Shares in financial technology firm First Derivatives closed almost 10% higher in Dublin after it said it had increased its stake in Big Data company Kx Systems.
First Derivatives, which provides consultancy and software for financial firms, said it had agreed a deal to buy another 46.47% stake in Kx for a total of £36m. This brings its stake up from 20.1% to 65.2%.
The company said it is expected to enhance its earnings in its current financial year.
Kx, based in California, reported revenues of €13.6m and pre-tax profits of €8.8m for last year. It is one of the world's biggest vendors of Big Data and its clients include nine of the ten biggest investments banks.
Brian Conlon, First Derivatives CEO, said the two companies had worked closely together for over 10 years and it fully understands the powers of its main product "kdb+".
"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," Mr Conlon added.
