Ideagen posts profit after a year of acquisition activity

Ideagen, the Nottingham-based software developer, has posted increased revenues and swung into the black for the year to April 30.

The firm’s turnover increased by 16% to £65.6m, while it turned a loss of £100,000 last year into a profit of £800,000 this time around.

During the year, Ideagen acquired Qualsys, Huddle and Qualtrax for a combined total of around £54m.

Ben Dorks, chief executive officer of Ideagen, said: “We approach the FY22 from a position of strength and look forward to building on this momentum by continuing to invest in our people, our products, and our customers. We have a highly cash generative business and this, when combined with the successful fundraising earlier this year and the extension of our debt facilities, puts Ideagen in an excellent position to fund organic growth and pursue our strategy of acquiring businesses that extend our leadership in compliance software for regulated industries.

“Our team’s dedication and resilience as well as the continued execution of our growth strategy give me great confidence about the current year and beyond.”