First Derivatives Takes Majority Stake in Database Vendor Kx Systems
The deal, worth £36 million ($57.8 million), will see the firm pay £23.9 million ($38.3 million) in cash, and the rest in shares. Kx Systems is the creator of Kdb+, a time-series database used by leading investment banks, and is strongly linked with handling big data.
First Derivatives also has an option to purchase the remaining consideration for the next seven years, at the current valuation.
"Having worked closely with the team at Kx Systems for more than a decade, First Derivatives understands the power and value of kdb+," says Brian Conlon, CEO at First Derivatives. "Together we look forward to exploiting its capabilities to its full potential as we further penetrate the Financial Services sector and to build upon the foothold that has been established in other vertical sectors."
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