Software firm lines up £100m acquisition fund
Ruddington-based software firm Ideagen has signed a £100m funding deal split evenly between Santander and NatWest.
The package comprises a three-year revolving credit facility split evenly across the two banks. Some £75m of the package is committed and there is scope for a further uncommitted £25m to support future growth.
Ideagen says it will use the cash to acquire businesses so that it can move into new markets.
Ideagen provides quality, audit and risk software to organisations operating in highly regulated industries. Its clients span sectors including aviation, financial services, life science, healthcare and manufacturing, and it has ‘centres of excellence’ in the UK, Europe, America, UAE and South East Asia.
Emma Hayes, Ideagen chief financial officer, said: “Securing an additional line of credit with Santander UK, in addition to our existing facilities with NatWest, is a fantastic endorsement of our strategy from two leading financial institutions. Despite the pandemic, we have had another successful year and I am looking forward to working with Santander UK and NatWest to deliver further growth for our business and more good news for our shareholders.”
Mike Malone, director, UK financing solutions at NatWest said: “NatWest are delighted to provide continued and increased financing support to our long standing, much valued client Ideagen. Having had the privilege to work alongside Ideagen as their strategic banking partner for a number of years, we have been incredibly impressed by their values, their ambition and the market leading growth the management team have delivered. We very much look forward to working alongside Ideagen in to the future and supporting their continued growth and success.”
Martin Brummitt, relationship director at Santander UK, said: “The growth of Ideagen over the past decade has been absolutely phenomenal, and as an ambitious, market leading, high growth, and internationally trading firm, it aligns perfectly with our Corporate & Commercial Banking proposition. In addition to supporting Ideagen with a revolving credit facility, we are delighted to utilise our extensive international knowledge and expertise as well as our international banking and cash management solutions.”