Ballyheigue man sells company for almost €3 million
Ballyheigue entrepreneur Kieran Lucid has sold his data consultancy company in a deal worth up to €2.9 million.
In the last week northern Irish firm First Derivatives announced it had completed the deal to purchase data consultancy company QuantumKDB for £2.2m Sterling.
QuantumKDB provides its clients, mainly from the financial sector, with a high tech system that allows them to manage extremely large amounts of date more easily and with greater speed.
The company was founded by Kieran Lucid in 2011.
Prior to starting his own company, Kieran had worked in international banking with Deutsche Bank, Liquidnet and Bank of America and was based in Wall Street for four years.
Whilst in Wall Street he was primarily involved in work on the Stock Exchange.
When he left New York he went on to form his own data company QuantumKDB in London,
Kieran graduated as an Electronic Engineer from UCC after which he completed a masters' in Business Information Systems at the university.
Kieran is now working for First Derivatives as an IT consultant and is based at the company's headquarters in Newry.
First Derivatives' deal to buy QuantumKDB will be completed in two stages.
An initial payment of £1.7 million will comprise £600,000 in cash and £1.1 million through the issue of new shares in First Derivatives.
The remaining £500,000 will be paid in a year's time, subject to the successful meeting of a certain set targets.
News of the sale follows a successful year for Quantum which in its last financial report recorded pre-tax profits of £300,000 and net assets of £250,000.
First Derivatives employs over 1,000 people worldwide and counts many of the world's top investment banks, brokers and hedge funds as its customers.
QuantumKDB's staff will now join First Derivatives.