A global enterprise software company has been sold to an investment firm in a deal worth over £1billion.
Shareholders of Nottingham-based Ideagen have formally agreed to the sale to a subsidiary of software and services investor Hg.
Ideagen has grown substantially since its admission to the Alternative Investment Market (AIM) on the London Stock Exchange, investing heavily in acquisitions.
The company provides global software and services to customers in industries including aviation, financial services, life sciences, healthcare and manufacturing.
It is present in the United Kingdom, the United States, Europe, the Middle East and South East Asia.
Customers include blue chips, global brands such as Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals in the UK and US.
Ideagen chief executive Ben Dorks said it was “incredibly” exciting news for the company.
He said, “Hg shares our values and ambition, while their operational experience in software has successfully helped companies achieve their goals time and time again.
“This new relationship will give us the ability to accelerate even faster, better serve our customers and further grow our business around the world.
“I want to take this opportunity to thank those who are at the heart of our success, including our colleagues around the world who work hard to deliver reliable software solutions that help protect organizations, as well as the tens of thousands of customers with whom we work.
“We are on an exciting journey of growth and progression, which continues to deliver solutions to help improve operational efficiency, maintain compliance, manage risk and keep people safe.”
Hg, which announced its interest in April, is a major software and services investor with more than $40 billion in funds under management.
It has offices in London, Munich and New York and has a strategy of taking majority stakes in companies headquartered in Europe and North America.
In a joint statement, Hg partners Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian said, “We are delighted that Ideagen shareholders have voted in favor of this partnership with Hg.
“We have long recognized Ideagen as a high quality software company and are excited about the future.
“Ben and the team will now have greater flexibility to execute and accelerate longer-term growth plans, including investments in products, technology, talent, and large-scale, accretive mergers and acquisitions.
“Together, we are in a great position and remain committed to ensuring that Ideagen remains and grows as an industry leader.”