Ideagen makes 'excellent progress' at Redland Solutions unit

(Sharecast News) - Risk management software provider Ideagen said on Wednesday that it has made "excellent progress" with the recently acquired Redland Solutions business.
Since the acquisition in June, Redland has performed "strongly", it said, securing nine new logo wins with a combined contract value of £1.2m, including "prestigious clients" such as Natixis, Alexander Hall, TPICAP and IG Group.

All of the AIM-listed group's new contract wins were for the supply of Insight, Redland's leading senior management and compliance regime software, significantly increasing the Senior Management and Compliance Regime customer base to 49 from 40.

Chief executive Ben Dorks said: "We are delighted with the progress that the Redland business has made within such a short period of time.

"To win nine new high-quality customers within the first three months following the acquisition is a clear indication of our leadership position within this high growth market and demonstrates the combined value of Redland and Ideagen."

As of 0840 BST, Ideagen shares were up 1.86% at 148.20p.