in the north in 2018, Alchemy has invested in building skills and capability locally, with a particular commitment to the north west.

“Today’s announcement is a fantastic endorsement of Derry’s strong talent base, now showcasing on a global level, and reinforces the north west as a hub of innovation in financial services.”