Compliance software provider Ideagen has made its first acquisition of 2022 with the purchase of MailManager.
The £26.4 million cash takeover is the latest in the London-listed Nottingham-headquartered firm’s acquisition drive.
MailManager, a London-headquartered email management provider, helps businesses manage emails more efficiently and significantly improve control, collaboration and compliance, which is complementary to Ideagen’s existing regulated collaboration suite.
Its software is designed to integrate into clients’ existing IT infrastructure to help file and search critical correspondence to improve productivity, ensure information visibility and accessibility, and to mitigate risk.
The purchase expands Ideagen’s footprint in the UK and comes less than two months after the company announced it had raised £103.5m to fund its acquisition pipeline and accelerate further growth.
MailManager’s clients span a broad range of mid-market to enterprise accounts, and has a particularly strong footprint in the architecture, engineering and construction sector, where Ideagen sees compelling cross-sell opportunities.
Ben Dorks, CEO of Ideagen, commented: “What a great way to start the new year by giving a very warm welcome to everyone at MailManager. It has a resilient business model, a quality customer base, a strong team and outstanding technology.
“MailManager joins our growing suite of leading collaboration software, enhances our ARR base and has a strong presence in key end markets where we expect to be able to drive group-wide growth.
“Our mission is to help customers effectively navigate highly regulated environments through great software and we look forward to making further complementary acquisitions from our pipeline in due course.”
MailManager has annualised recurring revenues of approximately £5.1m as of 31st January 2022.