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.