Northern firm in Cognotec purchase

NORTHERN IRISH specialised technology company, First Derivatives has completed the acquisition of Dublin firm, Cognotec for $4.7m (€3.45m).

Earlier this month, the Newry-based company — which provides software support services for investment banks and hedge fund administrators — said it had reached agreement to buy Cognotec from receivership.

Cognotec, which specialises in technology products for the foreign exchange sector, went into receivership in January.