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(Alliance News) - Newry, Northern Ireland-based First Derivatives PLC on Tuesday announced its agreement to sell the majority of its investment in Quantile Technologies to Boston-based growth equity firm Spectrum Equity, for GBP11 million in cash.
Quantile Technologies provider portfolio optimisation services for the global financial services market, while Spectrum Equity is focused on internet-enabled software and information services firms.
The cash payment representing a total gain of GBP10 million on the initial cost of the investment. Following the deal, First Derivatives will keep a minority stake in Quantile.
First Derivatives will use the proceeds from the sale for general working capital purposes.
Shares in the consulting and software company were down 1.0% at 2,900.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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