Ideagan finds growth in revenues following acquisitions
The company recently acquired two businesses, Covalent Software and Logen.
Ideagen, a supplier of information management software to highly regulated industries, has revealed a substantial spike in revenue following the successful integration of two recent acquisitions.
The company recently acquired Covalent Software and Logen, two firms that introduced recurring revenues, a novel IP, as well as the addition of over 200 customers to the group.
The UK-based company reported that its revenues increased by 22% to $15.3m in the six months leading to the 31 October, 2016. Additionally, Ideagen reported a 16% underlying organic growth.
David Hornsby, Ideagen's CEO said: "We are delighted to report on another strong performance from the Group across all of our vertical markets during the first half of the year.
"As well as recording significant organic growth and a further increase in revenues, the Group has successfully acquired and integrated two companies in the period which marks a return to our strategy of acquiring businesses with strong IP and recurring revenues. In addition, we have achieved strong momentum within our SaaS based business which has helped increase recurring revenues and supports the Group's medium term strategy
He added: "Current trading is robust and remains in line with both market and management expectations. As such, long term prospects for the Group remain positive and we are confident in the outlook for the rest of the year."
In addition to the recent acquisitions, Ideagen also reported significant growth the company's cloud business. This included the addition of 37 new SaaS customers, seven of which were for the cloud-based GRC software, Ideagen Enlighten.