Thorn EMI's FTS Acquisition Goes Sour; New York Office Closes After 18 Months
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In July 1988, Thorn EMI's Thorn Software subsidiary paid $35 million to acquire Financial Trading Systems Inc. of New York. Two weeks ago, all but a handful of FTS employees were let go. During its stewardship of FTS, sources say, Thorn poured between $15 and $20 million into the New York operation.
Thorn's 1988 acquisition of the former Drexel Burnham Lambert subsidiary came long after FTS' vintage-1980 trade processing product had reached the peak of its popularity. FTS' monolithic, mainframe
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