Today sees the 50th birthday of IBM's Hursley software development labs, which have contributed to such inventions as the cash machine and online banking.

IBM said that the labs are continuing to innovate, and that current virtualisation technologies being developed could halve the power consumption of some data centres.

"Hursley is a jewel in the UK's technology crown and a real example of investment in top talent and skills to support the knowledge economy," said John McLean, IBM vice president and Hursley Laboratory director.

"Investment in research and development is central to IBM's plans for future growth and maintaining market leadership."

The Hampshire site currently employs over 3,000 staff, of which 1,400 are software developers, and has filed 750 patent applications since 2000.

The site was responsible for producing the first ever digital colour display.