It’s one of the fastest growing technology companies in Northern Ireland and Neueda has no thoughts of slowing down, its Sales and Marketing Director Peter Russell tells Adrienne McGill, Editor of Ambition, the NI Chamber of Commerce magazine.
Neueda has been a hidden gem in Northern Ireland’s IT industry for some time – but now its expertise in digital transformation is sparkling like never before with a new iridescence as a result of an increasing demand for its services.
The Belfast based company provides digital technology solutions as part of large scale software projects to clients in the public and private sector and financial markets.
With headquarters in Weaver’s Court in Belfast, the company helps clients increase operational efficiency, improve customer experience and deliver commercial objectives, by moving to digital and transforming how they do business.
The company has experienced phenomenal growth of 35% in the last 4 years and reinvests over 10% of its annual profits to develop its people through leadership, technical and personal skills improvement, graduate and apprenticeship programmes.
Recording a turnover of £15.4m in the year to March 2017, the firm anticipates this growing to £26m this year – and looking ahead to 2022 anticipates total percentage revenue growth to continue, creating several hundred new jobs locally, and in its recently opened near shore offices in Malaga, Spain.
The firm was founded in 2006 by Brendan Monaghan and David Bole, who have over the years held senior roles spearheading successful business units in market leading companies like BIC systems. However, Brendan (now CEO) had always set his sights on setting up his own company which he did with Neueda, a future focused business with a commitment to people, expertise and innovation and delivering business results through partnership.
The company’s core strength is in digital transformation solutions with consultancy, training and software development capabilities.
Peter Russel is a member of Neueda’s senior management team. As Director of Sales and Marketing he is responsible for the growth of Neueda’s business on a local and international scale. Peter was previously Regional Director of BT Business NI and held management positions with Microsoft and Steria.
He explains: “We have built core capabilities around data solutions and legacy system modernisation.
“This has involved providing digital solutions for our customers to help them accelerate their respective digital transformation journeys.
“There is a lot of new focus now on data and organisations need to know how to embrace, handle, process and store the data they hold.
“Many don’t know the type of data they hold, or the quality or the sources. We want them to be able to use data in a more flexible model in terms of cost efficiencies, GDPR compliance and improved customer satisfaction. Most senior execs want to move towards becoming ‘Modern Data Driven Organisations’, but don’t know where or how to start this strategic journey.
“To help simplify the challenge we look at all of the data sources – the excel spreadsheets, the CRM system and examine how they can all be integrated and simplified.
“Clients want to have a better view of their data in an agile and cost-effective way that allows them to use predictive analytics, artificial intelligence and machine learning to help transform the way they do business. This relates to all industries, Public Sector, Private Sector and also those operating in Capital Markets.
A total of 50% of Neueda’s business is with clients in financial markets, public sector accounts for 35% and the private sector takes up 15%.
The company has been working with the Public Sector for over 15 years, helping customers improve operations, drive efficiencies, innovate and transform. Solutions delivered range from agile discovery projects, right through to complex transformational projects.
Central government customers include the Department of Agriculture, Environment & Rural Affairs, and the Department of Finance and Central Procurement Directorate. The company also works closely with Belfast City Council, Land and Property Services, Translink, several Health & Social Care Trusts, Belfast MET and CCEA.
“We are trying to replicate some of the “leading edge” work that we do in financial markets and the private sector and introduce, where relevant, into the public sector. We specialise in agile and impactful engagements which allow us to prove ourselves to any potential new customers,” says Peter.
“Digital transformation has to be one of the most crucial ways of transforming Public Sector services in Northern Ireland, and our job is to demonstrate clearly through proven case studies, how improved outcomes – aligned to the Programme for Government – can be delivered through cost effective digital solutions.”
One of Neueda’s largest clients is the Department of Agriculture, Environment and Rural Affairs (DAERA).
DAERA has developed a Northern Ireland Common Agricultural Policy (CAP) payment system for farmers which is an online system where farmers are now paid based on the area of their farms. This used to be a manual system, which was fraught with risk, delays, inconsistencies and open to regulatory penalties and fines.
“This is now one of the leading CAP solutions in Europe,” says Peter.
“This year almost 100% of farmers had their payments made early and online – which proves it can be done.”
One of Neueda’s founding principles has been financial stability. From day one, the company has grown organically by reinvesting company profits and keeping company borrowings low.
For instance, over the past 4 years, the company has grown over 30 per cent each year through careful cashflow management and without the need for external investment.
Last June Neueda unveiled plans to invest £12m to create 165 new jobs and further develop the talent of its employees in Belfast.
The new jobs include 130 technical roles, ranging from entry level and graduate positions, through to experienced software engineers, and solution architect roles. The remaining 35 jobs are in areas of consulting, project delivery, sales and business operations.
Meanwhile, the company lifted the Overall Company of the Year title at the Digital DNA Awards in April at St Anne’s Cathedral, Belfast. The company also took the Best Large Tech Company Award in recognition of its impressive growth trajectory over the last few years, with many “blue chip names” among its clients.
“What we have achieved so far has been very impressive, but it’s really important for us that we remain true to our core values as we continue to grow. This means we continue to significantly invest in our people and deliver outstanding service to our customers,” says Peter.
“We also want to remain different – we have a freshness that makes us a little bit different – and that will remain our approach as we look towards 2022 and beyond.”