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First Derivatives signs new Near Shore IT support contract with Electronic Data Systems

First Derivatives plc ('FDP'), the leading provider of systems support and development services to the capital markets technology sector, announces the signing of a significant Near Shore IT support contract with Electronic Data Systems ('EDS').

FDP has signed a contract with EDS for FDP to provide Near Shore IT Support for one of EDS's major banking customers in London. The contract requires FDP to assign 12 technical resources, the majority of whom will be located offsite at FDP head office, to provide support for the bank's back office financial markets settlement and risk management systems.

The contract which is renewable on an annual basis, involves certain transitional arrangements and it is expected the full impact on trading will not be felt until the second half of the calendar year.

Michael O'Neill, Chief Operations Officer commented:

"Winning this contract is a major step forward for the Company and is further vindication of our strategy to expand our Near Shore support business to the banking sector."