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Nottingham software firm Ideagen secures £100M to support future growth

Ideagen

Nottingham-based Ideagen is a leading provider of regulatory and compliance software for regulated industries. In a recent development, the global software powerhouse has secured a £100 million through a new committed credit facility of £75 million, with a further uncommitted of up to £25 million.

Future growth plans

The existing long-term bankers NatWest and new partner Santander have extended the company’s total available debt facilities. Ideagen will use the investment to continue its massive growth and support its future growth.

Emma Hayes, Ideagen chief financial officer, commented: “Securing an additional line of credit with Santander UK, in addition to our existing facilities with NatWest, is a fantastic endorsement of our strategy from two leading financial institutions. Despite the pandemic, we have had another successful year and I am looking forward to working with Santander UK and NatWest to deliver further growth for our business and more good news for our shareholders.”

Martin Brummitt, relationship director at Santander UK, said: “The growth of Ideagen over the past decade has been absolutely phenomenal, and as an ambitious, market-leading, high growth, and international trading firm, it aligns perfectly with our Corporate & Commercial Banking proposition. In addition to supporting Ideagen with a revolving credit facility, we are delighted to utilise our extensive international knowledge and expertise as well as our international banking and cash management solutions.”

Mike Malone, director, UK Financing Solutions at NatWest, said: “NatWest are delighted to provide continued and increased financing support to our long standing, much valued client Ideagen. Having had the privilege to work alongside Ideagen as their strategic banking partner for a number of years, we have been incredibly impressed by their values, their ambition and the market-leading growth the management team has delivered. We very much look forward to working alongside Ideagen into the future and supporting their continued growth and success.”

12th consecutive growth year

Furthermore, Ideagen will announce its 12th consecutive year of growth when preliminary full year results are declared in July 2021.

As per the pre-close trading update issued as of April 30, 2021, the business continued to grow organically. There were three key acquisitions during the course of the year as well. Also, Ideagen continued to win new customers during the pandemic, including the World Health Organisation, Baker Tilly, Voyageur, PHI Aviation and Sipchem.

For the financial year ending April 30th, it recorded revenues of £65.6 million, which is up by 16 percent. In the last decade, it has grown its staff by 5,000% having acquired 21 companies.

Ben Dorks, CEO of Ideagen, said: “I am pleased to report another strong year for Ideagen. Growth in organic and recurring revenue, in addition to excellent cash generation, reflects Ideagen’s resilience during the pandemic. As a SaaS business, we remain focused on growing recurring revenues and expanding our customer base. We continued to execute our strategy, achieving growth organically and through acquisitions, and I am grateful to our team for their effort this year.”

Appoints new chairman

Apart from these, Richard Longdon has been appointed as the new Chairman of Ideagen. He succeeds David Hornsby, who was CEO of Ideagen from 2009 and Executive Chairman from 2018. Richard has 33 years of experience with AVEVA Group plc, where he served as CEO for 17 years until 2916.

Dorks commented: “We are excited to welcome Richard as our new Chairman. He brings extensive experience from the technology sector and we look forward to his contribution to the Company in his new role. On behalf of the Board, I would like to express our gratitude to David for his leadership, strategic insight, and guidance. David led Ideagen through a period of significant growth and we wish him all the very best in his future endeavours.”