First Derivatives in talks to buy Cognotec
Newry-based First Derivatives said today it has entered an exclusivity agreement with Kieran Wallace of KPMG, the appointed receiver of Cognotec Holdings to acquire the troubled software firm.
Cognotec is a Dublin-based company which specialises in software for financial markets. It was placed into receivership on January 22nd on foot of an application from Barclays, which is owed some $9 million (€6.5 million)..
Cognotec was founded 20 years ago and now has operations in Dublin, London, New York, Singapore and Tokyo and employs 65 people.. The firm's AutoDeal+ product, a leading FX pricing and execution engine is widely used throughout the world.
In the year to November 30th 2008 Cognotec generated revenues of $18.5 million and reported a loss before tax of $1.8 million.
Subject to due diligence First Derivatives said it expects to be able to finalise terms and complete the acquisition within the next few days.