Ideagen swoops again as first half revenues climb

Ben Dorks
X The Business Desk

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Ruddington software firm Ideagen has made another acquisition – this time snapping up CompliancePath Holdings, the Scottish and US company which operates in software validation and assurance, focused on the healthcare and science sectors, in a deal worth up to £9m.

The deal follows the recent acqusitions of Audit Analytics and CompliSpace.

Ideagen says it expects to report total revenue for the first half up 33% at approximately £38.8m (H1 2020: £29.2m). Recurring revenue recognised in the period grew by 41% to £34.2m, representing 88% of total revenues (H1 2020: 83%).

Adjusted EBITDA is expected to increase by 32% to approximately £13.2m (H1 2020: £10m).

Ben Dorks, chief executive officer of Ideagen, said: “Ideagen delivered a robust performance in the first six months, which not only reflects the strength of our business model and the merits of SaaS, but also the investment in our people, our products, and our customers.

“Since the first half ended, I am pleased to have completed four acquisitions with significant synergy opportunity and welcome these products and teams to the Group. The Group continues to generate strong organic growth while executing on our strategy of acquiring businesses that extend our leadership in compliance software for regulated industries.

“Ideagen enters the second half of the year in a great position, confident of delivering on its expectations for the year and the considerable opportunity continuing our current M&A plus organic growth strategy that lies ahead.”