Date Created: 17 February 2012
Avaloq Innovation has opened a new software development centre in Edinburgh which will create 500 new jobs in the capital.
The firm chose Edinburgh for the centre because of the large number of highly qualified IT specialists in the city.
The Swiss company which creates integrated and comprehensive software for banks, will employ 400 software engineers in their first four years, growing to around 500 in four to seven years, all in high quality graduate product development jobs.
"A significant number of highly-skilled jobs"
The centre was opened by Finance Secretary John Swinney, who said:
"This is only the second such site for Avaloq anywhere in the world and the first outside their home country of Switzerland.
"Avaloq have chosen to locate their new software development centre in Edinburgh and to recruit 75 graduates from our universities, which is testament to the high quality of Scottish education and enhances the strength of the city's international reputation for finance and IT services.
"Scotland’s place in the global economy is not just restricted to our export markets. We are also making great effort to attract international investment. Scotland continues to punch above its weight as a location for Foreign Direct Investment."
"Clear plans for growth"
Scottish Development International and Scottish Enterprise have been working with Avaloq since November 2010, providing recruitment and location advice. The project is being assisted with a Training Plus Grant of £1.74 million.
Lena Wilson, Chief Executive at Scottish Enterprise added:
“This is an important milestone in the development of Avaloq’s new software development centre which will create a significant number of highly-skilled jobs. The company has clear plans for growth and it is exactly the type of investment that Scotland needs to remain competitive.
"Avaloq’s commitment to its Edinburgh base is testament to the fact that Scotland continues to be the ideal place to do business."
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