Tech City benefits as more than 25 companies pledge investment

More than 25 international technology firms have announced major investments in London to boost the capital's tech credentials.

The news comes as the Tech City initiative celebrates its third birthday.

The investments, announced by London & Partners and Tech City UK today, will create 750 jobs in London over the next few years.

Among the firms pouring money into the area are Big Data specialist Pivotal, payment gateway firm Realex Payments and Cisco.

Pivotal is investing 100 million in Tech City over the next 10 years. It recently opened an office on Old Street with 75 people - making it the largest tech start-up in the UK. The EMC-backed firm is developing products and services around Big Data.

Irish firm Realex Payments is opening a new London office and plans to recruit 40 people over the next two years. The firm has come to London to take advantage of its financial markets.

Cisco and the National Virtual Incubator (NVI) have signed up IdeaLondon in Shoreditch as a member organisation.

"It's only natural that some of the world's fastest growing digital businesses are making London their home. With its unrivalled package of policies and support programmes, the UK is already helping businesses at every stage of their lifecycle drive economic growth and create jobs across a range of sectors," said Joanna Shields, chief executive of Tech City UK and Ambassador for Digital Industries.

"Three years on, a real transformation has happened. Tech City has driven a new era of tech and digital growth which has seen clusters emerge and thrive all across London. From a city previously reliant on the financial services industry, we have established London as Europe's digital capital and a true challenger to Silicon Valley and New York."

In addition, a number of other openings have been announced. Computer manufacturer Kano has established an office in Tech City and is planning to grow to 250 staff over the next three years.

Heckyl, providers of real time financial news and data analytics, has set up a London office to carry out sales, development and R&D work, where it will initially be investing 1 million. Heckyl will be creating 25 jobs in the next three years.

It was also announced that New York-based Gansevoort Hotel Group will develop a new 60 million hotel in Shoreditch that will cater for East London's entrepreneurial community, creating at least 150 jobs.

"London boasts a talented workforce, an attractive work environment and world-beating universities, all of which are attracting the smartest minds in the globe to our city," said Gordon Innes, chief executive of the mayor's promotional organisation, London & Partners.