Software firm adds to acquisition warchest

Ideagen, the Ruddington-based software firm, has raised almost £49m in a share issue.

The firm, which makes management software for highly regulated industries, says the cash will be used to fund acquisitions in the future.

David Hornsby, executive chairman, said: “I am delighted to announce the successful conclusion of this fundraising which was heavily oversubscribed with support from both existing and new shareholders.

“We truly value the ongoing support from our existing shareholders and welcome the new institutional investors to the share register.

“The net proceeds allow us to accelerate our inorganic growth objectives, strengthen our negotiating position in M&A discussions and allow us to capitalise more quickly on M&A opportunities as they arise.”