Latest news with #TAAssociates
Irish Times
3 days ago
- Business
- Irish Times
FD Technologies chairwoman urges investors to back takeover
FD Technologies chair Donna Troy has urged investors to back a £541.6 million (€643.04 million) sale of the Newry-based data and analytics company to US private equity firm TA Associates at a special meeting on June 30th, saying there are risks to it delivering on its full potential as a standalone public company. The company's remaining business, KX, which analyses large data sets in real time to help companies predict and respond to market conditions across the various business areas, may be hampered by 'uncertain public markets' if it needs to accelerate investment to capture opportunities in artificial intelligence (AI). 'Furthermore, FD Technologies is a relatively small player in a large, but fast-moving, fragmented market,' Ms Troy said in a letter to shareholders, contained in documents relating to the planned deal, published on the company's website on Friday. 'Competing with a number of larger, very well capitalised software providers and consequently the FD Technologies, directors are cautiously aware of execution risk to delivering its strategy and the associated value to FD Technologies shareholders.' READ MORE The deal with TA Associates, first announced a month ago, follows a big restructuring at the Dublin-listed company last year. This led to the group selling its former core First Derivatives division to US software group EPAM in a £236.1 million transaction and the spin-off of another business, called MRP , into a merger. It subsequently returned £120 million to shareholders in January through a stock buyback deal. How to manage your pension in these volatile times Listen | 37:00 FD Technologies confirmed that it has secured irrevocable commitments from shareholders behind 56.7 per cent of its stock for the TA Associates deal. It will need approval from holders of 75 per cent of its shares to get the transaction over the line through the mechanism, known as a scheme of arrangement, that TA Associates is using to execute the takeover. Shareholders are being offered the choice of taking cash for their stock or rolling their shares into the bid vehicle. 'The FD Technologies board does not give any recommendation to FD Technologies shareholders as to whether they should elect for the alternative offer [of taking shares in the bid vehicle],' the company said. 'FD Technologies shareholders should determine whether acquiring or holding rollover shares is affected by the laws or regulations of the relevant jurisdiction in which they reside and consider the advantages and disadvantages of electing for the alternative offer, and whether rollover shares are a suitable investment in light of their own personal circumstance.'
Bloomberg
12-05-2025
- Business
- Bloomberg
TA Associates Is Said to Weigh Selling Majority Stake in $1 Billion Accion Labs
TA Associates is considering selling its majority stake in Accion Labs Holdings Inc. and seeking a valuation of about $1 billion for the Pittsburgh-based technology company, people familiar with the plan said. The private equity firm is working with a financial adviser on the potential sale, the people said, asking not to be identified because the plan is private.
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.
Daily Mail
08-05-2025
- Business
- Daily Mail
Northern Irish software firm agrees £542m US private equity takeover
A prominent Northern Irish software developer has agreed to be acquired by a US private equity business in a deal valuing the group at £542million. FD Technologies revealed on Wednesday that it was in 'advanced discussions' with Boston-based TA Associates regarding a potential £24.50 per share bid. It has now accepted the proposal, which reflects a 27 per cent premium to its closing stock price on Tuesday. FD's directors intend to unanimously recommend the cash offer, which they say provides shareholders with 'cash certainty'. The Newry-based firm is also providing investors with an alternative offer involving the exchange of every share they hold for 2,450 rollover shares. Founded in 1996 as First Derivatives by Brian Conlon, who died aged 53 in 2019, the company is one of Northern Ireland's largest homegrown technology businesses. It employs approximately 3,000 people in 15 offices across Europe, North America and the Asia Pacific regions. FD's signature technology is KX Insights, which analyses data sets in real-time to help groups in industries like aerospace, life sciences, and financial services react to market trends. Clients have included investment banks Credit Suisse, JP Morgan, and Goldman Sachs, as well as betting giant Paddy Power and numerous Formula One teams such as Red Bull Racing. Three years ago, Microsoft agreed to integrate KX Insights into its cloud computing platform Azure, a deal FD's chief executive, Seamus Keating, hailed as a 'landmark agreement.' Ashok Reddy, chief executive of KX, said: 'KX's high-performance data and analytics software supports fast-moving, data-intensive organisations and is foundational to the AI and analytics stacks of global enterprises. 'TA's strategic and operational expertise will support our mission to accelerate product innovation and deepen our impact across high-growth, high-value verticals.' FD Technologies shares increased 2.3 per cent to £24.25 by mid-Thursday afternoon, having soared by 21 per cent yesterday. In the year ending February 2024, FD recorded turnover of £248.9million, but a pre-tax loss from continuing operations of £7.7million, up from a £0.4million loss in the previous 12 months. Earnings were impacted by revenue declining in its First Derivative business by 8 per cent to £170million due to cautious spending among investment banking clients. FD's takeover announcement comes one day after American food delivery giant DoorDash struck a £2.9billion deal to buy Deliveroo. While Deliveroo recorded its first annual profit last year, its shares have plunged since a disastrous initial public offering in 2021, partly owing to cost-of-living pressures and loosening Covid-related curbs slowing demand for takeaways. Multiple major London-listed groups have been snapped up in recent years by foreign predators taking advantage of discounted valuations to buy firms cheaply. They include cybersecurity specialist Darktrace, Robinsons Squash maker Britvic, private security business G4S and video game services provider Keywords Studios. Others to have made acquisition deals include NHS landlord Assura, Royal Mail's parent company, International Distributions Services, and the Bank of England's currency printer, De La Rue.
