First Derivatives buys Cognotec

Irish software firm First Derivatives has bought Cognotec Holdings Limited in a deal worth up to $4.7million (€3.5million).

Cognotec was placed into receivership on January 22nd last.

The terms of the purchase comprises a cash payment of US$4.7 million, $0.5 million of which will be held in escrow pending delivery of certain agreements by the receiver following completion.

The purchase will be paid for in cash from the company's existing banking facilities. According to the Diretors of the company, the transaction will be "earnings enhancing" this year.

Founded 20 years ago, Cognotec has operations in Dublin, London, New York, Singapore and Tokyo. The company's FX pricing and execution engine is widely used throughout the world.

Chief Executive Brian Conlon welcomed the acquisition of Cognotec's key assets and products "I am delighted to announce the acquisition of Cognotec's key assets and IP. Cognotec's flagship products are complementary to the products in the First Derivatives Delta suite and share a common technology base".