Software firm raises £103.5m acquisition warchest
Ruddington software firm Ideagen has raise £103.5m as it looks toward further acquisitions.
The multimillion-pound investment was raised through placement of ordinary shares and follows Ideagen’s 12th consecutive year of revenue profit and growth.
Ideagen CEO, Ben Dorks, said: “This investment marks the next stage of Ideagen’s exciting growth journey. Our mission is to surpass £200 million annual recurring revenue (ARR) by April 2025 and this significant milestone will be crucial in aiding further expansion that will help diversify our portfolio of high-quality, high-performing products in the global governance, risk and compliance space.
“The ability to raise such substantial funds shows that the markets are as confident in Ideagen’s performance as we are. The acquisitions we have made to date have brought technology or intellectual property that enhances the functionality of our core solutions, increased our credibility and market presence, or offered opportunities for new market entry.
“We’re tremendously excited to see what the future holds for Ideagen and I look forward to our bold vision to grow both our geographical and sector expertise becoming a reality.”
The company recently completed its 25th and biggest acquisition to date, that of Sydney-based CompliSpace and was also this week recognised as one of the world’s most innovative RegTech companies.
