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Thursday 14 October 2021

Ideagen to offload Pentana Compliance unit for $21.3m

IdeagenAIM listed risk management software specialist Ideagen, is to divest its Pentana Compliance unit (formerly known as Redland Business Solutions) for $21.3m to StarCompliance, a provider of employee compliance technology to the financial services industry.

Ideagen originally bought Pentana/Redland Solutions for £15.8m back in 2019. Founded in 2001, Bromsgrove-based Redland was evolving 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 financial services.

Ideagen has been growing successfully off the back of a series of acquisitions (see Ideagen deal making bears fruit) and it’s likely that the division was viewed as no longer core to the businesses software-led offering. The firm has raised and spent considerable sums recently on a deal pipeline and it would not surprise us if proceeds were recycled in the form of further acquisitions in the not-too-distant future. 

Acquirer StarCompliance was founded in 1999 and its software automates the detection and resolution of potential areas of conflict. The firm has more than 150 employees with a dual US/UK headquarters, and an office in Hong Kong. 

Posted by: Marc Hardwick at 08:12

Tags: divestment   compliance   RegTech  

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