Notts software firm in £12m swoop

Ideagen, the Ruddington-based software firm which supplies regulated industries, has bought fellow software business PleaseTech in a deal worth up to £12m.

Based in Wiltshire, PleaseTech produces the document review and co-authoring product PleaseReview. It employs 30 staff in the UK and a further 16 in Malaysia, and has approximately 185 customers including 17 of the top 25 pharmaceutical companies.

Ideagen says PleaseReview will be integrated with Ideagen’s Quality Management System Q-Pulse.

David Hornsby, CEO of Ideagen (pictured), said: “We are delighted to announce the acquisition of PleaseTech. Its PleaseReview software is a valuable addition to Ideagen’s product suite and is in line with our stated acquisition strategy.

“PleaseTech both increases Ideagen’s footprint in two of its key verticals and broadens its customer base geographically whilst providing valuable cross-selling opportunities and additional sources of recurring revenues.

“We are delighted to have received commitments to raise £10m, in an oversubscribed placing, to fund the acquisition from both our existing shareholder base and from new significant institutional shareholders, their support endorses Ideagen’s growth strategy.”

The firm will fund the acquisition by selling new shares.