First Derivatives buys full ownership of Kx Systems for £43m

  • Newry-based software firm First Derivatives has announced a full buy-out of its tech development division Kx Systems following a £43m share buyout.

    First Derivatives plc has been making waves in the Northern Ireland tech scene in recent years with its subsidiary tech development company Kx Systems. The firm's platforms have been used by some major players in the investment and cyber-security fields, focusing on processing and analysing both live ad historical data to help businesses make key decisions.

    Though it started in the financial sector, Kx has expanded its data analytics and platform outside of the financial industries and made some big connections. Most recently Kx was selected as the Innovation Partner for Red Bull Racing's data analysis team dealing with its F1 racing team.

    The parent company First Derivatives has been doing extremely well financially too, recently breaking through the 200m revenue barrier with a 17% increase in revenues last year. Now it seems that First Derivatives is really investing in the tech scene, as it's just spent £43m in cash to complete a 100% buyout of all shares in Kx Systems.

    Brian Conlon, CEO of First Derivatives, said: "Since we acquired a controlling stake in Kx Systems in October 2014 we have invested heavily to deliver the performance advantages of our combined solutions, branded as Kx technology, to a range of end-markets."

    Source: Belfast Telegraph

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    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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