Ideagen taken private as £1.1bn deal completes
Ideagen will be a private company again this week for the first time in almost exactly a decade, after its £1.1bn sale to private equity firm Hg completed.
The Ruddington-based software firm announced this morning (July 7) that the CEO of Loughborough-based counterpart, Acccess Group, Chris Bayne will join Ideagen’s board to work alongside chief executive Ben Dorks.
Ideagen non-executive Directors, Julian Clough, Alan Carroll and Tony Rodriguez, have resigned now that the deal has completed. Richard Longdon will remain on the Ideagen board.
Ben Dorks, Ideagen CEO, said: “We are on an exciting journey of growth and progression, one that continues to deliver solutions to help improve operational efficiency, maintain compliance, manage risk and keep people safe. This new relationship with Hg will give us the ability to accelerate even faster, serve our customers better and scale our business further across the globe.”
Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, Partners at Hg, said: “We are delighted that our acquisition of Ideagen has now completed. We are excited about what the future has in store for our partnership with the company. Ben and the team will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive acquisitions. Together we are in a great position and remain committed to ensuring that Ideagen maintains and grows as a leader in the sector.”
Dorks added: “I’m looking forward to working with Chris and know he will bring valuable sector knowledge to the table. I’m also delighted to be able to continue to work with Richard Longdon, who has agreed to remain on the Board – and thank those non-executive directors who are subsequently stepping down, including Julian Clough, Alan Carroll and Tony Rodriguez. Your support and guidance has been invaluable, helping to get us to this point in our growth journey and I know I personally have benefitted from your challenge and counsel. It has been a pleasure to work alongside you.”
Trading in Ideagen Shares on AIM is expected to be suspended with effect from 7.30am today and the cancellation of trading of Ideagen Shares on AIM is expected to take place at 7am tomorrow (8 July).