AIM-listed software firm bags new contracts worth £1.2m

Ben Dorks

An AIM-listed Nottingham firm has announced a string of new contract wins with a combined value of £1.2 million – all of which have come about thanks to a recent acquisition.

Ideagen, which supplies integrated risk management software to highly regulated industries, acquired software solutions provider Redland Solutions in June 2019. Since then, Redland has secured nine new logo wins including Natixis, Alexander Hall, TPICAP and IG Group.

The new contracts are for the supply of “Insight”, Redland’s senior management and compliance regime (SMCR) software. As a result of the deals, the Redland SMCR customer base has increased to 49 from 40 at the time of acquisition.

Ben Dorks, Ideagen’s chief executive officer, said: “We are delighted with the progress that the Redland business has made within such a short period of time. To win nine new high quality customers within the first three months following the acquisition is a clear indication of our leadership position within this high growth market and demonstrates the combined value of Redland and Ideagen.”

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