Cognotec, the technology innovator that delivered the first automated foreign exchange dealing system, as well as the first hosted e-commerce enabled trading platform is being acquired by First Derivatives plc (AIM: FDP.L, IEX:GYQ.I), a global technology and service provider to the capital markets industry. This will secure continued investment in the Cognotec product portfolio, which includes RealStream, the award winning product suite for managing FX margins, rates and liquidity, as well as AutoDeal+, the widely used FX pricing and execution engine.
Founded in 1996, First Derivatives currently employs 400 people worldwide and boasts many of the world’s top financial institutions as clients. The company has developed its own range of software – Delta - which is in use in many of the top tier investment banks and hedge funds. The Delta suite of products includes algorithmic/program trading solutions, market data solutions, risk management applications and market data management software. First Derivatives also provides consulting services to clients, across the globe with operational centres in Europe (London and Stockholm), Amercias (New York, Chicago and Toronto) and Asia (Sydney, Singapore, Hong Kong and Shanghai).
Cognotec was founded 20 years ago and now has operations in Dublin, London, New York, Singapore and Tokyo. The company’s AutoDeal+ product, a leading FX pricing and execution engine is widely used throughout the world. More recently, the company has successfully deployed its RealStream product set, an extensive “next generation” product technology suite for the FX market. RealStream delivers direct access to the world’s top 15 FX liquidity providers and is already in use at some of the world’s largest global FX market players.
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.”
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