NEWRY tech group First Derivatives (FD) has agreed to sell part of its stake in London-based Quantile Technologies for £11 million.
FD will retain minority stake in the firm, which specializes in optimisation services for the global financial services market.
The majority interest has been acquired by Spectrum Equity, representing a total gain of £10m on the initial cost of the Newry group’s original investment.
Last month Spectrum Equity announced a £38m investment in Quantile as part of an accelerated growth plan.
FD said its investment in the London firm occurred as part of its strategy of assisting companies that were adopting its KX technology in new and innovative ways.
The Newry company said the proceeds of the transaction will be used for general working capital purposes.
