Kx Systems (Kx) announced today that long-time partner First Derivatives is now a majority shareholder in the company, raising its ownership of Kx from 20% to roughly 65%.
Janet Lustgarten, CEO Kx Systems, commented on the deal: "The transaction will allow Kx to significantly increase its financial investment in marketing and sales to help us expand into new industries. First Derivatives has trained hundreds of programmers in our technology over the years and we will also use this great pool of engineers to help us branch out into new verticals."
Already well-established in the financial services sector, the deal will provide more resources to Kx for its growth into the software, utilities and pharmaceutical sectors. It will also help Kx promote the adoption of its technology through its Grassroots initiative that supports programmers using the free 32-bit version of its software.
Lustgarten continued: "Development of a global talent pool has been a trademark of our partnership for years. We will continue to work together to build a vibrant network of programmers that will help drive the adoption of our technology in these new verticals."
The deal will also provide resources to enable Kx to grow its network of partners that provide sales, consulting and training in kdb+, as well as OEM customers who sell products powered by kdb+. First Derivatives will continue as both a Kx OEM customer and training and consulting partner.
"With the advent of big data analytics and the Internet of Things, the database world is undergoing vibrant growth and evolution," said Lustgarten. "We are making this strategic deal at this time to better capitalize on that opportunity."
The company will operate independently of First Derivatives, which is based in Newry, Northern Ireland. Co-founder Janet Lustgarten will continue as a shareholder and CEO. Co-founder Arthur Whitney will continue to be a shareholder, Chairman and the head of the company's research and development efforts. All other personnel will continue in the same roles.