Irish financial technology company First Derivatives, has bought US-based technology marketing company Marketing Resources Partners, in a deal which could be worth up to £11.1 million.

Irish financial technology company First Derivatives, has bought US-based technology marketing company Marketing Resources Partners, in a deal which could be worth up to £11.1 million.

The deal involves an initial cash payment of £2.5 million and a further £835,000 in shares. An additional deferred payment of up to £7.8 million in cash and shares will be paid, subject to the firm achieving certain profit targets by 2010.

First Derivatives said the deal will provide it with a springboard to expand its presence in North America.

The company currently operates in Europe, North America and Asia and says it can offer global support to its customers on a ‘follow-the-sun’ model. This in turn will enable the firm to pitch for larger customers.

Marketing Resources Partners, which posted a profit of £363,000 in the six months to the end of June, employs 95 people in its office in Philadelphia.