Ideagen chairman stands down as firm reports another strong year
The former chief executive and current chairman of Ruddington-based software firm Ideagen has stepped down.
David Hornsby, who was CEO of the firm from 2009 until 2018, is replaced by Richard Longdon who will take up the role of chairman on a non-executive role. Longden spent 33 years with AVEVA Group, where he was CEO for 17 years until December 2016.
The move comes as Ideagen says it expects total revenue for the year ending April 30 to rise by 16% to £65.6m, while EBITDA should rise by 24% to around £23m.
The company says it is in “an excellent positition” to fund growth both organically and through acquisition.
Ben Dorks, chief executive officer of Ideagen, said: “I am pleased to report another strong year for Ideagen. Growth in organic and recurring revenue, in addition to excellent cash generation, reflects Ideagen’s resilience during the pandemic. As a SaaS business, we remain focussed on growing recurring revenues and expanding our customer base. We continued to execute our strategy, achieving growth organically and through acquisitions, and I am grateful to our team for their effort this year.
“We are excited to welcome Richard as our new Chairman. He brings extensive experience from the technology sector and we look forward to his contribution to the Company in his new role. On behalf of the Board, I would like to express our gratitude to David for his leadership, strategic insight, and guidance. David led Ideagen through a period of significant growth and we wish him all the very best in his future endeavours.”