First Derivatives buys MRP

NORTHERN Irish financial services IT support company First Derivatives has made its first acquisition — buying US company Marketing Resource Partners (MRP) for $20 million (€14.09m).

The Newry-based firm — which specialises in software support services for hedge fund administrators and investment banks — will pay an initial $4.5m (€3.17m) for Philadelphia-based MRP, followed by an additional $1.5m (€1.05m) through the issue of First Derivative shares. A further payment of $14m (€9.9m), in a combination of cash and shares, will be paid on MRP achieving a number of profit goals during the two years up to the end of August 2010. MRP specialises in the development of sales and marketing programmes for software and technology service firms. Its main market is its home town of Philadelphia, expanding First Derivatives’ American presence — which thus far has been focused mainly on New York, Boston and Connecticut.

“With ready access to MRPs sales and marketing expertise, the acquisition accelerates our channel to market into the US and into sectors other than investment banking,” according to First Derivatives chief executive, Brian Conlon.