IDEA.L Regulatory News (IDEA)

29 April 2016

RNS Reach

New contract wins in life science sector

New revenue generated from life science vertical in excess of £1 million in current financial year

Ideagen plc (AIM:IDEA), a leading supplier of Information Management software to highly regulated industries, is pleased to announce a number of recent contract wins in the life science industry, bringing the total customer contribution from this industry alone to more than £1 million in revenue since the start of the financial year. This makes life science one of the fastest growing verticals this year for Ideagen within the Governance, Risk and Compliance ("GRC") market.

During the year, Ideagen has secured in excess of £1 million in new software and service revenue from both new customers and expanded engagements with existing customers in the life science vertical. The Group has signed up 27 new customers, including a leading in-vitro diagnostics and pharmaceutical company, a UK science-based university and a global pharmaceutical therapy development company.

Ideagen's electronic quality management system, Q-Pulse, is the most widely used solution from the product suite for customers in the life science industry. During the period, Ideagen agreed a strategic partnership with DataVita Ltd, operator of the UK's first life sciences and healthcare compliant datacentre. This partnership will enable the Company to offer the Q-Pulse solution via the DataVita validated platform, opening up further opportunities with life science organisations looking for a hosted solution.  

David Hornsby, Chief Executive Officer of Ideagen, said: "We continue to see strong demand for our product suite across all of our vertical markets, including transport, finance and complex manufacturing, however demand within the life science industry has been particularly strong this year. While life sciences alone still represents a small proportion of overall revenue, we are pleased with the traction we are making in this industry and see this as an important sector from which to grow further as we roll out new products and upgrades, as well as launch the DataVita hosted Q-Pulse solution.

"To break through the £1 million barrier with healthy existing and new business contracts is testament to the strength of our products and to the expertise of our team in what is a rapidly growing industry."

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About Ideagen Group plc

Ideagen is a UK company quoted on the London Stock Exchange AIM market (Ticker: IDEA.LN). Ideagen is a supplier of Information Management software with operations in the UK, the United States and the Middle East. The Company specialises in eGRC (Enterprise Governance, Risk and Compliance) and Healthcare solutions for organisations operating within highly regulated industries. With an excellent portfolio of software products, Ideagen is able to provide complete content lifecycle solutions that enable organisations to meet their Regulatory and Quality Compliance standards, helping them to reduce costs and improve efficiency.

The Group has a customer base of over 2,200 organisations using the Ideagen suite of products, including many blue chip names such as BAE Systems, Emirates, Shell and the European Central Bank as well as 150 hospitals in the UK and US.