First Derivatives expands Asian operations
GLOBAL financial services firm First Derivatives has taken another step into the Asian market with confirmation yesterday that the Newry based firm has
signed a contract to provide software services for the Sinapore stock market.
The firm which develops specialist software for the international financial markets will develop and supply its widely acclaimed Delta product to be a platform for internal real-time monitoring of the performance of market makers on the Singapore Exchange (SGX).
The move was hailed yesterday as another milestone in the the firm’s bid to become a major operator in the Asian financial markets.
“I am very pleased that our effort in targeting the exchange market has resulted in this significant contract with SGX,” said CEO Brian Conlon who founded the business in 1996.
“Not only does it give additional credibility to the Delta platform but also strengthens our position in the Asian market as an enterprise software provider.”
The SGX deal which will see First Derivatives work with its Sinagopore sales partner, BrokerEdge Systems Advisors, is the latest in a string of contract and acquisition announcements from the firm which has enjoyed continued and impressive growth.
Earlier this year the business reported a pre-tax profit of 5.65 million to end of February, up 27 per cent on last year, on a turnover of 25.48m, a 45 per cent increase on 2008-09.
Commenting on the SGX deal, Paul Phillips, head of APAC (Asia Pacific) operations at First Derivatives further said: “The contract with SGX provides the necessary impetus for First Derivatives to further expand its operations in Asia, building on our existing operations in Australia, China, Singapore and India.
“The opportunity to cross-sell other First Derivatives software solutions, as well as support and consulting services to Singaporean clients is significant. We have a proven business model which works and will apply this to the Singapore market, as we continue to grow our Asian footprint.”
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Wednesday 15 February 2012
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