Posted on Wednesday 1 April 2015 by Ulster Business

First derivatives buys canadian company for 7.7m

First Derivatives chief executive Brian Conlon pictured last year announcing the creation of nearly 500 new jobs at the Newry firm. He’s pictured with, from left,  Kevin Cunningham (MRP), deputy First Minister Martin McGuinness MLA, First Minister Rt. Hon. Peter D. Robinson MLA, and Enterprise Minister Arlene Foster.

 

First Derivative’s acquisitive streak continues at pace following its acquisition of a Canadian IT consultancy company for £7.7m.

The latest deal for the Newry financial software company sees it taking over Ontario-based Affinity Systems in a move designed to support its penetration into “additional vertical sectors” and to diversify its customer base.

It follows a string of acquisitions for First Derivatives including US company Prelytix for £13m and Dublin firm ActivateClients for £3.5m.

Last year it announced the creation of 484 jobs at the Newry base.

The founder and chief executive of the Newry company Brian Conlon said the latest deal made sense.

"Affinity is a natural fit for FD,” he said in a statement. “The combination of software products built on kdb+, the world's most powerful database, and the fact that Affinity brings to the Company depth and breadth of technical solutions across a number of new verticals makes this a very strategic move.

“We see this as an exciting opportunity for the company to grow its revenues and diversify its customer base."

Hugh Hyndman, Managing Director of Affinity Systems, said the deal was good for both companies.

"With the resources of FD available to us, we will be expanding our custom software development business, as well as accelerating our product development and applying it globally."

The deal is for an initial consideration of £3.7m and a deferred payment of £4m in cash and shares.

First Derivatives provides software to some of the world’s biggest stock exchanges.

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