The total amount to be paid by the trading technology provider is $53.8 million in cash
Technology provider First Derivatives (FD) announced on Monday that it will buy out the minority shareholders of Kx Systems Inc., a subsidiary of FD. The transaction is expected to take place either on or before June 29, 2019.
Once FD buys out the minority shareholders, who own 600,022 shares, it will own 100 percent of the issued share capital of Kx Systems. According to the statement, the total amount needed to pay is $53.8 million in cash.
The minority shareholders include the co-founders and current directors of Kx Systems Arthur Whitney and Janet Lustgarten.
The initial agreement was made in October 2014. As per the agreement, FD will pay $12 million to the minority shareholders in lieu of anticipated dividends for the period up to October 31, 2021.
Kx Systems is a subsidiary of FD. It was founded in 1993, and it is a data analysis software developer and vendor. The company provides its customers with tools to process real-time and historical data. It offers in-memory and time-series databases. Kx Systems has two databases, kdb, and kdb+.
Potential for further growth
Commenting on the buyout, Brian Conlon, Chief Executive Officer of FD, said: “since we acquired a controlling interest in Kx Systems in October 2014 we have invested heavily across our business to target multiple new industries.
“The agreement to acquire 100% of Kx Systems provides certainty for the Group and its shareholders as we seek to realise the considerable potential we see for further growth.”
Based in Northern Ireland, FD provides products and consulting services to finance technology and energy institutions. The company developed the database technology kdb+. FD is a publicly held company, and it trades on the London Stock Exchange and the Irish Stock Exchange .
Earlier this year, FD released its annual results for 2017. During the year, the company saw a substantial increase in year on year revenue. It also experienced a comparable growth in net profit.
According to the report, the firm also managed to increase its revenue to £186 million ($258.3 million) – a 23 percent year on year increase.
Technology provider First Derivatives (FD) announced on Monday that it will buy out the minority shareholders of Kx Systems Inc., a subsidiary of FD. The transaction is expected to take place either on or before June 29, 2019.
Once FD buys out the minority shareholders, who own 600,022 shares, it will own 100 percent of the issued share capital of Kx Systems. According to the statement, the total amount needed to pay is $53.8 million in cash.
The minority shareholders include the co-founders and current directors of Kx Systems Arthur Whitney and Janet Lustgarten.
The initial agreement was made in October 2014. As per the agreement, FD will pay $12 million to the minority shareholders in lieu of anticipated dividends for the period up to October 31, 2021.
Kx Systems is a subsidiary of FD. It was founded in 1993, and it is a data analysis software developer and vendor. The company provides its customers with tools to process real-time and historical data. It offers in-memory and time-series databases. Kx Systems has two databases, kdb, and kdb+.
Potential for further growth
Commenting on the buyout, Brian Conlon, Chief Executive Officer of FD, said: “since we acquired a controlling interest in Kx Systems in October 2014 we have invested heavily across our business to target multiple new industries.
“The agreement to acquire 100% of Kx Systems provides certainty for the Group and its shareholders as we seek to realise the considerable potential we see for further growth.”
Based in Northern Ireland, FD provides products and consulting services to finance technology and energy institutions. The company developed the database technology kdb+. FD is a publicly held company, and it trades on the London Stock Exchange and the Irish Stock Exchange .
Earlier this year, FD released its annual results for 2017. During the year, the company saw a substantial increase in year on year revenue. It also experienced a comparable growth in net profit.
According to the report, the firm also managed to increase its revenue to £186 million ($258.3 million) – a 23 percent year on year increase.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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