Official opening of Avaloq Software Centre

Finance Secretary John Swinney today (16 February 2012) opened a new software development centre in Edinburgh which will create 500 new jobs in the city.

Swiss company Avaloq Innovation chose Edinburgh for their new development centre because of the large number of highly qualified IT specialists, and Scotland’s strong financial services sector.

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.

Avaloq creates integrated and comprehensive software for banks and has 1,200 employees worldwide.

The company plans to recruit 75 new trainee graduates in its first year in Scotland for an intensive six month training programme. The first 20 graduates started work at the beginning of this month.

The company 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. The company will work with local recruitment agencies and universities.

Finance Secretary John Swinney said:

"I am delighted to open Avaloq’s new software development centre in Edinburgh, and to meet some of the new graduate trainees who have already been recruited.

"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.

"More than 100,000 people are employed in Scotland’s software industry, which has estimated revenues of over 5 billion pounds, and Scotland is one of Europe’s leading financial centres.

"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.

"The 2011 Ernst & Young UK Attractiveness Survey report concluded that Scotland was the leading location for FDI in the UK in terms of employment generation. Avaloq’s decision is a vote of confidence in Scotland."

Lena Wilson, Chief Executive at Scottish Enterprise said:

“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. Not only does inward investment of this nature provide new jobs, but it also delivers new business opportunities and supply chain development across Edinburgh and Scotland. We are working closely with the company to help it achieve its ambitions."