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Newry-based FD Technologies is to undergo a major restructuring which will see the business broken into three separate firms.

FD Technologies, formerly known as First Derivatives, is one of Northern Ireland's biggest homegrown technology businesses.

As a first step in the restructuring, its marketing technology division, MRP, will merge with US firm CONTENTgine.

FD Technologies will own 49% of the new merged firm.

It's understood that in the short-term, the development does not change or impact the roles of FD Technologies staff, who will continue to work as normal.

The next stage of the planned restructuring will be sale of First Derivative consulting arm.

The company's board of directors has said it will take "a measured approach…particularly with respect to the timing of any transaction, having regard to market conditions to ensure that a divestment of First Derivative reflects its value".

That will leave FD Technologies owning the KX software business, which has been its major strategic focus in recent years.

The aim has been to grow subscription sales of KX products, which has involved significantly increasing sales and marketing spending.

However the firm says it has seen lower than expected annual recurring revenue growth in this part of the business for a number of reasons.

The company's chair, Donna Troy, said the break up of the group was a "transformative action" which would "realise value for shareholders".

"I am confident we can address some of the recent short-term trading issues with the actions we have announced today," she added.

Founded by the late Brian Conlon in 1996, the company employs about 2,800 people worldwide and is one of Northern Ireland's biggest graduate recruiters.