Financial technology firm First Derivatives has announced a deal to buy Dublin based ActivateClients for an initial consideration of €4.75m.
ActivateClients is a software business targeting financial markets, which specialises in increasing customer engagement for its clients.
Newry-based First Derivatives said that another €2m is payable on the achievement of agreed targets in the year to February 2016.
ActivateClients reported revenues of €1m and €0.2m of pre-tax profits for last year.
The company's CEO Brian Conlon said the deal will deliver synergies on a number of levels.
"It provides additional technology capabilities, particularly in HTML5, and its staff possess software development skills that will be useful across a range of projects First Derivatives is working on," he added.
The management of ActivateClients include Pat Brazel and Keith McDonald, who are non-executive directors at First Derivatives.
Following the deal, Pat Brazel - CEO of ActivateClients - has been appointed Global Head of Software Sales for First Derivatives and will step down from the board of the company.
