Sunday, September 19, 2021

Ideagen returns to profit

Ideagen, the software solutions provider, is in a “position of strength” according to audited final results for the year ended 30 April 2021.

The Nottinghamshire-based business posted a pre-tax profit of £0.8m, in comparison to a loss of £0.1m in the year prior.

Total revenue, meanwhile, increased by 16% to £65.6m, in comparison to £56.6m last year.

The results follow the acquisitions of Qualsys, Huddle and Qualtrax for a combined consideration of £54m.

Ben Dorks, Chief Executive Officer of Ideagen, said: “I am very proud of our performance in the past year despite the pandemic, which reflects our strong position and is testament to our commitment to becoming a SaaS business.

“We continued expanding our geographic presence with more than 6,000 customers around the world, made three acquisitions, and achieved strong ARR growth across a range of vertical markets.

“We approach the FY22 from a position of strength and look forward to building on this momentum by continuing to invest in our people, our products, and our customers.

“We have a highly cash generative business and this, when combined with the successful fundraising earlier this year and the extension of our debt facilities, puts Ideagen in an excellent position to fund organic growth and pursue our strategy of acquiring businesses that extend our leadership in compliance software for regulated industries.

“Our team’s dedication and resilience as well as the continued execution of our growth strategy give me great confidence about the current year and beyond.”

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