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Speaking to the ‘Journal’ as the acquisition was announced on Tuesday, the Alchemy founder and Chief Executive Officer said: “I'm delighted. It was a big gamble really. I put everything I had into this organisation with a small group of other investors who I have known for years. "So to do that back here in NI and to get the sort of support we have from the local community to help us make this impact on the economy – this is absolutely the next step change to get a powerhouse like NTT DATA into this region. It is beyond my wildest dreams to be honest.” Alchemy was founded by Mr. Harkin back in 2018. A specialist in digital transformation and consultancy services for the global insurance industry it has grown its local workforce to over 150 people over the past seven years. "We have 160. This year we hired 30 new graduates on top of experienced hires so we are growing rapidly but we want to accelerate that with these guys,” he says. Pointing to the man beside him, Bruno Abril, Chairman at Alchemy & Global Lead, Insurance Industry at NTT DATA , he quips: “He is my new boss.” “We've been partnering together for a while now to win some deals. It's very exciting. We have been looking for a partner so we could go global at Alchemy. “We have done very well in the UK and Europe and we really want to accelerate our relationship with clients. That's where NTT DATA and their global presence steps in,” Mr. Harkin explains. Mr. Abril is a key figure within NTT DATA, a $30+ billion business and technology services leader, and one of the world’s foremost AI and digital infrastructure providers. Though today at the forefront of the digital technology revolution the company has a long history as a communications firm, tracing its roots back to the 19th century. “NTT was founded back in 1869 in Japan. We still maintain our cultural heritage from Japanese culture. The company has grown a lot lately and the global industries we are just launching are another driver for growth. "This is where myself, leading insurance, saw a big opportunity to partner with Alchemy at the first stage. First, because of the cultural fit and second, because of the capabilities they have grown, the values we see in the day-to-day, and third, through the recognition they have in the local markets. "Through NTT DATA we think we can bring a driver to further accelerate Alchemy's growth going forward,” says the Catalan tech leader. Alchemy is an accredited partner with Guidewire, a US insurance software and services company, that is an integral part of the insurance sector’s infrastructure globally. This was one of the things that attracted the interest of the Japanese mega-firm. “Guidewire are the market leader by a long stretch,” Mr. Harkin explains. “You have to to put five or six of the competition together to catch up with them. So that was the obvious company to partner with when we wanted to create meaningful, high value jobs here in the North West.” Mr. Abril concurs: “Part of the conversations we had with Guidewire, prior to the acquisition, gave us very positive feedback on the relationship they already had with Alchemy over the last years. And this was a major confirmation of the interest that we had.” Another key attractor was Alchemy’s expertise in the specialty insurance market - particularly in London. Says Mr. Abril: “It's also about the London market and the specialty lines where the consulting capabilities of Alchemy allow NTT DATA to further accelerate and help our clients facing their huge transformations.” The value of the deal is thought to be significant but neither were at liberty to put a figure on it “Because it is a commercial company in a very commercial market it is information we just cant release,” says Mr. Harkin. NTT DATA-Alchemy deal ‘really strong endorsement’ of Derry talent base, says Economy Minister Caoimhe Archibald But for the Top-of-the-Hill native who grew up a ten minute dander up Chapel Road from where Alchemy’s Grade A offices are now located in Ebrington, it’s about preparing for future growth in his home town. "Let's be clear this is a legacy play for me. I'll be with NTT DATA now for the rest of my career as we drive the growth here and Guidewire is the perfect vehicle. They are such a large player, such an outstanding player, and, of course, by acquiring Alchemy NTT DATA are now a major partner with Guidewire and can come and take us to the next global partnership level,” he says. Mr. Abril expect jobs and further growth. "There is a huge opportunity. This is a growth play for NTT DATA so we want to seize the seed model that has been created and the strong foundations to further grow our business. And not only our business globally but our business locally,” he adds. Being a $30+ billion business means NTT’s investment in research and development is astronomical. “The level of investment in R&D that these guys do is unbelievably,” marvels Mr. Harkin. “It’s 3.6bn in R&D yearly investments, dollars,” Mr. Abril confirms. This will be an important factor as the insurance sector globally adjusts to the AI revolution. “AI, of course, is a big thing but not only AI because AI produces some value chain transformation when it comes to communications, data centres, energy consumption and so on and NTT DATA is fully focused on all of the value chain,” says Mr. Abril. Mr. Harkin adds: “Bruno and his team have been fully briefed about the focus in this region on developing an AI capability and obviously that's piqued their interest in how that can benefit NTT DATA.” First Minister Michelle O’Neill welcomes Alchemy Technology Services as first Ebrington Plaza tenant
