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First Derivatives Acquiring Canada's Affinity Systems

Wed, 01st Apr 2015 08:17

LONDON (Alliance News) - Software and consulting services company First Derivatives PLC Wednesday struck a deal to acquire Canadian software development and consultancy services company Affinity Systems Ltd for CAD14.5 million.

First Derivatives said the deal will expand its software and consulting services offering within the Internet of Things segment, particularly for the utilities, healthcare and finance sectors.

The company will pay CAD5.25 million in cash upfront and CAD1.75 million via the issue of 78,190 shares, valuing the shares at 1,151 pence. Shares in First Derivatives were up 1.3% to 1,165.00 pence on Wednesday.

A further CAD7.5 million deferred consideration will be paid in either cash or shares based on Affinity meeting revenue targets through to 2018.

"We see this as an exciting opportunity for the company to grow its revenues and diversify its customer base," said First Derivatives Chief Executive Officer Brian Conlon.

First Derivatives shares were up 1.3% at 1165.00 pence Wednesday morning.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance