Ideagen, the Nottinghamshire-based supplier of Information Management software, is planning to raise £20m from a share placing. The funds would help with future acquisitions.
A statement reads: “The proceeds of the Placing are intended to be used to accelerate Ideagen’s growth objectives by allowing the Company to quickly capitalise on certain identified acquisition opportunities.”
Ideagen has said that it is planning to acquire a competing governance, risk and compliance software provider in the UK and US which it estimates has a current revenue run rate of £5.3m and EBITDA run rate of £1.7m, and expect to pay £21m for the business. The firm also has interest in acquiring two further GRC software businesses, one in aviation and one in environmental health and safety, which each have revenues of approximately £1m, and an EBITDA of approximately £0.3m – £0.5m. The businesses have been valued at approximately £2m – £3m.
The news comes after the firm announced its acquisition of InspectionXpert.