First Derivatives to pick up fallen Cognotec
Northern Ireland-based financial systems provider First Derivatives has entered into an exclusivity agreement to buy Cognotec with the company’s receiver, KPMG. Cognotec was put into receivership by Barclays last Friday.
Until now First Derivatives has concentrated on capital markets, although its Delta suite of products includes an FX aggregator. It also has a tie-in with money broker BGC, connecting to its eSpeed platform.
First Derivatives CEO, Brian Conlon commented: “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...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.”
The deal is still subject to due diligence but sources say that First Derivatives will be able to complete the deal within the next week.