LONDON, UK: Ideagen PLC, a leader in compliance software for regulated industries, announced two recent strategic acquisitions to considerably enhance the Group’s product offering and capabilities.
Mi-Co:
On 16 July 2021, Ideagen completed the acquisition of Advanced Digital Systems Inc, trading as Mi-Co, for a cash consideration of £3.1m on completion. Mi-Co’s ARR is £0.9m.
Based in Durham, North Carolina, USA, Mi-Co is a low- and no-code mobile application developer. It currently supports c.150 customers operating in highly regulated industries including agriculture, government and utilities.
As well as continuing to be sold on a stand-alone basis, Mi-Co’s technology will be deployed across the Ideagen portfolio. The acquisition significantly strengthens Ideagen’s mobile capabilities; enabling an enhanced customer experience and extended product functionality.
OpsBase:
On 9 July 2021, Ideagen completed the acquisition of OpsBase Limited, a UK-based health and safety compliance platform for a cash consideration on completion of £1.9m.
The OpsBase software is technologically complete and boasts excellent functionality. The acquisition offers an immediate extension to the Ideagen portfolio, opening up new market opportunities.
The platform is at an early stage of commercialisation; revenues for the year ended November 2020 were £0.1m. Product roll out will be significantly accelerated under Ideagen’s ownership.
The Group will announce its preliminary full year results on 22 July 2021.
Ben Dorks, Chief Executive Officer of Ideagen, said: “Both acquisitions underline our commitment to supporting customers operating in highly regulated environments with high quality software solutions across a range of platforms. Whilst relatively small in financial terms, they are both strategically compelling. They illustrate our flexible approach to M&A and our strategy of acquiring businesses that will drive Ideagen’s organic growth. We also have a strong pipeline of further M&A opportunities”
Ideagen PLC share price
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16 Jul, 4:35 pm GMT+1 ·Disclaimer