First Derivatives buys US marketing firm

Newry-based software firm First Derivatives has purchase US-based technology marketing company Marketing Resources Partners for a fee that could rise to $20 million (€14.03 million).

In a statement First Derivatives said it would pay an initial $4.5 million plus $1.5m in shares. Up to $14 million more in cash and shares may be paid subject to Marketing Resources Partners achieving certain goals by 2010.
Philadelphia-based Marketing Resources Partners has a range of large technology firms as clients, including Microsoft, Sun Microsystems and Cisco Systems.

According to its statement, First Derivatives said the deal would allow it to expand its US operations.

First Derivatives CEO Brian Conlon said the transaction represented the coming together of "two very like-minded firms".

"This acquisition gives us access to an established team of world class technology marketing professionals. We have invested significant resources in R&D and this accelerates our channel to market particularly in the US and into sectors other than investment banking," he said.