Verizon, which has been active in Ireland since 2006, currently employs 1,000 people in Dublin and the new facility in Limerick will further increase this workforce over the next two years.

“This centre of excellence will bring together key functions in a creative, collaborative environment that leverages global talent and maximises our shared services model to best deliver for our businesses globally,” said Craig Silliman, president of Verizon Global Services.

Verizon has retained 10,000m2 of the new 1BQ riverside development and developers Kirkland Investments said they anticipate the company will be able to access this new location in the first three months of 2024.

“This is a significant commitment and endorsement of Ireland, and in particular, the skilled workforce in Limerick,” said Enterprise, Trade, and Employment Minister Simon Coveney.

"The selection of Limerick city for this centre of excellence and the creation of roles across multiple strategic global functions, including strategy and transformation, network engineering, and cyber will position the Mid-West and Ireland well for future investment in the sector," said IDA CEO Michael Lohan.

The company offers voice, data, and video services and solutions on its networks and platforms.

The New York-headquartered company bought out Vodafone’s 45% stake in the business in 2013 for $130bn (€120bn).

The announcement by the US multinational Verizon Communications was made just before semi-state body the IDA publishes its results for 2023. 

FDI activity was expected to slow down in the second half of the year amid global economic uncertainty, according to a briefing held by the IDA earlier this year.