First Derivatives to buy Cognotec?

It hasn't taken other capital markets technology firms too long to realize Cognotec is a hell of a bargain. Latest news has it that First Derivatives, a Newry Ireland based global provider of solutions for Capital Markets, is looking to acquire the troubled foreign Exchange company.

In fact, Irish Times reports that First Derivatives already entered into an exclusive agreement with KPMG's receiver for Cognotec to acquire the Forex technology provider within days. To me this seems a bit preliminary so perhaps this was leaked in order to have even more firms bid for the company but this also means that this whole process won't take long any way.

It also seems that this transaction would require a leveraged deal or some kind of a shares exchange or a combination of both as First Derivates isn't such a big firm - it reported only a $8,5 million pre-tax profit in 2009.

I'm quire sure this is not the last thing we hear about Cognotec in the following days, updates will follow.