Tue, 20 Jul 2021 | BUSINESS SALE
Compliance software solutions firm Ideagen has continued its acquisitive growth with a double strategic takeover aimed at expanding its product offering. The first deal sees Ideagen take over UK-based health and safety compliance platform OpsBase for around £1.9 million, while the second deal involves the acquisition of US-based app developer Mi-Co for £3.1 million.
The two takeovers are the latest in a string of deals that have seen Ideagen amass more than 20 acquisitions in the UK and overseas over the past 10 years. This acquisition drive has helped the company grow to over 6,000 customers, most of which operate in highly regulated industries such as pharmaceuticals.
In May of this year, Ideagen announced that it had received a funding package of up to £100 million from NatWest and Santander UK to help it to continue with its acquisitive growth plans. Announcing the two most recent takeovers, the firm said that it has a “strong pipeline” of further acquisition opportunities.
The acquisitions of OpsBase and Mi-Co have been described as “relatively small” by Ideagen, but will enhance the company’s overall offer. OpsBase will be added to Ideagen’s QHSE portfolio, while Mi-Co’s mobile app capabilities will be deployed across the firm’s suite of products, in an effort to enhance customer experience and product functionality.
Mi-Co has around 150 customers, many of which are also in highly regulated industries, such as utilities, government and agriculture. The company generates annual recurring revenue of around £900,000.
OpsBase’s platform is complete but is described as being "at an early stage of commercialisation”, with the roll out expected to be accelerated significantly post-acquisition. OpsBase reported revenues of around £100,000 for the year ending November 2020.
Discussing the acquisitions, Ideagen CEO Ben 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.”
“Whilst relatively small in financial terms, they are both strategically compelling. 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.”
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