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Monday 10 June 2019

Ideagen buys again

LogoFast-growing AIM-listed risk management software specialist Ideagen PLC has bought RegTec SaaS supplier Redland Solutions for £15.8m. This move is Ideagen’s fourth acquisition in the last ten months. The purchase is immediately earnings enhancing and is expected to add mid-single digit accretion within the current financial year.

Founded in 2001, Bromsgrove-based Redland has evolved from an IT services firm into a software business through the development of Insight, a Senior Manager & Certification Regime (SMCR) and individual employee competency SaaS platform for the financial services industry. Employing some 30 people, the company’s clients include Santander, Old Mutual, Legal and General, Nomura and Homeserve. Redland revenues for the year to 31 March 2019 were £3.6m with operating profits of £1.2m. Current Annual Recurring Revenue (ARR) is approximately £3m - an increase of 50% from April 2018.

Having delivered c.30% yoy improvements in both the top and bottom lines for its most recent financial year (see here), Ideagen would appear to be very much on a roll. Through the recent purchases of audit management specialist Morgan Kai, quality inspection software supplier InspectionXpert and environmental health, safety and quality platform provider Scannell Solutions, moreover, the company has also demonstrated its ability to acquire and integrate successfully risk management software businesses.

The purchase of financial services industry-focused Redland will not only further advance Ideagen’s position in one of its key vertical market sectors, but also contribute to the company’s continuing transition from a perpetual licence to a SaaS based subscription model. Ideagen management expects to generate 74% of revenues from recurring contracts by the end of 2020.

Posted by Duncan Aitchison at '08:30' - Tagged: saas   acquisiiton   RegTech   financial+services  

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