Software company acquired by Ideagen

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.


Share this article



Latest Businesses for Sale

Market Leading, Certified IT & Technician Training
UK Wide

IP Included. Repeat business. Excellent reputation. Accredited/Certified. Asset and goodwill sale. Market leading in growing niche. Offers Invited.

Asking Price: Offers Invited
Turnover: £659,953

RELOCATABLE


IT Infrastructure Solutions
London, South East, UK

An award-winning company with an excellent reputation within the industry. Reputation in the market for high-quality, state-of-the-art tailored products and services. Offers invited.

Asking Price: Offers Invited
Turnover: £3,600,000

Cyber Security Systems
South of England, UK Wide

Provider of in-depth cyber security consultancy and solutions with ten years' experience within the industry. Offers invited.

Asking Price: Offers Invited
Turnover: £1,800,000


View more businesses for sale

News Search

Latest News

 
26
 
Mar
 

Craft beer company goes under | ADMINISTRATION

With stores in London, Canterbury and Margate, craft beer me...

 
25
 
Mar
 

West Midlands transport company enters administration | ADMINISTRATION

The company behind the Ring and Ride services throughout the...

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
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...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources