First Derivatives takes ownership of Kx Systems to 100pc

First Derivatives has completed the acquisition of minority shareholdings in Kx Systems, in line with the terms announced on 2 July last year, it announced on Tuesday.

The AIM-traded firm said completion of the transaction took its ownership of Kx Systems to 100%, for consideration of $53.8m in cash.

That had been paid from FD's available facilities, the board confirmed.

“Since we acquired a controlling stake in Kx Systems in October 2014 we have invested heavily to deliver the performance advantages of our combined solutions, branded as Kx technology, to a range of end-markets,” said First Derivatives chief executive officer Brian Conlon.

“We are making exciting progress as we demonstrate our ability to transform our customers' operational performance by unlocking the value in their data.

“Full ownership of Kx Systems is an important milestone as we continue to commercialise our technology.”