19 Jul 2021 07:00
19 July 2021
Ideagen PLC
("Ideagen," "the Company" or the "Group'')
Two highly complementary strategic acquisitions
Ideagen PLC (AIM: IDEA), a leader in compliance software for regulated industries, is pleased to announce two recent strategic acquisitions to considerably enhance the Group's product offering and capabilities.
Mi-Co
On 16 July 2021, Ideagen completed the acquisition of Advanced Digital Systems Inc, trading as Mi-Co, for a cash consideration of £3.1m on completion. Mi-Co's ARR is £0.9m.
Based in Durham, North Carolina, USA, Mi-Co is a low- and no-code mobile application developer. It currently supports c.150 customers operating in highly regulated industries including agriculture, government and utilities.
As well as continuing to be sold on a stand-alone basis, Mi-Co's technology will be deployed across the Ideagen portfolio. The acquisition significantly strengthens Ideagen's mobile capabilities; enabling an enhanced customer experience and extended product functionality.
OpsBase
On 9 July 2021, Ideagen completed the acquisition of OpsBase Limited, a UK-based health and safety compliance platform for a cash consideration on completion of £1.9m.
The OpsBase software is technologically complete and boasts excellent functionality. The acquisition offers an immediate extension to the Ideagen portfolio, opening up new market opportunities.
The platform is at an early stage of commercialisation; revenues for the year ended November 2020 were £0.1m. Product roll out will be significantly accelerated under Ideagen's ownership.
Full Year Results
The Group will announce its preliminary full year results on 22 July 2021.
Ben Dorks, Chief Executive Officer of Ideagen, said:
"Both acquisitions underline our commitment to supporting customers operating in highly regulated environments with high quality software solutions across a range of platforms. Whilst relatively small in financial terms, they are both strategically compelling. They illustrate our flexible approach to M&A and our strategy of acquiring businesses that will drive Ideagen's organic growth. We also have a strong pipeline of further M&A opportunities"
Enquiries:
Ideagen plc | 01629 699 100 |
Ben Dorks, Chief Executive Officer | |
Emma Hayes, Chief Financial Officer
| |
finnCap Limited | 020 7220 0500 |
Henrik Persson / James Thompson (Nomad) | |
Alice Lane (ECM) | |
Canaccord Genuity Limited | 020 7523 8000 |
Simon Bridges Richard Andrews | |
FTI Consulting | 020 3727 1000 |
Jamie Ricketts | ideagen@fticonsulting.com |
Dwight Burden Valerija Cymbal |
About Ideagen plc
Ideagen's software helps companies comply with regulation and manage risk.
Ideagen is a leader in the +$30 billion regulatory and compliance software market, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. Ideagen has made twenty acquisitions to build its market leadership.
More than 6,000 organisations use Ideagen's software, including nine of the top 10 UK accounting firms, all of the top aerospace and defence companies and 75% of leading pharmaceutical firms.
Ideagen has a diversified customer base including blue chip, global brands such as Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the UK and US.
Ideagen is headquartered in the UK, listed on the London Stock Exchange AIM market (Ticker: IDEA.L), and has key hubs in the UK, EU, US, Middle East and South East Asia. For further information please visit www.ideagen.com.