Ideagen sells compliance software business for $21.3 million

Ideagen sells compliance software business for $21.3 million

LONDON, UK: Ideagen Plc, a leader in compliance software for highly regulated industries, has signed an agreement to sell the trade and principal assets of its Pentana Compliance business unit (formerly known as Redland Business Solutions) to StarCompliance, a leading provider of employee compliance technology solutions to the global financial services industry.

Pentana Compliance provides solutions for the Senior Managers Certification Regime (“SMCR”) and associated training and competency (T&C) services, focussed on the UK market.

The Group had concluded that this offering was no longer in keeping with its focus on global software-based solutions for QHSE, GRC and Collaboration, and the proceeds of $21.3 million in cash will be deployed in this strategy.

Ben Dorks, Chief Executive Officer of Ideagen, said: “We are pleased to have found a great home for our customers and our people who will bring great expertise, energy and capability to StarCompliance in the UK. The division was no longer core to our software-led offering and we look forward to reporting further progress in coming weeks.”

Ideagen’s software helps companies comply with regulation and manage risk.

Ideagen is a leader in the £3 billion regulatory and compliance software market, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. Ideagen has made twenty acquisitions to build its market leadership.

More than 5,700 organisations use Ideagen’s software, including nine of the top 10 UK accounting firms, all of the top aerospace and defence companies and 75% of leading pharmaceutical firms.

Ideagen has a diversified customer base including blue chip, global brands such as Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the UK and US.

Ideagen is headquartered in the UK, listed on the London Stock Exchange AIM market (Ticker: IDEA.L), and has key hubs in the UK, EU, US, Middle East and South East Asia.

Ideagen PLC share price

285.00 GBX+5.00 (1.79%)today

13 Oct, 4:37 pm GMT+1 ·Disclaimer

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