Compliance software firm Ideagen has raised almost £50m in order to fund new acquisitions.

The £48.7m has been raised from new and existing institutional investors via the issue of new Ordinary Shares in the company, which trades on the FTSE Alternative Investment Market.

The firm has made 19 acquisitions to date, and reports that its board has pursued a strategy of growing the business both organically and via strategic acquisitions. It said there are currently a number of opportunities that are being actively considered.

CEO of Ideagen, Ben Dorks, said: “The acquisitions we have made to date have brought technology or intellectual property that enhances the functionality of our core solutions, increased our credibility and market presence, or offered opportunities for new market entry.

“We are excited by a number of potential acquisitions at present that we believe may fit that profile and deliver long term shareholder value. This funding will allow us to continue to pursue these potential targets.”

Nottingham firm Ideagen celebrates 11th year of revenue growth