First Derivatives acquires Cognotec

Brian Conlon, CEO, First Derivatives: "This will be a coming together of two organisations with a shared vision to produce innovative, market leading software."

Cognotec, the Irish FX provider which called in the receivers last week, is to be acquired by First Derivatives plc.

This move will secure continued investment in the Cognotec product portfolio, which includes RealStream, the product suite for managing FX margins, rates and liquidity, as well as AutoDeal+, the FX pricing and execution engine.

First Derivatives CEO, Brian Conlon commented "We are delighted with this news, as Cognotec's business, its people and its product portfolio have always been highly regarded in the FX world. That is why it has secured a global client base of leading banks and brokers. First Derivatives share many of these global clients and we have a strong track record of success in delivering technology solutions to the capital markets industry."

"First Derivatives will extend Cognotec's product and service capabilities significantly, through increased investment in R&D, together with the cross pollination of intellectual property and expertise in capital markets. First Derivatives has a strong track record of acquiring niche capital markets technology companies and significantly expanding their operations through investment and leverage of synergies with its business."

Brian Conlon continued "We will be making a significant investment to support and enhance the AutoDeal+ and RealStream products, which will expand our range of applications and extend our offering in the FX market. This will be a coming together of two organisations with a shared vision to produce innovative, market leading software."