11th Oct 2019 10:21
(Alliance News) - Ideagen PLC on Friday said it bought Optima Diagnostics Ltd for GBP1.8 million in cash, which will be paid upon completion from the company's existing resources.
Optima is a software-as-a-service company that has developed Oshens, a health & safety compliance solution.
The management software supplier said on a current run rate Optima is generating GBP1 million in revenue, and earnings before interest, taxes, depreciation, and amortization of GBP100,000.
Ideagen said it expects the acquisition to contribute GBP300,000 additional annual Ebitda to the enlarged company following the realisation of identified synergies.
"Optima is a valuable addition to Ideagen and is in line with our strategy of acquiring businesses that have strong intellectual property and recurring revenue," said Ideagen Executive Chair David Hornsby.
"The global quality, health, safety and environmental software is a valuable yet fragmented market and the acquisition will further enhance our market position as we aim to further consolidate this sector," added Hornsby.
Ideagen shares were trading 0.3% lower on Friday in London at 148.60 pence each.
By Evelina Grecenko; [email protected]
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