Ideagen has completed its biggest deal to date after snapping up Australian company CompliSpace.
Nottingham-based Ideagen, which specialises in compliance software, has agreed to pay £57.7 million up front plus a deferred conditional earnout of up to £2.7m.
Founded in 2007, CompliSpace is a fast-growing provider of SaaS-enabled governance, risk and compliance management solutions to private and public sector customers.
Its principal focus is in the education and social care sectors, serving more than 950 clients in Australia including 730+ schools and 135 aged care facilities across the country.
The firm recorded revenues of approximately £8.4m and a loss before tax of £2m for the year to 30th June 2021 with net assets of £6.4m at that date.
RegTech 50 – UK’s most innovative compliance technology creators for 2021
CompliSpace’s CEO, David Griffiths, will join Ideagen as regional SVP and will, together with his senior leadership team, support the integration and future growth strategy.
The acquisition will be funded from Ideagen’s existing cash and debt resources.
“The acquisition of CompliSpace delivers three clear strategic objectives for Ideagen – a complementary commercial offering with a compelling growth opportunity, a strong footprint in a new geography, and enhances our ARR,” said Ben Dorks, CEO of Ideagen.
“We see a significant opportunity to leverage CompliSpace’s Australian footprint with our existing product suite, whilst also expanding its customer base into Europe and North America – in line with our strategy to grow both our geographical and sector expertise.”
Ideagen, which has reported 12 consecutive years of revenue and profit growth, secured a £100 million funding package for acquisitions and swooped to acquire two other RegTech businesses recently.
Ideagen has a presence in 150 countries and provides quality, audit and risk software to organisations operating in highly regulated industries.
Its clients span sectors including aviation, financial services, life science, healthcare and manufacturing, and it has ‘centres of excellence’ in the UK, Europe, America, UAE and South East Asia.