A high-flying software company based in Ruddington Fields Business Park has announced it’s bought yet another software company – this time for an eye-watering £15.8 million!
Ideagen Plc, which employs around 400 people and has its Head Office at Ergo House on Mere Way, has this time purchased Bromsgrove-based Redland Business Solutions Ltd.
‘Redland’ is what’s called a RegTech software-as-a-service (SaaS) company. It supplies regulatory and compliance software to the financial services industry. Its leading software platform, ‘Insight’, provides banks, investment managers, asset managers and insurance companies with solutions that underpin the Senior Managers & Certification Regime (SM&CR) and individual employee competency.
The company brings more than 40 clients to the Ideagen Group, including, seven FTSE 100 and two Fortune 500 companies. Its clients include Nomura, Santander, Investec, Hargreaves Lansdown and Rathbones.
Earlier this year, Ideagen paid £3.5 for Republican of Ireland firm Scannell Solutions Limited and, as we’ve previously reported, took over American inspection software provider InspectionXpert for seven million dollars in September last year.
Ideagen CEO, Ben Dorks {pictured top}, said: “Redland is a high growth, successful and profitable software company which will significantly strengthen our audit and risk business unit. It is a single product, brand rich organisation which cements our position in the financial services vertical and, at the same time, falls in line with our key business strategy of migrating to a SaaS business.
“This acquisition enhances Ideagen’s financial services domain knowledge and provides us with ‘first mover’ advantage in relation to SM&CR compliance and in the general regulatory evolution of the financial services industry.”
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{Photograph/images courtesy of Ideagen}
