First Derivatives buys UK businesses
NEWRY-BASED specialist financial software company First Derivatives has bought three London-based businesses, spending £3.15 million (€3.95 million) on the niche firms.
The company announced the acquisition of Redshift Horizons Ltd, which provides design capability for real-time electronic trading systems; investment management partnership Redshift Horizons LLP; and application and consulting services firm Cowrie Financial.
The deal includes £2.05 million to be paid on completion, about £450,000 of loan notes, and £650,000 of deferred consideration.
The three firms had a combined operating profit of £628,000 in the year to December 31st 2011. The acquisitions are expected to be immediately earnings-enhancing, before acquisition-related costs. About 22 permanent employees will be added to First Derivatives as a result.
Chief executive Brian Conlon said the acquisitions were in line with its strategy and would further enhance the capabilities and scope of its Delta software suite.