Nottinghamshire software provider, Ideagen PLC, has made a further acquisition, swooping for CompliancePath – a UK and US-based leader in software validation and assurance, focused predominantly on the healthcare and life science sectors.
The news came as Ideagen provided an update on trading for the six months to 31 October 2021.
The business said its performance in the first half of the year was in line with expectations and demonstrates a continuing growth in high-quality recurring revenues.
Ideagen expects to report total revenue for the first half up 33% at approximately £38.8 million (H1 2020: £29.2 million). Recurring revenue recognised in the period grew by 41% to £34.2 million, representing 88% of total revenues (H1 2020: 83%).
Total revenue grew organically at 6% (H1 2020: -2%), whilst organic recurring revenue growth was 10% (H1 2020: 10%) driven by continued strong customer retention rates as well as new business wins.
Adjusted EBITDA is expected to increase by 32% to approximately £13.2 million (H1 2020: £10.0 million).
Ben Dorks, Chief Executive Officer of Ideagen, said: “Ideagen delivered a robust performance in the first six months, which not only reflects the strength of our business model and the merits of SaaS, but also the investment in our people, our products, and our customers.
“Since the first half ended, I am pleased to have completed four acquisitions with significant synergy opportunity and welcome these products and teams to the Group. The Group continues to generate strong organic growth while executing on our strategy of acquiring businesses that extend our leadership in compliance software for regulated industries.
“Ideagen enters the second half of the year in a great position, confident of delivering on its expectations for the year and the considerable opportunity continuing our current M&A plus organic growth strategy that lies ahead.”
