Newry-based First Derivatives buys Affinity Systems

This is the latest in a series of purchases by First Derivatives, which now employs around 1,000 people

First Derivatives, the Newry-based financial technology firm, has bought a Canadian software company for £7.7m.

The purchase of Affinity Systems is First Derivative's third acquisition in 2015.

Affinity, which is based in Ontario, employs 45 people and has clients across a range of industries.

Brian Conlon, chief executive of First Derivatives said Affinity was "a natural fit" for First Derivatives.

The Newry company has its roots in managing and analysing the vast quantities of data produced by financial services firms.

It is now trying to use that expertise in "big data" applications for other industries.

Big data refers to the massive quantities of data produced from sources like the web, mobile, social media and customer contacts.

Companies are trying to find ways to use that data in useful and profitable ways.

Affinity's big data expertise includes working with power companies to create systems that allow customers to access their smart meter data.

Brian Conlon said the purchase would give First Derivatives expertise across a number of new sectors.