'We're thrilled to officially begin our partnership': £570million acquisition of Newry software firm has completed
Global private equity firm TA Associates secures majority stake in Newry-based tech firm, marking new chapter for AI and data analytics platform KX
The £570million acquisition of Newry software firm FD Technologies has completed.
FD Technologies operates from 12 locations across Europe, North America and Asia Pacific, and employs more than 580 people worldwide.
The company is the owner of KX, which aims to make AI a commercial reality addressing data challenges that impede deployment at scale. It also holds a stake in PharosIQ.
In June, it was announced that an offer had been recommended to shareholders from Kairos Bidco, a newly formed company indirectly owned by entities forming part of global private equity firm TA Associates' TA FUND XV, at £24.50 in cash per FD share.
Under the agreement, TA has acquired a majority stake in FD Technologies, with existing shareholders retaining a minority interest.
It means that, after six years as a division of FD Technologies plc, KX will return to private ownership.
KX supports investment banks, aerospace and defence, high-tech manufacturing and health and life sciences organisations.
Ashok Reddy, chief executive at KX, said: "Our customers require platforms that do more than store and query data – they need systems that fuel their AI initiatives, power automation, and unlock real-time value from complex environments.
"KX is uniquely positioned to serve this demand across the world's most dynamic industries. With TA's partnership, we have the freedom and focus to go further, faster – investing deeply in our products, our team, and the outcomes we deliver for customers. This is also a platform for expansion, and together with TA, we intend to build a market leader in every vertical we serve.”
Since 1968, TA has invested in more than 560 companies across its five target industries - technology, healthcare, financial services, consumer and business services - including more than 300 software companies and 60 financial services companies.
Hythem El-Nazer, co-managing partner of TA, added: "With the acquisition now complete, we're thrilled to officially begin our partnership with KX.
"Having spent decades investing in and scaling enterprise software companies, we've seen how category-defining platforms can shape the future of technology. KX, trusted by some of the world's most sophisticated organizations, stands out for its ability to process time-series and sensor data at speed and scale.
"As industries increasingly adopt AI-native, streaming-first architectures, we believe KX is well positioned to lead that evolution. We're proud to partner with the entire KX team as they continue to advance the platform for the next generation of innovation."
Latham and Watkins LLP is acting as legal adviser to TA and Bidco in connection with the acquisition. Arthur Cox is providing advice to TA and Bidco on Northern Ireland and Republic of Ireland legal matters.
Allen Overy Shearman Sterling LLP is acting as legal adviser to FD Technologies in connection with the acquisition.