UK-based, global software firm Ideagen is celebrating a decade of successive growth following the publication of its unaudited end of year results for the year ended 30th April 2019.
The Nottingham-based software firm, with more than 4,700 clients globally and employs over 500 people, reported its revenue and EBITDA had risen once more, by 29 per cent to £46.7m and 30 per cent to £14.3m respectively.
The firm also recorded strong software as a service (SaaS) revenue numbers, up by 63 per cent to £13.7m, as the company continues its strategic transition to a SaaS-based business model.
Recurring revenue represented 67 per cent of the company’s total revenue, while its annual recurring revenue book rose 44 per cent to £36.4 million.
Ben Dorks, Ideagen’s Chief Executive Officer, said the Group’s focus had been on the execution and delivery of its growth strategy, both organically and through acquisitions.
“We are pleased to report that we have achieved our objectives this year, significantly increasing the Group’s global footprint, particularly in the US, and delivering another year of strong revenue and profit growth, underpinned by excellent cash generation,” he said.
“Excellent strategic progress has been made, in particular with the three acquisitions completed during the year. This has strengthened our product range and keeps us well-placed to support our customers and capitalise on the significant market opportunities ahead.”
David Hornsby, Ideagen’s Executive Chairman, added: “The Group met or exceeded all key financial and operational objectives for the year including targets for revenue, profitability, organic growth, cash generation, and customer retention.
“These results are underpinned by Ideagen’s world-class customer base, strong global reach, outstanding product set, and proven and effective management team. These are the first set of results that we have announced following the appointment of Ben Dorks as Chief Executive in May 2018 and the board are delighted with the progress made under Ben’s leadership.”