Irish software firm First Derivatives has bought Cognotec Holdings Ltd in a deal worth up to $4.7million (€3.5million). Cognotec was placed into receivership on January 22nd.

The terms of the purchase comprise a cash payment of $4.7 million, $500,000 of which will be held in escrow pending delivery of certain agreements by the receiver following completion. The purchase will be paid for in cash from the company’s existing banking facilities.

Cognotec has operations in Dublin, London, New York, Singapore and Tokyo. Its FX pricing and execution engine is used worldwide.