19 August 2017
visit www.avoka.com

First Derivatives boosts Kx Systems stake; posts H1 profit rise

19 October 2009  |  6806 views  |  0 handshake

Capital markets tech house First Derivatives has acquired a further 15% interest in Californian analytical database vendor Kx Systems for $7.5 million in a mixture of cash and shares.

First Derivatives - which is the exclusive sales partner for Kx in the US, UK and Ireland - has purchased 215,115 shares from Janet Lustgarten, the co-founder and current CEO of Kx, and from Zurich International. Upon completion, First Derivatives will own 20% of the share capital of Kx.

In January 2009, First Derivatives signed an OEM agreement with Kx Systems to use the kdb+ product set for development of its own Delta suite of algorithmic trading software.

Founded in 1993, Kx products are used worldwide by tier one banks in data and speed-intensive applications such as trade execution, web-based market data services, real-time market and credit risk analysis, and back-testing of trading strategies. Kx generates income from one-off software licence fees and on-going maintenance revenues.

The company is trading profitably, and the acquisition is expected to have a marginally positive impact on First Derivatives earnings in the current year to February 2010.

News of the deal came as First Derivatives posted its results for the first six months to August 09, which showed turnover up 66% to £11.4 million and operating profit of £3 million, up 21.6%.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

First Derivatives buys US marketing outfit MRP

First Derivatives buys US marketing outfit MRP

15 September 2008  |  5657 views  |  0 comments
HypoVereinsbank installs Kx technology for cross asset trading

HypoVereinsbank installs Kx technology for cross asset trading

05 February 2007  |  4076 views  |  0 comments
Kx Systems looks to Europe through First Derivatives deal

Kx Systems looks to Europe through First Derivatives deal

23 October 2001  |  3363 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8677 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7687 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6930 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6351 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6201 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job