FD Technologies plc completes £130m senior debt refinancing

Bank of Ireland has acted as mandated lead arranger, co-ordinator and sole agent for FD Technologies plc in its recent £130m four-bank syndicated refinance.

FD Technologies is a group of data-driven businesses that unlock the value of insight, hindsight and foresight to drive organisations forward.

The Group comprises KX, which provides software to accelerate AI-driven innovation; First Derivative, providing consulting services which drive digital transformation in financial services and capital markets; and MRP, which provides technology-enabled services for enterprise demand generation.

“FD Technologies is a true Northern Ireland business success story”

Headquartered in Newry, Co Down, FD Technologies operates from 14 locations across Europe, North America and Asia Pacific, and employs 3,000 people worldwide.

Strong strategic progress

“FD Technologies is a true Northern Ireland business success story,” said Colm Moane, associate director in Corporate Banking, Bank of Ireland, Northern Ireland.

“Bank of Ireland is proud to be a long term funding partner of FD Technologies, and to have played a pivotal role in its latest financing. We wish the FD Technologies executive team and the group’s entire workforce the best of luck in their future endeavours.”

Completion of the refinancing coincides with release of FD Technologies annual financial results for the year ended 28 February 2023. The Group reported a 12% rise in revenues to £296m, led by strong performance in its KX and First Derivative businesses.

“We are pleased with a year of strong execution on our strategy, with KX and First Derivative beating our expectations for FY23,” said CEO Seamus Keating, commenting on the results.

“KX in particular has made strong commercial and strategic progress. Our price to performance advantage is particularly compelling for the hyperscale cloud providers, as evidenced by our partnerships with market leaders Microsoft and AWS.

“We have a range of initiatives that we are progressing with these and other partners that provide confidence in our outlook.

“First Derivative also performed strongly in FY23, delivering impressive revenue growth of 18% for the period. We continue to see multi-year strategic growth drivers that underpin demand for our services.

“We have set ourselves ambitious but sustainable growth targets for the years ahead which will ensure we are focused on driving high-quality recurring revenue growth from an expanding list of customers across a wide range of industries, while generating value for shareholders,” Keating said.

Main image at top: Seamus Keating, CEO, FD Technologies plc

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