First Derivatives secures major deal with FTSE 100 gaming company

Newry technology giant First Derivatives has secured a new contract with a leading FTSE 100 gaming company, believed to be Paddy Power Betfair
Gareth McKeown

NEWRY technology giant First Derivatives has secured a new contract with a leading FTSE 100 gaming company.

The company has confirmed it has signed a deal for the use of its Kx technology data analytics services for a new major client. The unnamed customer is described as one of the world's leading sports betting and gaming operators with over four million customers globally and processes billions of transactions per day. It is believed the client is Paddy Power Betfair, created in 2016 following the merger of bookmakers Paddy Power and Betfair. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

The contract win for First Derivatives' software division follows a successful proof of concept in which Kx provided operational intelligence that demonstrated a compelling return on investment versus traditional database solutions and open source alternatives.

The retail analytics markets is estimated to surpass $13 billion (£9.3 billion) by 2024, with the Newry company now actively targeting potential customers including

gaming, retail and airline and e-Commerce giants to address opportunities around customer yield, customer churn and pricing analysis.

Chief executive officer of First Derivatives and Kx, Brian Conlon said the latest contract win is a "powerful endorsement" of its technology. Last year the software developer also secured a deal with racing team Red Bull for the use of its Kx technology to analyse sensor data from its Formula 1 vehicles.

"We are very excited to work in partnership with this leading gaming company to help them to develop real-time insights across their activities. This win further demonstrates the flexibility of our horizontal technology which is being used across many industries in a variety of areas such as real-time analytics, Industrial IoT, cybersecurity and Artificial Intelligence.”

First Derivatives, whose head office is based at Canal Quay, employs more than 2,000 staff internationally from 14 offices and works with some of the world's largest finance, technology, retail, pharma, manufacturing and energy institutions. In August the company confirmed it is to become the anchor tenant for the Weaving Works building on south Belfast's Ormeau Avenue, as part of major plans to grow Belfast operations. The growing technology provider also reported a 21 per cent rise in turnover for first half of 2017, growing to a hefty £87 million

The company's interim results for six months ending August 31 show strong growth across the board, driven by a flourishing software business.

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