Latest news with #SeamusKeating
Irish Times
3 days ago
- Business
- Irish Times
FD Technologies revenue rises amid strategy shift
FD Technologies said revenue rose in the year to the end of February as the company saw significant strategic progress. The company said revenue for the year was £80.7 million (€95.6 million), a 2 per cent rise year on year. However, the company reported an operating loss of £23.4 million, widening from £15.6 million a year earlier, with an adjusted Earnings before interest, tax, depreciation and amortisation of £6.5 million. In October last year, the company agreed to sell its First Derivatives division to US software company EPAM for £230 million and divesting MRP, leaving leave FD Technologies to focus on KX, another arm of the group, as its sole continuing operation. READ MORE During the second half of the financial year, KX continued to perform well, delivering bookings growth for the fiscal year at the top end of it guidance range with £18 million annual contract value. That was a 33 per cent rise on the same period last year, when the figure was £13.5 million. Annual recurring revenue rose 13 per cent to £81.8 million during the year, a strategic milestone 'As these results demonstrate, momentum is accelerating in KX bookings and ARR growth, and the business is on course to deliver sustainable operating leverage over the long term, with cash EBITDA reaching breakeven in FY27,' chief executive Seamus Keating said. 'Following the completion of the disposal of First Derivative for an enterprise value of £230 million in December 2024, we returned £120 million to shareholders via a tender offer in January 2025, reflecting our commitment to maintaining an efficient balance sheet and maximising shareholder value.' The company has also agreed a takeover deal that will see US private equity fund TA pay £24.50 a share for FD Technologies, valuing the company at £570 million. 'TA has significant experience supporting in high-growth global software businesses, and we believe it is a suitable and appropriate partner for our employees, customers, and other stakeholders,' Mr Keating said. The company has a 'robust pipeline' for the coming financial year, and plans to invest in expanding its customer reach in core sectors, including the financial services sector, boosting innovation, and exploring new markets. 'With accelerating ARR growth and better-than-expected operating leverage, KX delivered a strong performance based on good ongoing execution,' Mr Keating said. 'Our focus for FY26 is to deliver efficient growth and demonstrate progress in delivering the significant operating leverage that is a feature of our business over the long term. We will prioritise our investments to accelerate deployment, time to value and ease of use, further simplifying our product model and enhancing sales productivity.' The company said it expects ARR growth of at least 20 per cent in the coming financial year.
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.
