A global software company headquartered in Nottingham has struck a £ 57.7million deal to acquire an Australia-based tech company.
The Ideagen PLC team said the acquisition of Sydney-based trade compliance software provider CompliSpace was the largest to date.
They said the move would strengthen Ideagen’s presence in a new part of the world.
In a statement, Ideagen said CompliSpace is a rapidly growing provider of governance, risk, compliance (GRC) and policy management software for hundreds of organizations, primarily in the education and corporate sectors. social services.
The new owner of East Midlands already provides software and global services to more than 6,000 customers in industries such as 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.
The acquisition is Ideagen’s 24th since its listing on the Alternative Investment Market (AIM) on the London Stock Exchange, continuing what it has called a successful growth strategy through strategic acquisitions.
Ben Dorks, Managing Director of Ideagen, said: “We see a significant opportunity to leverage CompliSpace’s Australian footprint with our existing product line, while also expanding its customer base in Europe and North America. , in line with our strategy to develop our geographic and sector expertise.
“We are very pleased to add CompliSpace to our business and underscore our commitment to supporting customers operating in highly regulated environments with high quality software solutions across a range of platforms. »
He said CompliSpace’s software platform simplifies complex and time-consuming governance and compliance tasks spanning policy management, learning, and assurance by mapping a company’s policies and procedures to its regulatory obligations.
CompliSpace recorded revenue of AU $ 15.4 million (approximately £ 8.4 million) and a pre-tax loss of approximately £ 2 million for the fiscal year ended June 30, 2021, and had net assets of approximately £ 6.4million.
The acquisition will be funded from Ideagen’s existing resources.
As part of the transaction, CompliSpace Managing Director David Griffiths will remain Regional Managing Vice President and will continue to have a significant stake in the company.
He said: “Joining Ideagen ensures that CompliSpace can achieve our vision and goal beyond Australia, and help schools and senior care facilities better serve their clients in Asia, North America, in the UK and Europe.
“We look forward to bringing Ideagen’s world-class risk management and compliance software services to Australia, while bringing our software, expertise and skills to the world. »