First Derivatives Buys Kx Specialist Consultancy QuantumKDB
QuantumKDB founder Kieran Lucid was a Kdb+ engineer at First Derivatives before founding the consultancy in 2011.
QuantumKDB was founded in 2011 by Kieran Lucid, a former Kdb+ engineer at First Derivatives, and now employs 15 consultants with Kx technology experience. The deal is worth up to £2.2 million, comprising £600,000 in cash, £1.1 million from the issue of new shares, and up to £500,000 based on achieving certain targets one year after the acquisition.
"We are experiencing increasing demand for Kx skills from existing and potential customers and the acquisition of Quantum will add to our existing capabilities and support our growth plans," says First Derivatives chief executive Brian Conlon, in a statement.
"As the home of Kx technology, FD is a natural fit for us. We are joining at a time of rapid expansion in the Kx client base across industry sectors, as more and more clients appreciate the benefits of this technology that has dominated capital markets for more than 10 years," adds Lucid.
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