In the latest in a spree of acquisitions, Newry-headquartered fintech player First Derivatives plc has acquired a London-based big data company headed by Kieran Lucid called QuantumKDB for £2.2m (€2.9m).
This follows on last year’s acquisitions of Prelytix, ActivateClients and Affinity Systems.
AIM-listed First Derivatives has acquired the entire issued share capital of QuantumKDB for £2.2m, including initial consideration of £1.7m. Some £600,000 of this will be payable in cash while £1.1m will be paid through the issue of around 73,000 new ordinary shares in First Derivatives.
A further £500,000 will be paid on the achievement of certain targets within a year of the acquisition.
QuantumKDB was founded by Kieran Lucid and Attila Vrabecz.
The big business of big data
First Derivatives said the rationale for the acquisition was to support its Kx client base. Kx Systems is a big data database business in California that First Derivatives is partnered with.
“We are experiencing increasing demand for Kx skills from existing and potential customers and the acquisition of Quantum will add to our existing capabilities and support our growth plans. We welcome its staff to the Group,” said First Derivatives’ CEO Brian Conlon.
QuantumKDB is headed by UCC graduate Lucid, who prior to starting up QuantumKDB worked with Deutsche Bank, Liquidnet and Bank of America.
“As the home of Kx technology, First Derivatives is a natural fit for us,” Lucid said.
“We are joining at a time of rapid expansion in the Kx client base across industry sectors, as more and more clients appreciate the benefits of this technology that has dominated capital markets for more than 10 years.
“We are excited about drawing on the expertise we’ve gained to assist the Group in its ambitious plans for the future,” Lucid added.
London’s financial City image via Shutterstock