Fri, 28 Sep 2018 | BUSINESS SALE
Morgan Kai Group Limited, a software company headquartered in Leeds, has been snapped up by Nottingham-based global software firm Ideagen in a £20.5 million deal.
The company, which considers the New York Stock Exchange, Bombardier and the UK National Audit Office as some of its clients, has offices in both Leeds and Chicago with a manpower of 28 staff members.
The US Federal Reserve, Investec, Shell and Blue Shield also feature as some of Morgan Kai’s customers.
It generated a profit of £900,000 before taxes at the end of 2017 and develops an internal audit management product called ‘MKinsight’ which is utilised by more than 370 customers around the world in highly regulated vertical markets spanning across the public sector, to banking and finance, healthcare and energy, and even engineering.
Ideagen has agreed to pay a total net sum of £20.5 million for Morgan Kai, funded by its recent share placing and from its current cash reserves. The addition of the software company to its portfolio is likely to boost earnings immediately by doubling Ideagen’s existing internal audit business.
Executive chairman of Ideagen, David Hornsby, said: “Morgan Kai is an extremely valuable addition to the group and is in line with our strategy of acquiring GRC business that have strong IP and growing recurring revenues.
“Internal audit has represented a core market for Ideagen since the acquisition of Pentana in 2013; the addition of MKinsight to our product portfolio will enhance our scale and capability and provide a strong platform for continued growth globally.”
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This is a very exciting high end opportunity with many different income streams from phone, computer, tablet sales and repairs. The business has been trading for 8 years and enjoys a substantial turnover which is derived from shop sales selling phone...
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Provides a range of managed services including consultancy, user and infrastructure assurance, monitoring, analysis and information security. Focuses on delivering IT and Information Security Managed Services to SMEs. Offers invited.
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Services cover IT support, communications, cloud services and security. All clients benefit from a dedicated Accounts Manager. Works with circa 120 active clients, all of whom provide reliable, repeat business. Offers invited.
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