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.”
For more news stories about mergers, click here. For all our business for sale listings, click here.
An opportunity has arisen to acquire a distributor of vehicle audio fitting kits and multi-media interface systems. Benefitting from a trading record of over 20 years, this company has developed a reputation as a recognised specialist in supplying, d...
LEASEHOLD
Offers a variety of core consultancy services, including professional services, automated software, managed services and provision of software licenses. Caters to 12 active, international clients and benefits from high retention rates, with all of it...
RELOCATABLE
The company has organically designed and developed an innovative range of hardware and software modules/solutions suited for use in a wide range of industries, and building up an extensive intellectual property (IP) and intellectual capital (IC) port...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.