Ideagen acquires Audit Analytics, Ai XPRT

Wed, 27th Oct 2021

Compliance software provider Ideagen said it had acquired Audit Analytics and Ai XPRT for up to $49.9 million and £6 million respectively. Audit Analytics' was established in 2000 and used every day by accounting, financial, and compliance professionals with the informative content critical to impact their regulatory work. Under the terms of the deal, Ideagen agreed to pay an initial $44.9 million with a further earnout of $5 million in cash conditional upon achieving annual recurring revenue of $13 million within 24 months. 'The board expects Audit Analytics to achieve double digit ARR growth and margins similar to those of the group within 12 months of ownership,' the company said. Ai XPRT provided end-to-end B2B solutions to the FinTech and RegTech sectors using its advanced technology, which Ideagen said it would use to accelerate its own product development roadmap. Ideagen paid an initial £2 million, with an additional earnout payment of up to £4 million on the second anniversary of completion subject to certain performance criteria. 'The acquisition of Audit Analytics is expected to complete in the next 3 working days after satisfaction of certain procedural steps and the acquisition of Ai XPRT completed on 21 October 2021,' the company said. Story provided by StockMarketWire.com

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