U.K.-based financial technology provider First Derivatives PLC agreed to acquire the remaining 600,022 shares that it does not own in subsidiary Kx Systems Inc. for $53.8 million in cash.

The shares in Kx Systems will be acquired from minority shareholders Arthur Whitney and Janet Lustgarten, co-founders and current directors of the U.S. software processing company. The terms of the deal are in line with those agreed between First Derivatives and the minority shareholders in October 2014 and include a payment of $12.0 million for expected dividends to the shareholders for the period up to Oct. 31, 2021.

Completion of the transaction is expected to occur on or before June 29, 2019, after which First Derivatives will own a 100% stake in Kx Systems.