On Thursday, the London-listed business software specialist Ideagen (IDEA ) confirmed to investors that it had raised £103.5 million that it will put into acquisitions and future growth.
The Nottingham-based technology company which provides global software and services to more than 7,500 customers in industries such as aviation, financial services, life-sciences, healthcare and manufacturing raised £103.5m at a price of 270 pence per ordinary share.
Ideagen, which operates throughout the UK, US, Europe, Middle East and South-East Asia, recently unveiled its twenty fifth acquisition since its admission to London’s junior AIM market.
Since the end of 1H21, Ideagen acquires Audit Analytics and CompliSpace as part of its efforts to expand its total addressable market by adding new geographies, expanding verticals, bringing new technology to Ideagen, and enhancing its recurring revenue base.
Commenting on its most recent acquisition of the software validation and assurance company CompliancePath, Ideagen told investors that it expects the business to add ‘significant knowledge and domain expertise in a core part of the regulatory and compliance market’.
Richard Longdon, Chairman of Ideagen, said he believes the oversubscribed £103.5m fundraising is a reflection of “strong investor support” for the company’s growth strategy.
Addressing shareholders on Thursday, he noted that the proceeds will support our healthy pipeline of acquisitions to add adjacent capabilities and broaden our geographic reach.
He said, “We have a strong record of identifying and integrating acquisitions that fit with our strategy, having completed eight acquisitions following our fundraise in December last year.”
Ideagen operates within the $30bn Governance, Risk and Compliance software market.
In recent weeks, Ideagen set out a new plan highlighting its commitment to capture this market opportunity and reach £200m annual recurring revenues by April 2025. The Group said it expects to achieve this ‘through a combination of organic growth and acquisitions.’
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