RealTime IT News

Irish Software Company Acquires Dene International

[London, ENGLAND] Ireland's IFS, a developer of Internet solutions for financial companies, announced Wednesday the US $21 million dollar acquisition of Dene International, a U.K. firm that develops automated Internet-based trading solutions for banks.

The deal brings a key product to IFS, namely Dene's Global Automated Trading Engine (GATE), reputedly one of the world's leading automated foreign exchange trading applications. GATE users include Barclays, Bank of America, Chase Manhattan, Natwest and Allied Irish Banks.

IFS plans to merge GATE with its own MarginMan risk management and collateralized foreign exchange trading application to form a complete ASP environment that will bring more benefits to both sets of customers.

"Dene's GATE technology will allow IFS to fast track the migration of our MarginMan collateralized trading application to the Internet and to offer a superior range of automated Internet trading solutions via an ASP model to our existing clients and to the global FX market in general," said Ken Coldrick, managing director, IFS.

Bob Beese, managing director, Dene International, predicted that the combined company would emerge as the leading developer of Internet trading solutions within the next two years.

"We can now take advantage of IFS' global sales, marketing and support infrastructure to promote our flagship product, GATE, and anticipate a considerable increase in our combined revenues as a result," Beese said.

Dene currently employs 30 people at its U.K. headquarters in Harrogate, Yorkshire, while IFS has more than 80 people working in its offices in Dublin, London, New York, Singapore, Sydney and Manila.

The expanded company says it plans to conduct a major recruitment campaign over the next six months to increase its sales, research and development teams.

Intel Corp. and Deutsche Bank took a joint stake of 14 percent in IFS in June last year.