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Technology
First Derivatives in talks to buy Cognotec
03.02.2010
First Derivatives has announced it is in talks with the receiver of Cognotec Holdings to acquire the company’s assets.
Cognotec, the financial software company launched by Brian Maccaba, went into receivership last month.
First Derivatives said that subject to due diligence it expects to be able to finalise terms and complete the purchase within the next few days.
Cognotec is a maker of foreign exchange system software. While the company has substantial contracts in place, it is currently experiencing cash-flow difficulties.
The company is targeting the top 100 banks in the world and the average contract with a top bank could be worth over US$20m, but recently the company’s biggest customer cancelled a project.
The company employs 40 people in Ireland and a further 25 overseas.
In the year to 30 November 2008, Cognotec generated revenues of US$18.5m and reported a loss before tax of US$1.8m.
At its height Cognotec employed 140 people in Dublin, London, New York, Tokyo and Singapore and had revenues of US$40m.
However, new product development led to losses of US$48m. Despite this, in the past year the company had reduced its losses to below US$10m and turnover reached US$18.5m.
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