Patsystems expands derivatives presence with Tamesis takeover

Trading technology specialist Patsystems has bought the loss-making financial software company Tamesis, in a move that it expects will allow it to develop its derivatives market presence.

"The addition of Tamesis allows us to enter the wider derivatives market, better leverage our global presence and scale and help us move further towards our longer-term aim of providing a wide portfolio of trading and risk management tools across the range of asset classes our customers require," said Patsystems chief executive Kevin Ashby.

Patsystems will pay £61,901 cash and an earnout in shares of up to £3.5 million over the next two years for Tamesis, which is privately owned. In return it will take over Tamesis' Risk Informer and Credit Trader software products, and plans to integrate them with its own products in the longer term.

Patsystems is already active in the derivatives market, specialising in equity futures and options trading systems. It signed a deal in 2003 with IFX to produce a joint forex trading service.