Chief exec of Nottinghamshire software firm steps down

The chief executive of Ruddington software firm Ideagen is to step down, it has been revealed this morning.

David Hornsby is to become the firm’s executive chairman, and will be succeeded by Ben Dorks, currently chief customer officer.

A statement to the London Stock Exchange this morning (8 May) read: “The Board has a clear strategic objective to double revenues and adjusted EBITDA every three years and, having led Ideagen’s significant growth since 2009, David will continue to be responsible for Ideagen’s medium and long term growth plans. His particular areas of focus will include Group strategy, M&A and investor relations.”

The news comes as Ideagen, which supplies software to highly regulated industries, says it expects turnover to rise by a third to around £36.1m for the year-ending 30 April.

Hornsby said: “We are pleased to report that the Group has continued to perform well in delivering another year of high quality earnings growth underpinned by strong cash generation. We continue to grow organically and to increase the percentage of our revenues derived from recurring business. The Group has significant contracted work in progress, a growing base of recurring revenues and a strong pipeline of new business opportunities which provides the Board with confidence for the current year and beyond.

“I am also delighted to move into the executive chairman role and that Ben has accepted the position of chief executive officer. We have worked with Ben for over five years and the Board believes strongly he has the necessary experience, focus and energy to develop and manage the people, systems and infrastructure to support our growth plans. Finally, I would like to thank Jonathan for his years of commitment to the Group as Chairman and look forward to working with him in his new role.”