First Derivative Architectural

What First Derivative Architectural does

First Derivative is a global capital markets consulting and technology services firm headquartered in Newry, Northern Ireland, with operating entities across EMEA, the Americas, and APAC. Founded circa 2000 as a specialist kdb+/KX consulting practice, the firm scaled into a multi-region technology consultancy with offices in London, Dublin, Madrid, Warsaw, New York, Toronto, Sydney, Singapore, Hong Kong, and Tokyo. It claims 20 of the world's top 20 banks as clients and has delivered 2.3 million hours of capital markets consulting, processing approximately 20 petabytes of market data.

Its core delivery sits across four pillars: Technology Engineering (Calypso implementation and managed services, KX/kdb+ real-time analytics, Databricks and Snowflake data platform solutions, AWS/Azure/GCP cloud enablement, and TickEdge tick-data capture); Financial Crime and Compliance (AML, sanctions, fraud, KYC/KYX, trade surveillance, and regulatory reporting under EMIR, MiFID, SFTR); Operational Execution (PMO as a Service and project-to-product transformation); and Artificial Intelligence (Responsible AI, Generative AI, and AI-Native Engineering practice, including a proprietary Agentic AI Suite and a 'Dark Factory' agent-fleet methodology for software development lifecycle automation). The firm operates exclusively through enterprise field sales targeting tier-1 financial institutions, with bespoke quote-based pricing and a managed services book that provides recurring revenue.

In 2024, First Derivative was acquired by EPAM Systems for approximately $293 million and now operates as 'First Derivative, an EPAM Company', integrating into EPAM's global delivery network across India, Latin America, and Europe. Revenue is generated primarily through professional services and managed services engagements, complemented by talent development revenue from the Capital Markets Training Programme, graduate and apprenticeship schemes, and the FinTech Foundation Academy.

Name

First Derivative Architectural

Legal name

First Derivative Ltd

Website

https://firstderivative.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

First Derivative is a capital markets consulting and technology services firm specialising in KX/kdb+ real-time analytics, Calypso trading platforms, financial crime and regulatory compliance, and agentic AI solutions, serving 20 of the world's top 20 banks globally as an EPAM company.

Ownership category

akta.pro rank

Product category

Capital Markets Technology Consulting

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Derivatives Valuation, Pricing & Model Risk (FSACADAL)

akta.pro secondary industry

Listed Derivatives Execution Platforms (Futures/Options) (FSAFANAD)

Keywords

• Capital markets consulting
• Financial technology services
• Kdb+ data analytics
• Regulatory compliance solutions
• AI-native engineering

Headquarters

HQ city

Newry

HQ country

United Kingdom

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Capital Markets Consulting Services: First Derivative deploys specialist consultants to help investment banks and financial institutions navigate operational, data, and technology challenges. Services span implementation, support, testing, financial crime, regulatory compliance, and programme management. This is the primary revenue driver.
2. Managed Services: The company provides fully managed services across development, support, and testing for trading platforms and capital markets technology, from front-to-back to risk management.
3. Training & Certification Programmes: First Derivative offers the Capital Markets Training Programme (CMTP), graduate training, apprenticeships, and the FinTech Foundation Academy, generating revenue through talent development engagements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

First Derivative is a capital markets-focused technology consultancy delivering specialist consulting, implementation, and managed services for global financial institutions. Its portfolio spans technology engineering (Calypso, KX/kdb+, Databricks, Snowflake, cloud enablement), AI solutions (including a proprietary Agentic AI Suite for KYX automation), financial crime and compliance services (AML, KYC, sanctions, trade surveillance, regulatory reporting), and operational execution (PMO services).

Product overview

First Derivative is a capital markets-focused technology consultancy that positions itself as an 'AI-native' firm, providing a portfolio of consulting, implementation, and managed services. The offering spans four core pillars: (1) Technology Engineering — including Calypso implementation/maintenance, KX/kdb+ high-performance analytics, Databricks and Snowflake data platform solutions, and cloud enablement across AWS/Azure/GCP; (2) AI Solutions — anchored by the proprietary Agentic AI Suite for KYX automation, complemented by Generative AI, Responsible AI, and AI-Native Engineering practices; (3) Financial Crime & Compliance — covering AML, sanctions, fraud, KYC, trade surveillance, and regulatory reporting (EMIR, MiFID, SFTR); and (4) Operational Execution — including PMO services and project-to-product transformation. The company operates as an EPAM Company following EPAM's acquisition, integrating EPAM's global delivery capabilities with First Derivative's capital markets expertise.

Differentiator

Problem solved

Functional benefit

Products and services

• Calypso Services Implementation, customisation, and managed services for Calypso trading platforms across front-to-back capital markets operations, with over 20 years of experience supporting leading financial institutions.
• KX Services Industry-leading KX and kdb+ development services specialising in high-performance real-time analytics, custom application development, performance optimisation, and cloud modernisation for financial institutions.
• Databricks Solutions Data engineering and analytics solutions built on the Databricks platform, driving insights and business outcomes through model development and data science for capital markets.
• Snowflake Solutions Cloud data platform solutions leveraging Snowflake's capabilities for data engineering, analytics, and enterprise data workloads.
• Cloud Enablement Digital transformation through expert cloud migration, DevOps automation, and infrastructure optimisation with health checks, vendor integrations, and managed support across AWS, Azure, and GCP.
• Financial Crime Operations End-to-end financial crime framework design and optimisation spanning AML, sanctions, fraud, KYC, and trade surveillance, translating international standards into practical operating models, policies, and controls.
• Regulatory Compliance Strategic data remediation, risk monitoring, and seamless implementation of evolving regulatory regimes including EMIR, MiFID, SFTR, and other financial reporting requirements.
• Trade Surveillance Advanced trade surveillance solutions using behavioural analytics and pattern recognition to detect market abuse, misconduct, and ESG-related violations beyond traditional rule-based monitoring.
• PMO as a Service Project Management Office services providing programme management expertise, operational excellence, and project-to-product transformation for financial institutions.
• Cyber Security Cybersecurity services helping financial institutions protect against digital threats, ensure regulatory compliance, and maintain operational resilience.
• KYX Customer, employee, and supplier due diligence services and technology solutions for Know Your Customer, Enhanced Due Diligence, and ongoing monitoring requirements.
• Generative AI Generative AI capabilities applied to capital market business functions across the trade lifecycle, including cost reduction through agentic solutions, revenue generation through commercial insight extraction, and improved regulatory compliance via AI-powered copilots.
• Responsible AI Responsible AI practice ensuring ethical, transparent, and compliant deployment of AI solutions for financial institutions, addressing regulatory requirements and governance frameworks for AI adoption.
• AI-Native Engineering AI-native engineering practice focused on driving AI adoption through certification of personnel and sustained internal training and upskilling, combining practical command of AI technology with a firm-wide commitment to being AI-native.
• Agentic AI Suite A cloud-agnostic, modular agentic AI platform that automates KYX processes across customer, employee, and supplier due diligence using a policy-as-code framework, orchestrating autonomous agents for data extraction, identity and background checks, screening, policy interpretation, onboarding, and profile completion.

Quantifiable outcome

• 20 of the world's top 20 banks are working with First Derivative right now
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Feature10 records

Partnerships

Four partnerships are on record, tiered core and minor.

• EPAM SystemscoreOthersEPAM Systems completed the acquisition of First Derivative for approximately $293 million in Q4 2024. First Derivative now operates as 'First Derivative, an EPAM Company.' The acquisition strengthens EPAM's capital markets and KX/kdb+ capabilities. Integration into EPAM's global delivery model spans India, Latin America, and Europe. First Derivative staff access EPAM's SharePoint People Portal, and the company uses EPAM's careers portal for graduate recruitment.
• KX (a subsidiary of FD Technologies plc)coreTechnology or IntegrationFirst Derivative is a leading provider of KX and kdb+ development services, specialising in high-performance real-time analytics for capital markets. The company co-hosts KX Meetups globally (Bangalore, Boston, New York), offers KX Services as a core practice area, and provides custom application development, performance optimisation, and cloud modernisation on KX technology. Multiple events reference the FD-KX partnership as a key differentiator. 'First Derivative's KX ecosystem and community' is actively cultivated in India and globally.
• Symphony CommunicationsminorGTM or Marketing PartnerSymphony Communications hosted the Big Data NYC Kick Off Event at their Broadway offices. First Derivative was a sponsor of the event, which featured a panel on 'The Irish Diaspora Shaping NYC's Big Data Future'.
• GooglecoreStrategic or Co-development PartnerGoogle co-hosted the 'Future of Finance – Agentic AI in Action' event with EPAM Systems at EPAM's London office, bringing together financial industry leaders to explore practical AI applications in trading, risk, compliance, and client engagement. First Derivative team members participated as presenters and panelists.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Murex: Provider of the MX.3 trading, risk, and post-trade platform for capital markets, with an extensive partner ecosystem of consulting implementers. Comparable to First Derivative as a peer in the trading-platform implementation ecosystem, and as an indirect competitor in capital markets technology services.
• Capco (a Wipro company): Global consulting firm exclusively dedicated to the financial services and energy industries, with deep capital markets consulting and implementation practices. Closely comparable to First Derivative in vertical focus (Tier-1 banks), consulting-led model, and regulatory/compliance expertise.
• Synechron: Capital markets-focused consulting and digital engineering firm serving global investment banks with technology, data, and AI services. Directly comparable to First Derivative in target customer (top-tier banks), service mix (consulting + implementation), and financial crime/regulatory specialization.
• Finastra: Major capital markets technology vendor offering trading, risk, and lending platforms (including the Calypso franchise that First Derivative implements). Directly comparable on trading platform implementation and managed services, with overlapping partner ecosystems serving Tier-1 banks.
• Options Technology: Capital markets technology managed services and infrastructure provider headquartered in Belfast, Northern Ireland. Closely comparable to First Derivative as a fellow NI-headquartered fintech serving global investment banks, and historically a co-marketing partner in joint events.

Broad incumbents

• EPAM Systems (parent): NYSE-listed digital engineering and product design firm that acquired First Derivative for $293M in 2024. Serves as the broader parent and shared delivery platform, providing capital markets consulting alongside a much wider portfolio of industries and clients.
• Accenture Capital Markets: Global consulting and technology services giant with a dedicated Capital Markets practice serving the same Tier-1 investment bank customers. Overlaps with First Derivative on bank technology modernization, regulatory reporting, and cloud enablement work, but at vastly larger scale and across all industries.
• Cognizant Capital Markets: Global IT services firm with a Financial Services practice focused on banking and capital markets technology modernization, including regulatory reporting, data platforms, and cloud migration. Competes with First Derivative for similar bank consulting and implementation mandates.
• Infosys Finacle / Capital Markets: Large Indian IT services firm with a dedicated capital markets practice serving global banks on digital transformation, regulatory compliance, and data engineering. Comparable in delivery model and customer base to First Derivative, though across a much broader IT services portfolio.

Regional players

• Beeks Financial Cloud: Scottish-headquartered provider of low-latency cloud and analytics infrastructure for capital markets, with strong ties to the Northern Ireland/Belfast fintech cluster. Comparable to First Derivative's KX/kdb+ market data infrastructure work serving similar institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/FDSolutioneers
• Facebookfacebook.com/FirstDerivative
• LinkedInlinkedin.com/company/first-derivative

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Derivative Architectural