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.
Offers a comprehensive range of solutions for mobile phones, GPS tracking and telematics, and two-way radio communication systems. Has established long, strong relationships with its suppliers, ensuring the longevity of the business. Offers invited.
LEASEHOLD
Established Fintech software development business. Over the past 15+ years, our client has built a reputable brand and profitable business specialising in the development of resilient and often complex financial sector applications. Specialising in P...
They are a leading manufacturer of Digital Portable Tachometers & associated devices in Europe. They specialise in the design and manufacture of high quality speed measurement products, and have been doing so for over 40 years. In addition, the compa...
LEASEHOLD
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
26
|
|
May
|
E-commerce womenswear brand all set for sale | BUSINESS SALE
An AIM-listed company has agreed sale terms with Thread 35, ...
|
01
|
|
May
|
Channel 5 to be sold to Viacom | BUSINESS SALE
Richard Desmond is due to announce the sale of Channel 5 to ...
|
12
|
|
Mar
|
AE Aerospace on route to expand after MBO | MBO/MBI
The directors of engineering solutions firm AE Aerospace hav...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources