Belfast Telegraph

Software founder sells shares

By Clare Weir

A director of a Newry financial software firm has made nearly £2m after selling part of his shareholding.

Michael O'Neill, a non executive director and founder shareholder with First Derivatives, this week sold 330,000 shares in the company at 535p per share, making £1,765,500.

Mr O'Neill will retain a holding of 310,000 ordinary shares representing approximately 1.81% of the issued share capital of the company.

Mr O'Neill is a former chief operating officer of the firm and in 2010 and 2011 he sold shares valued at £1,125,000.

He now has a range of business interests including an online betting business. Last week, First Derivatives issued half-yearly results which showed turnover of £27.6m and a £4.1m operating profit.

Listed on the London AIM since 2002, First Derivatives is a global provider of software and consulting services to the financial services industry.

It counts many of the world's top investment banks, brokers, exchanges and hedge funds as its customers. It has operations in London, Stockholm, New York, Philadelphia, Toronto, Sydney, Hong Kong, Dublin, Belfast and Newry and employs close to 600 people globally.

Last month First Derivatives bought three London-based firms for £3.15m in a cash and shares deal.

Redshift Horizons, Redshift Horizons LLP and Cowrie Financial provide software and services related to electronic trading systems.