First Derivatives to buy Dublin firm Cognotec

NEWRY-based technology company, First Derivatives has reached agreement to buy Dublin firm, Cognotec from receivership, for an undisclosed sum.

Cognotec – which provides technology products for the foreign exchange sector – went into receivership last month. Established 20 years ago and with offices in Dublin, London, New York, Singapore and Tokyo; Cognotec’s last full-year accounts, for 2008, showed revenues of $18.5m (€13.3m) and losses of $1.8m (€1.3m).

The Dublin and London-listed First Derivatives – which specialises in software support services for investment banks and hedge fund administrators – said yesterday that it has entered into an exclusive agreement with Cognotec’s receiver, KPMG’s Kieran Wallace.

The acquisition is expected to be formally completed before the end of this week.

First Derivatives’ chief executive, Brian Conlon, said yesterday that the company would be significantly investing in Cognotec’s product range and research and development & capabilities.