Fri, 14 May 2021 | BUSINESS NEWS
Listed software firm Ideagen, which has completed 21 UK and overseas acquisitions over the past ten years, has received a funding package of up to £100 million to help it continue its acquisition strategy.
The package, from Santander UK and NatWest, includes £75 million committed and a potential £25 million in additional uncommitted funding. The funding comes as a three-year revolving credit facility evenly split between Santander UK and NatWest.
The company, which provides audit and risk software, has clients across a range of sectors including financial services, healthcare, manufacturing and aviation. The new funding will support Ideagen’s next growth phase, which will see the company use further acquisitions to help it conquer additional markets.
Since beginning its acquisition drive, Nottinghamshire-based Ideagen has expanded to have a presence in 150 countries. Over the past decade its staff has grown 5,000 per cent through its acquisitive activity and the company is set to report a 12th consecutive year of growth when it publishes its full-year results in July.
In its most recent financial reports, for the year ending April 30 2020, the company reported a 21 per cent increase in revenue, from £46.7 million in 2019 to £56.6 million. Since the onset of the COVID-19 pandemic, the company has continued to grow organically and acquisitively, making three key acquisitions over the course of the past year and winning new customers including the World Health Organisation (WHO).
Ideagen Chief Financial Officer Emma Hayes 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.”
Santander UK Relationship Director Martin Brummitt added: "The growth of Ideagen over the past decade has been absolutely phenomenal, and as an ambitious, market leading, high growth, and internationally trading firm, it aligns perfectly with our corporate and commercial banking proposition."
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