Software Provider Ideagen Acquires Competitor in £15.6M Deal

Software Provider Ideagen Acquires Competitor in £15.6M Deal

Listed software provider Ideagen has acquired competitor Qualsys, an EQMS (electronic quality management software) company based in Sheffield, in a £15.6 million deal. The deal is expected to contribute £600,000 in EBITDA within the current financial year and £1.5 million in the year to April 2022.

“This is fantastic acquisition for Ideagen and will have a significant impact on our position in the EQMS market. The latest iteration of their product will sit perfectly within our Q-Pulse product family and will integrate into the Quality Management component of our Quality, Health, Safety and Environment (QHSE) cloud platform,” said Ben Dorks, chief executive of Ideagen.

“This will ensure we can offer our existing and new customers, the latest developments in EQMS, together with the tried and tested expertise of Ideagen’s team of developers and support people, as well as a wider suite of products to meet all of their audit, risk and compliance requirements,” Ben added.

Established in 1995 by Mike Pound and Mike Bendall, Qualsys now employs more than 50 staff. The company’s products are used by in escess of 500,000 people in more than 120 countries, with customers including Diageo, Unilever, Honeywell and BT.

In 2016 Qualsys began development of a new cloud native version of its software (Version 7) and has now invested more than £3 million in R&D. The product was launched late last year and new customers have been secured across multiple industries.

Nottingham-headquartered Ideagen provides software and services to organisations operating within industries such as aviation, banking and finance, life science, healthcare and manufacturing. Customers include British Airways, BAE, Ryanair, US Navy, KLM, and Heineken. finnCap is nominated adviser and joint broker to Ideagen, and Canaccord Genuity is joint broker.

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