Software firm outlines £20m acquisition plans

Ruddington software firm Ideagen is set to raise £20m through a share placing.

The firm said it will use the cash to embark on an acquisition trail.

Ideagen says it has already indentified its targets, which include:

– a competing governance, risk and compliance (GRC) software provider in the UK and US which the Board estimates has a current revenue of £5.3m and EBITDA of £1.7m; and

– two further GRC software as a service (SaaS) acquisition targets, one in aviation and one in environmental health and safety , which each have revenues of approximately £1m.

Ideagen says the former deal will be completed within a month, and the latter two within six months.