19th Jul 2021 16:45
(Alliance News) - Compliance software giant Ideagen PLC on Monday unveiled two strategic acquisitions and noted a "strong pipeline" of more M&A targets.
Ideagen has over 6,000 customers in highly regulated industries, such as aerospace and pharmaceuticals, using its service to comply with regulations and manage risk.
The company acquired mobile application developer Advanced Digital Systems Inc, trading as Mi-Co, for GBP3.1 million on July 16.
North Carolina, US-based Mi-Co has 150 customers who are, similar to Ideagen, in highly regulated industries. These include agriculture, government and utilities.
Mi-Co's annual recurring revenue is GBP900,000.
It will continue to be sold on a stand-alone basis while its technology is deployed across the Ideagen portfolio to strengthen the compliance software's mobile capabilities.
Ideagen also acquired OpsBase Ltd, a UK-based health and safety compliance platform, for GBP1.9 million on July 9.
OpsBase's software is complete but in the early stages of commercialisation. Revenue for the year ended November 2020 was GBP100,000.
Ideagen's ownership of OpsBase will offer it expansion and new market opportunities.
Chief Executive Ben Dorks described both companies as "strategically compelling" despite being noting they are "relatively small" in financial terms.
Dorks said: "Both acquisitions underline our commitment to supporting customers operating in highly regulated environments with high quality software solutions across a range of platforms.
"They illustrate our flexible approach to M&A and our strategy of acquiring businesses that will drive Ideagen's organic growth. We also have a strong pipeline of further M&A opportunities."
Ideagen shares closed 0.4% higher at 262.00 pence each in London on Monday.
By Josie O'Brien; [email protected]
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