Monday, May 23, 2022

“Another strong year” for Ideagen

Nottinghamshire-based software firm, Ideagen, has hailed “another strong year,” reporting continued organic growth augmented by strategic acquisitions.

In an update on trading for the year ended 30 April 2022, the company said it expects total revenue to rise 41% to approximately £92.2m in comparison to £65.6m in the prior year. Meanwhile adjusted EBITDA is anticipated to be up 33% to approximately £30.5m, from £22.9m.

Earlier this month (May 2022), the Board of Ideagen reached agreement on the terms of a recommended cash acquisition by Hg, a software and services investor, for the entire issued and to be issued share capital of Ideagen.

Ideagen’s directors intend to recommend unanimously that Ideagen shareholders vote in favour of the acquisition at the forthcoming shareholder meetings.

It is anticipated that the acquisition will complete in July 2022.

The Board meanwhile remains in discussions with Astorg, who have also proposed an offer for Ideagen, who have been granted access to due diligence.

Ben Dorks, Chief Executive Officer of Ideagen, said: “I am pleased to report another strong year for Ideagen, delivering strong organic growth and customer momentum. We have completed seven acquisitions that significantly extend our leadership in compliance software for regulated industries and expect to derive synergy opportunities once integrated.

“Our primary focus remains growing our recurring revenues and expanding our customer base. The offer received from Hg reflects the quality, track record and future growth potential of Ideagen. Given the momentum in the group, we remain confident about the year ahead.”

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