Posted on July 17, 2018 by staff

Software firm enjoys ninth consecutive year of growth


UK-based global software business Ideagen has hailed its ninth consecutive year of positive results after a 12-month period of organic growth and acquisitions.

The AIM-listed company posted revenue of £36.1 million for the year to 30 April 2018, an increase of 33 per cent on the 2017 figure of £27.1m, with organic growth accounting for 11 per cent of that rise.

Adjusted profit before tax grew by 40 per cent to £9.7 million.

The Nottingham-based firm enjoyed a 76 per cent increase in revenue from SaaS (cloud-based software services) to £8.4 million.

“Our focus this year was to increase organic growth and effectively integrate our recent acquisitions into the business,” said executive chairman and former CEO David Hornsby.

“I am delighted that we have achieved these objectives and successfully delivered another set of excellent results.”

Ben Dorks, who was promoted from chief customer officer to CEO in May, added: “One of the key highlights was the acquisition of US firm, Medforce in April, 2018.

“Medforce is a profitable, growing and cash-generative healthcare software company, known for developing the ‘Centre’ suite of enterprise management, workflow and compliance software, which is used by more than 300 US-based healthcare providers.

“This acquisition broadens our relationships in an already strong sector for us, enhances our geographical reach and provides an additional source of recurring revenue.

“Ideagen remains committed to an ongoing buy and build strategy and we expect to complete further acquisitions this financial year.”

Ideagen develops software that allows businesses in regulated sectors, such as aviation, aerospace & defence, banking, manufacturing and pharmaceuticals to meet their safety, compliance, audit and risk requirements.

The company counts the likes of British Airways, Heineken and European Central Bank among its clients.

It was recently featured among the technology and digital elite in the London Stock Exchange’s (LSE) annual ‘1000 Companies to Inspire Britain’ report.