Latest news with #BrianConlon
Belfast Telegraph
2 days ago
- Business
- Belfast Telegraph
FD Technologies: the story of a Newry tech giant
The journey of FD Technologies, from a bedroom in Conlon's family home to become one of Northern Ireland's biggest technology companies – via an old converted corn warehouse next to the canal in Newry – is remarkable. The software specialist business – which provided products and consulting services to large global financial, technology and energy institutions – evolved from that bedroom to the stock markets of London and Amsterdam. Now another chapter in FD's 30-year journey has been written. In May, 2025, the company, which is headed by Seamus Keating, accepted a takeover bid from a private equity investor from Boston which valued the business at £550m. Donna Troy, chairwoman of FD, said the board unanimously thought the deal, based on an offer for £24.50 per share, 'delivers appropriate value to shareholders'. Over the last 30 years, FD (one of a handful of listed companies from Northern Ireland), grew from its Newry home across the Americas, Europe and Asia. And it has come a long way to get here. Brian Conlon was born in 1966 in Newry. He studied accountancy in Queen's University while playing gaelic football for his native Down. In 1987 he sustained a knee injury during a match for Queen's, forcing early retirement from the sport. He then turned his attention to the capital markets sector where he trained with a major accountancy firm. 'I spent the first year counting concrete and pick-up trucks and wanted something more challenging,' he told the Sunday Independent in an interview in 2008. Like many of his generation, Conlon migrated to London where he joined the risk management team in Morgan Stanley. From there he worked as a capital markets consultant in SunGard, a global derivatives software house. Rather than settle in England, he opted to return home and bring his experience with him. There was a gap in the market, he realised, for software consultancy. 'Most of the software firms were focused on selling the licences and not on services. There was an opening to help banks write financial models and help them with quantitative analysis,' Conlon said in 2008. He established First Derivatives in 1996 in the spare bedroom of his mother's home in Newry, using a £5,000 loan from the Newry Credit Union to help him get started. Years of organic growth followed. In the autumn of 1998, a few months after the signing of the Good Friday Agreement, Brian Conlon took his fledgling team on a trade mission to California's Silicon Valley alongside a handful of other local software companies, including Kainos. California was receptive. The following year Kx Systems, a software company from Paolo Alto which specialsed in financial modelling and data analyses, sold its marketing rights to FD and the two businesses would prove a perfect couple over the following decades. By 2002, First Derivatives had just 26 employees and a £2m turnover, but Conlon decided to float his business on the Alternative Investment Market (AIM) in the London Stock Exchange (LSE), initially offering four million shares at a price of 50p per share. 'FD at the start was small of scale but the vision attracted investors,' Ryan Preston, the company's chief financial officer, told Ulster Business in 2022. 'You have to follow up and deliver the vision. When we first floated on the LSE we attracted an investor base that was primarily driven by revenue growth and dividends. We delivered on that very successfully over many years.' Annual reports over the next decade reported consistent profit growth. The company steadily increased its stake in Kx Systems and added more strings to its bow, including the acquisition in 2008 of Market Resource Partners (MRP), a Philadelphia-based business which employed data analytics for software and technology firms. By now Conlon's operations spanned the globe – from Singapore to Sydney, Vienna to Vancouver, London to Los Angeles. The company even purchased residential for its staff. 'We have up to 60 people working in London and 25 in New York so we decided that rather than pay rents we would buy apartments,' Conlon said in 2008. 'It worked because we only bought in nice places like Mayfair and Kensington in London and around Chelsea or the Village in New York.' The world was its stage but Newry remained home for First Derivatives. 'Brian spotted global opportunity where no one else did,' said Justin McNulty, an SDLP MLA who worked at the business. 'But on top of that he combined pride in his home town of Newry with his knowledge that the people of the North have the education and drive to excel.' The business leader was keen to spread some of his knowledge and in 2012 established The First Derivatives Trading Room, NI's first financial trading facility, at Queen's. In June 2019, First Derivatives announced it had taken entire ownership of Kx Systems for $53.8m (£39.9m) in cash. This was an important milestone, Conlon said at the time: 'Since we acquired a controlling stake in Kx in October 2014 we have invested heavily to deliver the performance advantages of our combined solutions, branded as Kx technology, to a range of end-markets.' Sadly, this was his final deal. The following month, July 2019, Brian Conlon died in Newry not long after being diagnosed with cancer. But his baby First Derivatives – which changed its name in 2021 to FD Technologies (to incorporate its three operations, First Derivative, Kx and MRP) – had grown wings of its own. The company was by now a technology powerhouse, providing software and services to major banks and servicing marketing technology and the automotive industry. In 2020 the company 'recognised there was a huge opportunity in Kx, our software business, and we came back to market with an accelerated growth strategy,' said Ryan Preston. FD ultimately decided to restructure the business to focus on Kx, which uses an approach to data analysis that helps companies predict and respond to market conditions in real time. In early 2024, it merged MRP, its marketing technology division, with Contentgine, a US firm. FD retained 49% of this merged entity. Late in 2024 it sold its consulting wing First Derivative to EPAM Systems, a US software company for a reported £205m. Since then, the company has focused on growing subscription sales of Kx products. Following its sale to TA Associates, an investment firm with reported assets under management of over $60bn, will FD have to part ways with Newry? Not necessarily. TA Associates said it intends to keep headquarters in Newry. Some jobs could be subject to 'reorganisation, reduction or redeployment but the deal will 'create greater employment opportunities for existing and future employees over the long term'. FD has come a long way to get here – and it looks as though the journey is not over yet.
Yahoo
09-05-2025
- Business
- Yahoo
Tech firm accepts £570m takeover offer from US company
FD Technologies, the Newry-based technology firm, has accepted a £570m takeover offer from a US company. The buyer is TA Associates, a Boston-based private equity investor. Donna Troy, chairwoman of FD Technologies, said the company's board was unanimous that the deal recognised the underlying value of the business and "delivers appropriate value to shareholders". TA Associates said it intended to keep FD Technologies' headquarters in Newry. When the deal is completed it will carry out a "detailed review" of the business over a period of 12 months. It has cautioned that could lead to some jobs being subject to "reorganisation, reduction or redeployment". However, it added it believed the company was well positioned for growth which "will in turn create greater employment opportunities for existing and future employees over the long term". FD Technologies was founded by the late Brian Conlon in 1996, with the name First Derivatives. He grew it to be one of Ireland's most successful technology firms employing around 3,000 people across its global operations. The Conlon family still own about 10% of the business, meaning they will make £57m from the deal. The current chief executive Seamus Keating has a shareholding worth about £1.2m The company has undergone a major restructuring in the last year to focus on its software product known as KX. In December 2024 it completed the sale of its consulting business for a net total of £205m. It had earlier merged its marketing technology division, MRP, with a US firm CONTENTgine. FD Technologies continues to own 49% of the merged firm. The shake-up at the firm came as a so-called activist investor, Irenic Capital Management, became the largest shareholder. These sort of investors frequently buy into a company to force changes, such as selling assets. Error while retrieving data Sign in to access your portfolio Error while retrieving data
BBC News
09-05-2025
- Business
- BBC News
FD Technologies accepts £570m takeover offer from US company
FD Technologies, the Newry-based technology firm, has accepted a £570m takeover offer from a US buyer is TA Associates, a Boston-based private equity Troy, chairwoman of FD Technologies, said the company's board was unanimous that the deal recognised the underlying value of the business and "delivers appropriate value to shareholders".TA Associates said it intended to keep FD Technologies' headquarters in Newry. When the deal is completed it will carry out a "detailed review" of the business over a period of 12 has cautioned that could lead to some jobs being subject to "reorganisation, reduction or redeployment".However, it added it believed the company was well positioned for growth which "will in turn create greater employment opportunities for existing and future employees over the long term".FD Technologies was founded by the late Brian Conlon in 1996, with the name First grew it to be one of Ireland's most successful technology firms employing around 3,000 people across its global Conlon family still own about 10% of the business, meaning they will make £57m from the current chief executive Seamus Keating has a shareholding worth about £1.2m Major restructuring The company has undergone a major restructuring in the last year to focus on its software product known as December 2024 it completed the sale of its consulting business for a net total of £ had earlier merged its marketing technology division, MRP, with a US firm CONTENTgine. FD Technologies continues to own 49% of the merged shake-up at the firm came as a so-called activist investor, Irenic Capital Management, became the largest sort of investors frequently buy into a company to force changes, such as selling assets.
Irish Independent
07-05-2025
- Business
- Irish Independent
FD Technologies shares shoot up 26pc following takeover approach to Newry-based data analytics firm
Shares of FD Technologies soared in London and Dublin after the news emerged on Wednesday. In Dublin, the shares rose 26pc to €27.60, close to the premium the bid represents to the stock's previous closing price. In London, shares were up 21pc to £23.30 each. In a stock market update, the board of the Northern Ireland-based business said they had received a number of non-binding proposals in relation to a possible cash offer by funds managed by TA Associates for the entire capital of the business. It was founded by the late Brian Conlon with a £5,000 loan from Newry Credit Union 'The most recent proposal was received from TA Associates on March 24, 2025, in relation to a possible cash offer of £24.50 per FD Technologies share,' the company said. At that price, the board of FD Technologies 'would be minded to recommend' it to shareholders, subject to the agreement of other customary terms and conditions. The US investor has until June 4 to make a formal bid. A potential sale comes just months after FD Technologies sold its First Derivative business to EPAM Systems for £230m (€274.1m). That deal was announced in October last year. What is now FD Technologies was founded in 1996 by the late Brian Conlon, financed initially with a £5,000 loan from Newry Credit Union. The business is now headed by CEO Seamus Keating. It provides consulting services for capital markets, and has staff based in a string of global centres from London to Singapore, as well as its base in Newry The sale of the First Derivative subsidiary had left FD Technologies to focus on its data analytics and AI business, KX. ADVERTISEMENT Learn more FD Technologies is being advised on the process by Rothschild, JP Morgan Cazenove and Investec Bank with legal advice from Allen Overy Shearman Sterling. FD Technologies is one of Northern Ireland's most successful indigenous businesses and a significant employer on both sides of the Border. The late Brian Conlon founded the business in 1996 when Newry was only just starting to emerge from the effects of the Troubles. He grew it into a global business with offices and customers around the world. Mr Conlon had studied accountancy at Queen's University in Belfast before training as an accountant with KPMG. He moved to London in the late 1980s to work with US investment bank Morgan Stanley in the then developing area of financial derivatives, and later joined Nasdaq-listed data company SunGard. He returned to Ireland – and in 1996 established First Derivatives, providing support to the kinds of global financial services firms he'd previously worked for. The business subsequently floated and listed on London's AIM and in Dublin. It expanded its services from the finance sector to include clients like the Red Bull Formula One team and Airbus, as the demand for tools to analyse masses of data expanded across industries. Mr Conlon died following an illness in 2019, aged just 53, and is survived by his wife Julie and their two children.
ME Construction
18-04-2025
- Business
- ME Construction
Mace's appointment of Brian Conlon as Country Director for Saudi Arabia
Industry News Mace's appointment of Brian Conlon as Country Director for Saudi Arabia By Mace will focus on expanding its delivery capabilities across Saudi key markets and sectors, from cities to infrastructure and mobility Mace has appointed Brian Conlon as Country Director for Saudi Arabia, he will lead the company's expanding operations in the Kingdom. Conlon will be responsible for overseeing the performance and services of Mace's Saudi business, which currently employs over 700 professionals. Conlon has over 35 years of industry experience, his most recent role was as Regional Director at AtkinsRéalis, where he led a team of 400 professionals across some of the projects and programs in Saudi Arabia. Prior to that, he had held senior positions at Arcadis and EC Harris for over 20 years. During his tenure, he led major commissions, bids, and established new business operations in various locations, including the UK, India, North Africa, and the Middle East. Christopher Seymour, Managing Director of MEA at Mace Consult said, 'With a leading presence across giga projects and major programmes in Saudi Arabia, Mace is playing an important role in the Kingdom's transformation under Vision 2030. We have ambitious growth plans for Saudi and the wider region focused on expanding our delivery capabilities across key markets and sectors, from cities and places to infrastructure and mobility. Brian will play a central role in this growth, leading our team in Saudi to deliver global best practice for our clients that supports the development of local communities.' Conlon commented, 'Mace has a strong reputation for working on, and delivering, some of the largest, most iconic and most complex projects and programmes in Saudi Arabia and the wider region. Working alongside our clients, we want to further expand our operations and enhance our capability and track record of innovative delivery throughout the Kingdom. I look forward to working with the Mace team, our clients and communities to deliver positive impact in Saudi and the wider region.' Conlon's appointment is said to support Mace's global growth plans that have included a number of recent international leadership appointments in key positions following the succession of Jason Millett as Group Chief Executive at the beginning of this year, and Davendra Dabasia as CEO of Mace Consult.
