Change at FD Technologies as firm agrees to sell First Derivative for ￡230m
FD Technologies has agreed to sell its consulting business First Derivative for ￡230m to American firm EPAM Systems.
The deal was replete with best-known names in the Square Mile: Rothschild & Co, JP Morgan and Investec bank.
The company’s first business partner, when it was founded as First Derivatives, was the Newry Credit Union, who provided a ￡5,000 loan.
Even if he was uncommonly optimistic, the late Brian Conlon could hardly have predicted then that just one slice of his new enterprise would be worth 46,000 times the money he borrowed.
“We are very pleased with the transaction. We think EPAM is a great buyer and great owner for the business going forward.” - Seamus Keating , FD Technologies CEO
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Co Antrim bus manufacturer Wrightbus has won the biggest deal of its history worth up to ￡0.5bn.
The company, which was rescued from administration five years ago this month, is to supply more than 1,000 buses to operators Go-Ahead over the next three years.
In the biggest deal across its 78-year history, it will build hundreds of Go-Ahead buses every year for the next three years at its Ballymena headquarters. The deal will safeguard 500 jobs and creating multiple training and up-skilling opportunities.
The contract also supports an additional 1,500 jobs across the UK supply chain.
“It represents a huge boost to the UK’s economy and it will support homegrown manufacturing, jobs and skills for the next three years and beyond.” - Jean-Marc Gales , Wrightbus CEO
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Orlagh Kelly , founder of legal support company Briefed, enjoys that she gets to visit London so much as her business continues to grow.
Briefed has recently been acquired by private equity firm Omni Partners, and will merge with London-based firm DMJ Recruitment, which Orlagh will head up.
The company represents the coming together of Orlagh’s new love of the business world with her long-held ambitions to be a barrister.
“I started out as a barrister and, a lot of people aren’t aware, but that means you’re self-employed,” she said.
“And so what you’re really doing in your early 20s, in what is ultimately your first proper job, is starting a business, and all of the complexities that come with that.”
“I would suggest that almost all of the skills I picked up as a barrister have helped in business… If I need to advocate on behalf of myself or on behalf of my business, I’m not afraid of that. I’m comfortable with being able to take a stand if necessary.” - Orlagh Kelly
Capital investment is essential for economic growth and to upgrade our infrastructure. This is especially the case with NI Water, whose works backlog is constraining housing and industrial development and urban regeneration, writes economic commentator Paul Gosling .
Public spending on infrastructure is limited by spending rules self-imposed by the UK Government, concerned about fiscal credibility in global markets. High levels of borrowing - or perceptions of lack of control - can lead to a collapse in confidence and consequent rises in interest rates. (Liz Truss could tell you about this. Or she could if she had any humility.)
Moving borrowing for public infrastructure off the public sector balance sheet is a way around this. Privatisation achieves this, but UK privatisation of monopoly utilities has been disastrous…
The private finance initiative (PFI) is an alternative approach… The costs can be phenomenal, while coming with inflexible and disadvantageous contracting relationships.?
Another option is ‘mutualisation’, which has been suggested for both NI Water and the Housing Executive, to enable them to borrow against their revenues and existing capital assets in order to finance investment programmes. This should accelerate spending on water supply and waste water discharge management, as well the building of social housing.
The strong advantage of the mutualisation model compared to the privately owned water companies of England is that profits are not extracted for payments as dividends to investors, nor can borrowing be undertaken from associated companies at high interest rates to additionally generate profits for investors.
ICYMI: Our most-read business stories in the last week
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