FD Technologies, one of Northern Ireland’s most prominent tech firms, is at the center of a potential £542 million acquisition by U.S. private equity firm TA Associates.
The Boston-based investor proposed an offer of £24.50 per share for all 22.1 million outstanding shares. In a statement to the market, FD’s board said it is “minded to recommend” the proposal, with a formal offer deadline set for June 4.
News of the bid sent FD’s London-listed stock soaring by over 20% on Wednesday, pushing its share price to £23.50 and valuing the firm at just under £520 million.
Founded in 1996 as First Derivatives, FD Technologies rose to become one of Northern Ireland’s most successful tech stories, at one point employing around 3,000 people globally. However, following the death of founder Brian Conlon in 2019, the company underwent major structural changes.
In March 2024, FD Technologies announced a three-way business division and soon after sold its consulting arm, First Derivative, to U.S. software firm EPAM Systems for £230 million. That deal saw around 1,800 employees exit the company in December 2024.
In the aftermath, FD launched a £120 million share buyback program, purchasing 4.5 million shares for nearly £90 million.
Today, FD Technologies primarily focuses on its KX software, a real-time analytics platform used in finance, manufacturing, and telecoms.
The company’s pivot coincided with growing pressure from activist investor Irenic Capital Management, which gradually increased its stake to over 29% by early 2025. Under UK takeover rules, any move past 30% could trigger a mandatory full bid for the company.
Irenic, which was founded in 2021 by Adam Katz and Andy Dodge, is known for its assertive involvement in board-level changes and restructurings, including its role in pressuring The Restaurant Group to divest its pub operations.
The Conlon family retains a 10% stake in FD Technologies, down from 23.4% at the time of Brian Conlon’s passing.
TA Associates now has until June 4 to formalize its offer. If accepted, the deal would likely result in a further transformation of FD Technologies’ ownership and operations. The company currently employs around 1,200 people across Newry, Belfast, and Dublin.