A business software specialist has raised more than £100 million to put into acquisitions and future growth.
Nottingham-based global tech firm Ideagen Plc has raised £103.5 million through an ordinary shares placement to build on 12 years of sales and profit growth.
The business provides global software and services to more than 7,500 customers in industries such as aviation, financial services, life-sciences, healthcare and manufacturing.
It has operations throughout the UK, US, Europe, Middle East and South-East Asia, and recently announced its 25th acquisition since its admission to the Alternative Investment Market (AIM) on the London Stock Exchange.
Chief executive Ben Dorks said the new funding will help its bold ambitions to support even more customers around the world with an increased range of products and services.
He said: “This investment marks the next stage of Ideagen’s exciting growth journey.
“Our mission is to surpass £200 million annual recurring revenue 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.”
Ideagen’s most recent acquisition was Sydney-based CompliSpace and the East Midlands group was this week recognised as one of the world’s most innovative RegTech companies.
The honour marks the second consecutive year Ideagen earned a place on the RegTech100 2022 list of the world’s most innovative providers that offer cutting-edge solutions, products and services in the areas of compliance, risk management and information security.
Ideagen clients include blue chip, global brands such as Heineken, British Airways, BAE, Aggreko, the US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the UK and US.
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