First Derivatives has stumped up $4.7 million to buy the business and assets of foreign exchange trading platform provider Cognotec that went into receivership on January 22. But the deal – at a valuation far below a $55 million offer for it made just a few years ago – was not without incident: a Gibraltar-based company, with directors including Cognotec founder Brian Maccaba and Gibraltar-based Cognotec director Solomon Marrache, claimed that it held the intellectual property rights (IPR) to Cognotec’s software.

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