Ideagen’s shareholders have voted in favour of plans to sell the Nottinghamshire-based software firm in a £1.1bn deal.
Rainforest Bidco Limited, a company indirectly controlled by funds managed by software and services investor, Hg, is behind the bid.
Ideagen shareholders shall be entitled to receive 350p in cash for each Ideagen share.
Ben Dorks, Ideagen CEO, said: “This is incredibly exciting news for Ideagen. Hg share our values and our ambition, whilst their operational experience in software has successfully helped businesses to accomplish their goals many times over. This new relationship will give us the ability to accelerate even faster, serve our customers better and scale our business further across the globe.
“I want to take the opportunity to thank those at the heart of our success, including our colleagues around the globe working hard to provide trusted software solutions that help protect organisations, as well as tens of thousands of customers we work with. We are on an exciting journey of growth and progression, one that continues to deliver solutions to help improve operational efficiency, maintain compliance, manage risk and keep people safe.”
Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, partners at Hg, said: “We are delighted that Ideagen’s shareholders have voted in favour of this partnership with Hg. We have long recognised Ideagen as a high-quality software business and are excited about the future.
“Ben and the team will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive M&A. Together we are in a great position and remain committed to ensure that Ideagen maintains and grows as a leader in the sector.”
