Newry's First Derivatives in 'flagship' deal with US firm
Financial software firm First Derivatives has announced a contract with a major US engineering company - one of its highest value software deals.
The Newry-based firm said it's signed a deal with a Fortune 500 engineering solutions firm for use of its Kx technology in precision engineering.
The technology will be used as a high-performance 'data historian and analytics platform' for a new fault detection product range to be released by its client.
And First Derivatives said the total expected value of the deal over a five-year period made it one of the bigger software contracts it has signed.
The deal follows efforts by First Derivatives - one of just two listed companies based in Northern Ireland - to find new markets for its technology.
A spokesman for First Derivatives said the new customer did not wish to be named - but expected the Kx technology to provide a "competitive advantage" in its market.
Last month First Derivatives announced it had joined up with the Business Growth Fund in Britain to target other markets with its Kx technology.
The company, which employs nearly 1,200 people here, reported pre-tax profits of £7m for the first half of 2016.
First Derivatives chief executive and founder Brian Conlon said: "This is a flagship contract win for Kx in the industrial Internet of Things, secured through our ability to demonstrate higher performance, greater scalability, and lower total cost of ownership than competing solutions.
"We see considerable potential for Kx to establish itself as a market-leading solution for streaming analytics on sensor data, particularly within manufacturing environments."
First Derivatives is listed on the AIM in London.