First Derivative sale: New owners 'recognised the potential of Newry presence'

FD Technology's offices on Hill Street, Newry. Pic: Google.

The boss of First Derivative has said Newry still has a big part to play in the company’s future.

FD Technologies plc announced this week that it will sell its First Derivative business to EPAM Systems, a major US firm, in a deal valued at £230m.

Founded in 1996 by the late Brian Conlon, First Derivative started with a £5,000 loan from Newry Credit Union. Now it is a global provider of consulting services for capital markets, with staff across multiple countries and a headquarters in Newry.

EPAM Systems operates in over 55 countries across five continents, and in 2023 reported a total revenue of $4.691B. EPAM has earned recognition such as Glassdoor’s Top 100 ‘Best Places to Work’ and Newsweek’s ‘Most-Loved Workplace’ (2021–2023).

Newry remains a key focus for EPAM, which will retain the First Derivative brand and its Newry offices. EPAM’s decision to acquire the company was driven by First Derivative’s exceptional talent in Northern Ireland and its nearshore capabilities in Newry, Belfast, and Dublin. EPAM was also drawn to the strong brand, cultural ties, and inspiring success story of Brian Conlon.

In fact, EPAM’s founding CEO, Arkadiy Dobkin, has a similar origin story, having founded his global company from his home in 1993.

David Collins, CEO of First Derivative, commented, “We are delighted that EPAM recognised the potential of our Newry presence, and we look forward to building on this momentum together. This opportunity allows us to not only to retain our local offices, but further enables our growth strategy in the region.

"EPAM provides an expanded global client base and will support First Derivative in scaling our nearshore delivery centres in Newry and Belfast. We are incredibly excited about this next chapter for First Derivative.”