CYBER SECURITY firm Mycroft is to create 50 jobs at an operations centre to be established in Waterford.

Mycroft, which sells identity management and security products to major companies in the financial services, healthcare and public sectors, will use the Waterford operation as a base for its expansion in Europe and the Middle East.

Activities to be carried out in Waterford include the development of its cloud-based security products, technical support and research and development.

Announcing the new positions, Minister for Enterprise, Jobs and Innovation Richard Bruton described Mycroft’s decision to establish a facility in Waterford as “a vote of confidence in the high-tech potential of the regional economy”.

The Minister pointed to a recent report by Microsoft that predicted that the cloud computing industry in Ireland would be worth €9.5 billion by 2014, when it will employ an estimated 8,600 people.

Mycroft’s Irish operation will be run by Waterford native Sean Hanley, who has been managing the firm’s identity management business for the past two years. His involvement was a key reason for its decision to locate in Waterford, the company said.

Barry O’Leary, the chief executive of IDA Ireland, said Mycroft was “a very welcome addition” to the southeast’s IT sector, adding that the IDA would offer full support the company as it develops its presence in Ireland.

Mycroft Inc has its headquarters in New York and St Louis, with service centres in London and Hyderabad in India.

Mr Bruton recently signalled that a total of €5 million over five years has been committed for research in the cloud-computing sector. Cloud computing is the offsite provision of computer services such as data storage and software use.