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First Derivatives the organisation founded by the late Brian Conlon in Newry in 1996 with a loan from the Credit Union is going through a major structural update. In July 2021 First Derivatives changed its name to FD Technologies which was the umbrella organisation for three businesses, First Derivatives, KX and MRP. Now in 2024 after a structural review by the board it has been decided to break up the three FD Technologies businesses into three separate structures.
It's not know how, or if this will affect Newry City where FD Technologies is headquartered on Canal Quay with a satellite presence in Marcus Square, Hill Street. At a stage over 1000 people were employed at the Newry base contributing majorly to the local daytime and night-time economy. Covid changed that with staff working from home and the headquarters were also damaged in the Newry floods in October. The company employs over 3000 worldwide, an incredible achievement for a Newry hatched business.
The FD Technologies Board has been reviewing group structure for a year consulting with shareholders and advisors and they unanimously concluded that the separation of its three businesses is in the best interest of all shareholders.
Its MRP business is merging with CONTENTgine, a provider of B2B technology buyer insights and lead generation. The Board say they will take a measured approach to the separation of KX and First Derivative, particularly with respect to the timing of any transaction, having regard to market conditions to ensure that a divestment of First Derivative reflects its value.
Justin McNulty MLA has expressed his concern at the news "I'm concerned for Newry and I am concerned about the direction of the First Derivatives Business since Brian Conlon passed away.
The day of the young graduates in suits walking into Newry's coffee shops and restaurants seems to have slipped into the past. Brian Conlon had a 3 month Capital Markets Training Programme which I was lucky to participate in. This gave grads and new starts a strong grounding before they were then contracted around the world into global financial institutions.
"How much focus will the Structure Review have on building on Brian Conlon's proud legacy of placing Newry on the global financial map with careers and opportunities for young people being sky rocketted?
"I am seeking a meeting with the FD CEO to express my concerns and to ensure Newry is not forgotten about and most importantly to make sure Brian Conlon's legacy lives on."
