Ideagen, the Nottinghamshire-based software solutions provider, has signed an agreement to sell the trade and principal assets of its Pentana Compliance business unit (formerly known as Redland Business Solutions) to StarCompliance, a provider of employee compliance technology solutions to the global financial services industry.
Pentana Compliance provides solutions for the Senior Managers Certification Regime (SMCR) and associated training and competency (T&C) services, focussed on the UK market.
Ideagen said it had concluded that this offering was no longer in keeping with its focus on global software-based solutions for QHSE, GRC and Collaboration, and the proceeds of $21.3 million in cash will be deployed in this strategy.
Ben Dorks, Chief Executive Officer of Ideagen, said: “We are pleased to have found a great home for our customers and our people who will bring great expertise, energy and capability to StarCompliance in the UK. The division was no longer core to our software-led offering and we look forward to reporting further progress in coming weeks.”