Integral swoops on IFS

TECHNOLOGY NEWS

DUBLIN -- US-based technology firm Integral has bought IFS, which went into receivership last year.

The move means IFS’s flagship product -- the MarginMan collateralised FX trading system, in use at FX giants such as UBS Warburg and Deutsche Bank -- will be migrated onto the Integral Financial Server, which manages transactions in FX, money markets and derivatives. However, MarginMan will still be available to clients as a standalone solution, said Jim Duffy, IFS chairman in Dublin.

A spokesperson for Integral in New York said the acquisition would not mean any management changes for IFS. "We intend to keep the IFS team on board. We think it’s a positive step for them and us," the spokesperson said.

Financial details of the deal were not made available, because both firms are private companies.

IFS fell into receivership last November following an unproductive takeover of another technology firm, Dene International, and a drop in sales of MarginMan.

The Dublin-based firm, which has won several FX Week Best Banks awards for MarginMan, then operated with a skeleton staff, following the move into receivership. The receivers made all staff redundant, but re-hired around nine people to keep the company running.

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