A US technology firm is expected to create more than 50 jobs in a new manufacturing facility and support centre.
The NEI premises will be based in Galway, with recruitment already taking place.
Enterprise Minister Richard Bruton said the announcement was a boost for the economy and a vote of confidence in the country's workforce.
"If we are going to get through our difficulties, and if we are going to retain and create large numbers of skilled jobs, we will have to build on our strengths as a destination for foreign direct investment," he said.
"Today's announcement shows that our traditional strengths are still there."
Founded in 1997, software company NEI is headquartered in Canton, Massachusetts, and employs 250 people around the world.
Greg Shortell, NEI chief executive, said Ireland was a great place to do business.
"The Ireland facility is part of NEI's growth strategy and expansion into Europe," he said.
"Ireland offers a great place from which to do business, with its ease of access to Europe, an increasingly competitive environment and a highly skilled and talented workforce."
Barry O'Leary, IDA Ireland chief, said the company will provide excellent job opportunities in the west region.
Elsewhere, delivery business Nightline is to take on 50 staff in a 5.5 million euro (£4.8 million) expansion of its Dublin base.
The company said its Irish headquarters would increase in size by about 40%.
Nightline chief executive John Tuohy said: "We are performing very strongly, especially given the current economic climate in Ireland, in particular. That we are able to press on with our physical and business growth illustrates our confidence."
No date has been set for the six-month construction project to begin.