First Derivatives has acquired Canadian partner company LakeFront Data Ventures.

Financial software business First Derivatives has acquired Canadian partner company LakeFront Data Ventures.

Under the terms of the deal, which was for an undisclosed sum, the staff of LakeFront will continue to be based in Toronto but will work at other First Derivatives group sites as required.

Brian Conlon, CEO of First Derivatives says: ‘LakeFront has been an excellent partner and we are delighted that they are joining the First Derivatives group. Our clients’ strategic plans with respect to data management are expanding dramatically and adding [LakeFront] will augment First Derivatives’ ability to address these growing requirements.’

Toronto-based LakeFront provides financial management services to clients such as investment banks and pension funds. LDV also operates the data management jobs website LakeFront Data Jobs.

AIM-listed First Derivatives produces computer software for financial services industries, including stock market monitoring and accountancy programmes. The Northern Ireland-based company has offices in London and New York and employs over 450 staff. For the financial year to February 2010 it declared a net profit £3.8 million on sales of £25.5 million.